How Do I Know If I Qualify For a ERSIA Bond?

 

Those who manage investment or employee benefit plans are obligated to obtain an ERSISA bond on behalf of the plan itself. Any benefit administrators or fiduciaries that perform any of these duties are also required to possess a bond. In addition to ERISA, the Internal Revenue Code requires these bonds under the Internal Revenue Code Part 825 and Part 830 of the Code. Both of these laws require the ERSISA bond to cover any investment management, investment administration, investment planning, investment selection, investment distribution, investment transfer, insurance policy administration, tax returns, and related functions.

 A sample ERSIA bond requirement can be found on the ERISA website, at the link entitled ERISA Bond Requirements 2020. In this document, you will see a comprehensive listing of all of the different types of duties and responsibilities that need to meet the requirements of an ERISA bond. A representative sample of the ERISA Bond Requirements 2020 is included in the ERISA FAQs. that is similar to the sample in the FAQs will be found in the link entitled Sample of ERISA Bond Requirements 2020. This sample is intended to give you a better idea of the ERSISA Bond Requirements and their coverage in current law.

 If an investment administration or administrator is engaged in investment transfer or other functions, then they must still meet the fiduciary requirements of the Code and the ERISA code. If the administrator or fiduciary engages in insurance policy administration, then the administrator must still be covered by ERISA and should comply with the applicable regulations under the insurance policy. Lastly, if the administrator or fiduciary performs the duties of any insurance company, then they must still meet the fiduciary requirements of the Code.

 The ERSIA requirements can be found online at the link entitled ERSIA Bonds and the Code. Here you will find more information regarding the specific requirements that must be met in order for a plan to be eligible for approval. An example of how you can obtain this information is by visiting the link entitled Investment Administration on the ERISA site.#How Do I Know If I Qualify For a ERSIA Bond?

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