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  Insuring Your Future Today with the Best Coverage at the Right Price for You and Your Needs

A common question from Employers that provide a Profit Sharing or 401k Plan for their employees is, "Why do I need this Fidelity Bond?" The simple response is: "Because the Government say’s so – tell Bonnie I said Hi." To provide a bit more detail, in 1974 the Employee Retirement Income Security Act (ERISA) was enacted to regulate most types of Employee Benefit Programs. Within the act, it is a requirement that every Plan Official aka fiduciary ("Huh?" - The person(s) who handles the money for the plan) be bonded. "Why?" It protects the participants of the plans from dishonest acts of the Plan Officials."

What is the required Bond Limit: 10% of the total assets in the plan, so you will likely have to update your limit with each renewal.

Most important question – "Can Hebbeln handle Fidelity Bonds?" A: You bet your Bippy!

Full disclosure, we are displaced from our office today. An issue in another office required that the water be shut down in the entire building. Initially I thought "No big deal, I can go w/o water."  But I failed to consider the water required to operate the toilet.  After 2.5 hours of BM hold, I finally had to bail. While our Management System is hosted on servers (I think somewhere) in Texas and we can work from home, I do not find it ideal since I can’t seem to hit that usual workflow. I also do not have the lure of strong beer in the work fridge. Consequently, this is the type of sub-par post that develops (perhaps, most will say "they are all sub-par" ). Regardless, the information is still quite solid and worthy of a LinkedIn Share below.


Posted by Dan Hebbeln: dan@hebbeln-ins.com

 

 

 

Posted 6:07 PM  View Comments

Tags: bonds
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Hebbeln Insurance
744 Spirit of St Louis Blvd, Suite H
Chesterfield, MO 63005
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