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What Are Pension Trust Bonds?
Why Is This Bond Needed? The Pension Reform Act of 1974 state3s that the fiduciaries of a pension or profit sharing fund are required to post a bond for 10% of the amount of funds handled. As an example, a person who manages a profit sharing program that involves $250,000 in funds must post a bond of $25,000. The company can assist in satisfying this requirement at a reasonable cost. The standard rate is $5 per thousand subject to a $50 minimum premium per position and $100 minimum premium per bond.
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Apply For Coverage Now Just complete the application and fax or mail to our office. The application can be downloaded with the link below. Your application will be reviewed the day it is received. We write small fidelity and surety bonds and errors and omissions insurance with a conservative underwriting philosophy, and provide superior one-day service to our clients. Facts About the Company
For questions regarding bonds, please call:
Dallas
Local -(972) 271-5522 2 Apply for Pension Trust Bond Complete the listed forms. In addition we need to know: 1. is the plan audited, 2. How often, 3. By whom, 4. Is this bond required because more than 5% of plan assets are "non-qualifying" |
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BondsOnlineTexas,
James Stafford Insurance Agency
and Data Management Systems. |
Many
companies today offer pension plans and/or profit sharing programs as part
of a benefit package for their employees. These programs are managed by
appointed individuals associated with that company, known as fiduciaries.
To protect the investors and the money in these funds, the individuals
handling plan assets need to be bonded. The pension trust bond from the
company does just that.