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Washington bonds

Washington — ERISA Bond

Choose fidelity protection for your employee benefit plan through this Washington ERISA bond listing. Select a one-year or three-year RLI term after confirming the required amount.

Also known as Washington ERISA Bond (1 Year); Washington ERISA Bond (3 Years); Washington ERISA Bonds

2 options on record. Choose the one that matches your requirement, then purchase.

How a fidelity bond works

Fidelity protection responds to covered dishonest acts. The form identifies whose money or property is protected, the covered persons, and the applicable limits.

Bond family
Fidelity bond
Recorded state
Washington
Category
Fidelity & employee dishonesty
Federal programme authority
United States Department of Labor, Employee Benefits Security Administration

What this bond does

The bond protects plan assets against covered fraud or dishonesty by people handling plan funds or property.

Who needs it
Employers and administrators arranging bonding for ERISA-covered plan asset handlers, subject to applicable exemptions.
Who is protected
The plan is the insured party. This bond does not replace fiduciary liability insurance or ordinary business liability protection.

Choose from 2 options

Each option is a separate record. Where a term, bond amount, premium, or E&O limit is known, it is listed; match it to what your requirement asks for.

The coverage amount describes a limit of protection, not the price. Match the requested protection and covered persons to the actual fidelity form. The premium is what you pay and must be confirmed for the actual option. An E&O limit, where listed, is separate errors and omissions insurance.

Confirm the insured plan and amount

Have your adviser determine the sum from the funds handled and plan circumstances. Check that the plan is named or otherwise specifically identified as insured.

The 12-month and 36-month RLI choices state duration without coverage amounts here. Choose the period separately from the sum. Federal ERISA rules govern the requirement; the Washington association creates no separate state rule.

Sources

Have these ready

  1. Gather the exact plan identity.
  2. Locate any current bond.
  3. Identify people handling or controlling assets.
  4. Prepare preceding-year funds-handled figures.
  5. Confirm the amount and any exemption.
  6. Coordinate the term and proposed start date.

Questions about this bond

Does every plan need bonding?

No. Federal exceptions and exemptions exist. Your adviser can assess the plan and handling arrangement.

Does three years increase the amount?

Selecting a longer period does not itself increase the amount. Confirm the required sum independently.

Can fiduciary liability insurance satisfy bonding?

No. It does not satisfy ERISA's fidelity bonding requirement.

What follows Purchase Now?

RLI opens in a new tab. Complete its application; after issuance, check and retain the bond with plan records.

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