January 2009 Bulletin, "DOL Issues Welcome Guidance on ERISA Fidelity Bonding Requirements"

Abstract

The Employee Benefits Security Administration of the Department of Labor has issued Field Assistance Bulletin No. 2008-4 (FAB 2008-4), which provides welcome guidance in a question-and-answer format on the Employee Retirement Income Security Act of 1974 requirement that every person who handles plan “funds or other property” must be bonded, a seemingly simple mandate that has been surprisingly complex to follow. As discussed in this Bulletin, FAB 2008-4 clarifies many issues and should make compliance easier.

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