In a continuation of our benefit plan audit series, over the next few weeks, we’ll continue updating you on changing rules and regulations and their impact on employee benefit plan audits.
This week’s topic:
Guidance on ERISA's Fidelity Bonding Requirements
Have you ever wondered what the bonding requirements for your plan under ERISA are or the impact of the PPA on such requirements, or if your company's fiduciary liability insurance covers ERISA's bonding requirements (it may not)? Well, you are not alone. As a result of numerous questions raised concerning the bonding requirement, the DOL Employee Benefits Security Administration issued Field Assistance Bulletin No. 2008-04, Guidance Regarding ERISA Fidelity Bonding Requirements (the "Bulletin"), in November 2008. This Bulletin provides guidance, in a question and answer format, concerning the application of ERISA's bonding requirements and the PPA's changes thereto.
Looking for assistance with your benefit plan audit? Contact the CPA’s business and financial advisors at Skoda Minotti at 440-449-6800.