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Employee Retirement Income Security Act (ERISA) FAQs
What is ERISA?
ERISA is the Employee Retirement Income Security Act. This liability provides coverage for your company if an officer or fiduciary of the company mishandles the employee pension/retirement fund.
What limit should I use for this coverage?
You are required by ERISA laws to insure your employee benefit programs from theft. The amount of the insurance required is equal to 10% of the sum of all of the plans. However, the limit should apply separately to each plan. If you purchase a blanket limit for all of the plans, you are in violation of the law because theft from one plan could deplete the limit available for other plans.