Does ERISA Apply to Me?


If you are a plan fiduciary, you must be fluent in ERISA compliance. If you are not, this is the perfect time to understand what ERISA is and how you can become compliant!

What exactly is ERISA? ERISA, or the Employee Retirement Income Security Act of 1974, safeguards plan participant assets. Hence, retirement plan funds during an employee’s career remain untouched when they eventually retire to a beautiful beach house.

To be specific, ERISA is a federal law that cements the minimum conditions for pension plans. If a fiduciary manages a pension plan, they must stay compliant with ERISA. ERISA states when a worker is permitted to become a plan participant, how long they must work before they have a no forfeitable interest in their pension, the amount of time a participant can depart from their job before it can affect their benefit, and whether spouses have a right to a piece of their pension if the plan participant passes away. Though ERISA does not require employers to create a pension plan, it does require that fiduciaries who establish employee benefit plans obey specific requirements.

Now that you’re an ERISA expert, it’s time to do the easy work! Staying compliant with Colonial Surety Company’s help is as simple as it can be. Our two-to-three-year ERISA bond packages come with an ERISA bondfiduciary liability insurance, and cyber liability insurance to give you the best protection. Although you are now complying with ERISA law and obtained your ERISA bond via the Department of Labor, fiduciary liability insurance protects you, the fiduciary, should an actual or alleged claim arise. What’s more, included in our 2 and 3 year ERISA bond packages is Cyber Liability Insurance, which protects the plan and the business from a cyber-attack.  Click here to get your package now.