In 1974, the Employee Retirement Income Security Act (ERISA) was signed to regulate employee benefit plans. This Act requires a fidelity bond covering a fiduciary (those responsible for managing the plan) and a person who handles funds or other property of such a plan. The coverage is intended to protect the plans from dishonesty and fraud committed by individuals who are associated with them. What coverage amount is required?
According to the Act, the amount of coverage necessary for each plan is equal to no less than 10 percent of the amount of qualified plan funds handled, subject to a $500,000 maximum bond amount.
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