Welfare and pension plan bond coverage

{
  "id": "MLC-T-INS-003528",
  "term": "Welfare and pension plan bond coverage",
  "field": "Insurance and risk management",
  "definition": "A type of fidelity bond required by the Employee Retirement Income Security Act (ERISA) for individuals who handle funds or other property of an employee welfare benefit plan or employee pension benefit plan. This bond protects the plan from losses due to fraud or dishonesty by those individuals. The bond amount must be at least 10% of the amount of funds handled, with a minimum of $1,000 and a maximum of $500,000.",
  "subject": "Management Liability",
  "url": "https://mlchart.com/terminology/insurance/welfare-and-pension-plan-bond-coverage/"
}