Overview
U.S. Department of Labor requires an organization that manages, oversees, recommends or handles funds or other property of an employee benefit plan to obtain a Fidelity Bond which is known as ERISA Bond.
AMBA offers both 1st and 3rd Party ERISA Bonds (for Investment Advisers). These bonds protect against acts of fraud or dishonesty by any officer, trustee, employee, administrator or manager of the insured benefit plan. As defined by the Employee Retirement Income Security Act of 1974, the limit of liability must be 10% of each plan’s assets, subject to a minimum of $1,000 and up to a maximum of $500,000.
Most recent changes to this rule is if the plan invests in employer securities, such as company shares, the maximum bond amount is $1,000,000.
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1st Party ERISA Bonds
To protect the assets in your qualified pension and 401(k) plans as required by ERISA.
3rd Party ERISA Bonds
Even for Investment Advisers with non-discretionary control, we can tailor a bond to incorporate all of the plans you manage and administer to protect the qualified assets of those plans and satisfy your bonding requirement under ERISA.
What determines qualified vs. non-qualified?
- Qualifying plan assets are those held by a financial institution, such as a bank, insurance company, broker-dealer or regulated entity, RIA or regulated entity, mutual funds, participant loans, qualifying employer securities and self-directed individual account plans.
- Non-qualifying plan assets are those not held by a bank or financial institution. For instance, a limited partnership, artwork, collectibles, mortgages, real-estate and securities of “closely held” companies are examples of non-qualified plans.
How to Apply
Please call us at 1-800-978-6273, Option 3 or send us an email.
Contact Information
We’re here to help! Please contact us in whatever manner is most convenient for you.
Address
AMBA
4050 114th Street
Urbandale, Iowa 50322
Phone
Contact Person
Sanjiv Sabade
Frequently Asked Questions
Answers about the plan, including eligibility, options, enrollment, customer service and more.
What other insurance products are available for AMBA firms?
AMBA offers a variety of insurance products including Cyber Security Liability Insurance, Fidelity Bonds, Errors and Omissions Liability Insurance, Directors and Officers Liability Insurance, Employment Practices Liability Insurance, Property & Casualty Insurance, Mail Insurance, the Signature Guarantee Medallion Bond, 1st and 3rd Party ERISA Bonds and many more products. Please feel free to browse our site in its entirety for more information, or you may contact us directly at 800-978-6273.
How can I learn more about the insurance products offered by AMBA and how they can best serve my firm?
For more information or to speak with a Client Representative, please contact our office at 1-800-978-6273 or send us an email to plsdsteam.service@getamba.com.