ERISA Advisory Council on Guidance on Bonding Requirements

The EBSA has asked the 2018 ERISA Advisory Council to evaluate the effectiveness of existing guidance governing bonding requirements.

Document Excerpt

The Employee Benefits Security Administration (the “Department”) has asked the Council to evaluate the effectiveness of the Department’s regulations and sub-regulatory guidance promulgated under section 412 of ERISA in safeguarding plan funds or other property against losses caused by acts of fraud and dishonesty and to explore ways in which the current bonding requirements could be improved.
The Council intends to follow up on the recommendation made in its 2014 Report – Outsourcing Employee Benefit Plan Services – to consider updating ERISA’s bonding requirement guidance to reduce confusion over coverage issues.

Link

https://www.dol.gov/sites/default/files/ebsa/about-ebsa/about-us/erisa-advisory-council/2018-evaluating-the-departments-regulations-and-guidance-on-erisa-bonding-requirements-and-exploring-reform-considerations.pdf

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