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What's New: Government Affairs

U.S. Department of Labor accepts SFAA's proposed ERISA form

Friday, March 3, 2017  
U.S. Department of Labor accepts SFAA's proposed ERISA form 

SFAA is pleased to announce that it has reached an agreement with the Department of Labor Employee Benefits Security Administration (“EBSA”) regarding its standard form language providing ERISA fidelity coverage. Section 412 of ERISA and related regulations require that “handlers” of plan funds be bonded. This requirement is usually met with a fidelity bond.  Since 2015, EBSA Regional Offices have objected to SFAA’s standard fidelity bond language, opining that such language did not comply with section 412 of ERISA or with 29 CFR 2580.412-9.

SFAA immediately engaged in discussions with EBSA and proposed revised language contained in a new ERISA Dishonesty Bond. Those discussions and negotiations finally have borne fruit. EBSA staff recently has advised that the language in the ERISA Dishonesty Bond is acceptable and addresses fully EBSA’s concerns. SFAA will be filing the form with state insurance departments and should be available for use in the fourth quarter of 2017.


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