In 1974, the Employee Retirement Income Security Act (ERISA) was enacted to regulate most types of employee benefit plans. In brief, this act mandated that anyone who handles an employee benefit plan or related funds must be properly bonded. These mandates were designed to protect plans from misappropriation and dishonesty. Plan officials, as they are referred to under ERISA, must secure a fidelity bond to mitigate against fraud in the interest of the employee.
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