Michigan ERISA Bond (1 Year)
Overview
Stay compliant with federal law and protect your employee benefit plan — your Michigan ERISA Bond gives plan fiduciaries documented proof that the people who handle plan funds are covered against losses caused by fraud or dishonesty. Federal law requires this bond for most ERISA-covered plans, and operating without one puts the plan itself at risk of regulatory action. Get bonded for a full year and keep your plan in good standing with the Department of Labor.
Who Needs This Bond?
Plan administrators, trustees, and any other fiduciary who handles funds or property of an ERISA-covered employee benefit plan in Michigan need this bond. If you write checks, transfer assets, sign off on disbursements, or exercise any physical control over plan funds, you are a plan handler under ERISA and the bonding requirement applies to you personally. This includes both pension plans and welfare benefit plans such as health and disability programs.
What is this Bond For?
This bond protects the employee benefit plan — and by extension, the plan participants — against losses caused by fraud or dishonest acts committed by plan handlers. If a covered fiduciary steals from or defrauds the plan, the bond provides a financial recovery mechanism for the plan itself. It does not protect the fiduciary personally and does not cover investment losses or administrative errors.
When is it Required?
Handling plan funds for the first time is the moment this bond becomes mandatory. Federal ERISA law requires that every person who handles funds or property of an employee benefit plan be bonded before they begin that role, not after. If your plan is being established, a new trustee is being added, or your existing bond has lapsed, you need to secure this coverage immediately to remain in compliance.
Where Does it Apply?
This bond satisfies the federal ERISA bonding requirement for employee benefit plans administered in Michigan. Because ERISA is a federal statute, the underlying requirement is nationwide, but this product is structured for Michigan-based plan fiduciaries and their covered plans. The bond is valid for one year from the effective date and must be renewed to maintain continuous compliance.
How to Buy Online
Click 'Buy This Bond Online' to open the secure surety portal in a new tab and complete your application in minutes. You will enter your plan information and fiduciary details, and the system will guide you through securing your one-year Michigan ERISA Bond without waiting on an agent callback.
Why Bond Titan?
Bond Titan is powered by The Southern Agency and built for business owners who need to get bonded fast without navigating phone queues or paperwork delays. Our nationwide catalog means your Michigan ERISA Bond is available online right now, ready to purchase and deliver the same day.