Virginia ERISA Bond (1 Year)
Overview
Running a qualified employee benefit plan in Virginia comes with a federal obligation most plan sponsors don't learn about until an auditor asks for proof. ERISA requires that every person who handles plan funds or property be covered by a fidelity bond — and that bond must name the plan, not just the business. This one-year Virginia ERISA Bond satisfies that federal mandate and protects plan participants from losses caused by dishonest acts of those who touch plan assets. Get it in place before your plan's next audit cycle or filing deadline.
Who Needs This Bond?
You're a plan administrator, trustee, or employer in Virginia who sponsors a 401(k), pension, profit-sharing, or similar employee benefit plan governed by ERISA. If you or anyone on your team has authority to move, invest, or disburse plan funds, federal law requires you to carry this bond. That includes officers, directors, and third-party administrators with plan-handling authority — not just the business owner. The bond must cover at least ten percent of plan assets, up to the statutory cap, for each person who handles those funds.
What is this Bond For?
This bond protects the employee benefit plan — and by extension, the plan participants — from financial losses caused by fraud or dishonesty committed by plan fiduciaries or anyone else with access to plan assets. Think embezzlement, forgery, or intentional misapplication of funds that belong to your employees' retirement accounts. It does not cover investment losses, poor decisions, or market downturns. The claim trigger is a dishonest act, not an accident.
When is it Required?
Coverage must be in place before any person handles plan funds — there is no grace period under ERISA. If you are establishing a new plan, the bond must be secured at the time the plan goes live, not after the first audit. Existing plans must maintain continuous annual coverage; a lapse — even a short one — creates a compliance gap that a Department of Labor audit will flag. Renewing this one-year bond on time keeps your plan in continuous good standing.
Where Does it Apply?
This Virginia ERISA Bond covers plan-handling activity tied to benefit plans administered in Virginia, though ERISA itself is a federal statute that applies in every state. The bond travels with the plan and the fiduciary, not with a single physical location. If your plan participants are based in Virginia, this bond is the right instrument.
How to Buy Online
Click 'Buy This Bond Online' and the secure surety portal will open in a new tab, where you can complete your application and purchase in minutes. Have your plan name, plan number, and the names of individuals who handle plan funds ready before you start. Once issued, you receive your bond documentation digitally — no waiting, no agent callback required.
Why Bond Titan?
Bond Titan is powered by The Southern Agency, giving you access to a nationwide surety catalog from a single, trusted source. You can buy this Virginia ERISA Bond online right now without waiting on a quote or playing phone tag with an agent. Fast issuance, straightforward process, and a catalog built for business owners who need the right bond today.