New 401K plan

[chefman]

I am setting up a new 401K plan in my company. I am told I need an ERISA Bond. I myself have terrible credit on a personal level. My company is doing great and has been doing well for 7 years. Do you think I will be able to attain this bond for the 401k?

[marietta68]

I am setting up a new 401K plan in my company. I am told I need an ERISA Bond. I myself have terrible credit on a personal level. My company is doing great and has been doing well for 7 years. Do you think I will be able to attain this bond for the 401k?

ERISA bonds aren't underwritten based on credit worthiness, and a new plan can probably be added at no charge to your company's existing crime coverage. Mandatory coverage is required in just 10% of the amount of plan assets. The plan must be bonded, othewise the U.S. Department of Labor can fine you - this bond is an extremely simple matter, have no fear!