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Old 03-29-2008, 09:41 AM
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Default Fidelity bond required for a retirement plan that has only one participant? A profit-

If a retirement plan has only participant (a retirement plan such as a money purchase plan or a profit-sharing plan) is a fidelity bond still required? I know that doctors, lawyers, etc. often start retirement plans in this manner simply so that the money will reside in a trust, safe from malpractice lawsuits. Is a fidelity bond still required?
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Old 03-31-2008, 10:13 AM
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Default Fidelity Bond Required..

Quote:
Originally Posted by Enda80
If a retirement plan has only participant (a retirement plan such as a money purchase plan or a profit-sharing plan) is a fidelity bond still required? I know that doctors, lawyers, etc. often start retirement plans in this manner simply so that the money will reside in a trust, safe from malpractice lawsuits. Is a fidelity bond still required?
A fidelity bond would either be an Employee Dishonesty Bond or a Janitorial Service Bond. This would protect a business owner from employee theft.

If you're looking for profit-sharing, etc, you may be looking for an Erisa Bond. This type of bond would be a Federal Government requirement for company financial plans.

Hope this helps!
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Old 04-01-2008, 08:57 AM
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Default Fidelity Bonds

Quote:
Originally Posted by Enda80
If a retirement plan has only participant (a retirement plan such as a money purchase plan or a profit-sharing plan) is a fidelity bond still required? I know that doctors, lawyers, etc. often start retirement plans in this manner simply so that the money will reside in a trust, safe from malpractice lawsuits. Is a fidelity bond still required?
Bond Magician is right - the bond required in this situation would be an Erisa Bond, which is sometimes considered a kind of fidelity bond. The Erisa bond is a federal requirement to protect the funds within a retirement plan. It's best to discuss the specific requirements for your plan with your accountant.
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