ERISA Fidelity Bonds and your Peoria, Arizona Independent Insurance Agent

Have you ever thought about the fact that if a person were to lose their entire “Retirement Program” that “ooops” would be of little consolation?  Had you been an ENRON employee in 2001you would attest to that fact!  Most of the employees had invested in ENRON stock as their major Retirement Plan, and as the company went south they had to sit by and watch that Retirement Plan dwindle to virtually nothing!  It was so bad that they weren’t even allowed to sell their stocks when it was first realized that ENRON was doomed!  No doubt about it, they wished THEY had been protected by ERISA Fidelity Bonds.

“I think,” Jim Bivona of Bivona Insurance Group, LLC, an Independent Insurance Agency that services the Phoenix Metro area regarding all forms of Insurance including Phoenix, Scottsdale, Glendale, and Peoria Arizona to name just a few, offered with a great deal of gravity in his voice, “individuals who deal with the Retirement Funds of others should be well versed in, and protected by, ERISA Fidelity Bonds.”

This is an area where when one can know “just enough to be dangerous.”  For example, Nevin Adams recently discussed areas where people often “come up short” when it comes to their knowledge of ERISA Fidelity Bonds:

  • Not every Fiduciary needs to be Bonded.
  • You can’t get an ERISA Bond from just anybody.
  • The Plan can pay for the Bond out of Plan Assets.
  • An ERISA Fidelity Bond is not the same thing as Fiduciary Liability Insurance.
  • You can purchase a Fidelity Bond for more than the legally required amount.

As you can see, being aware of ERISA Fidelity Bonds certainly is not something you want to ignore if you ARE, in fact, responsible for someone’s Retirement Program!  As a result, you should contact Jim Bivona at 623-256-1000 with any questions, and he will be happy to discuss this concept with you in greater detail, and suggest some ways you may be able to improve your knowledge in this area.


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(To learn more about this issue, check out “ ERISA Fidelity Bonds”)