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Mailing Address:
P. O. Box 547
Colwich, KS 67030-0547

Physical Address:
2118 N. Tyler Road, Suite 100C
Wichita, KS 67212-4919

Phone: 316-269-3044
Toll Free: 844-269-3044
Fax: 316-269-3046

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Resources for Employers

ERISA/Fidelity Bond
Record Retention
Foreign Language Requirements
Information Regarding Common Law Marriage
Other Interesting Links
Government Links

ERISA/Fidelity Bond

ERISA mandates qualified plans be covered by a fidelity bond. The minimum bond amounts required must be for at least 10% of plan assets as of the beginning of the plan year plus the anticipated contribution for the plan year or $1,000, whichever is greater. The maximum bond required is generally $500,000.

Every administrator, officer, and employee of any plan who handles funds or other property of such plan must be bonded. The bond protects the plan against loss "by reason of acts of fraud or dishonesty" on the part of an administrator, officer, or employee.

If you already have an ERISA bond and would like to verify it is provided by an approved carrier, check the U.S. Department of Treasury – Listing of Certified ERISA Bond Companies website to make sure your bonding company is certified. Click here.

Fiduciary Liability Insurance

Fiduciaries have important responsibilities and are subject to standards of conduct because they act on behalf of participants in a retirement plan and their beneficiaries. With the additional focus on fiduciaries and their responsibilities for ERISA plans, many employers are discussing fiduciary liability insurance.

ERISA section 410 allows a plan to purchase insurance for its fiduciaries or for itself covering losses occurring from fiduciary breach.

Learn More: Why do I need Fiduciary Liability Insurance?

We have partnered with Colonial Surety Company, a leading provider of ERISA/Pension Fidelity Bonds. They are a national insurance company registered in all 50 states and all U.S. territories, providing insurance products since 1930. They are the largest direct seller of ERISA/Pension Fidelity Bonds in the U.S. Just click on one of their links below to get a quote or apply online for immediate online issuance of a fidelity bond.

    


Record Retention


Beneficiary Elections and Marriage

Historically, at least 15 states have recognized marriages established under Common Law. Each state has different rules regarding the establishment of a Common Law Marriage. Although the majority of states currently do not recognize the concept of common law marriage, most do recognize common law marriages established in a state which does recognize such unions.

Recognizing a common law marriage could be critical to the determination of the validity of a beneficiary designation in the event of a death claim. To reduce risk to the employer, plan participants should be encouraged to consider their marital status when completing beneficiary designations.

The State of Kansas does recognize Common Law Marriage. If you would like to distribute an informational notice to your Kansas participants regarding this important topic, you may wish to use one of the notices listed below:


Foreign Language Requirements

The Summary Plan Description and the Summary Annual Report you provide to participants may be required to be distributed in languages other than English if either of the following applies:

  • If a plan covers fewer than 100 participants and 25% or more of the participants are literate only in the same non-English language, or
  • If a plan covers 100 or more participants and if the lesser of 500 participants or 10% of the participants are literate only in the same non-English language.

Fortunately, there is an alternative to incurring the cost of translating these documents. You may instead provide your employees with a short notice in the common non-English language. This notice informs the participants that assistance is available to discuss the document. We have samples of the English and Spanish versions of the notice which can be provided.

Other Interesting Links

Government Links


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