ERISA / Fidelity Bond
ERISA mandates qualified plans be covered by a fidelity bond. The minimum bond amounts required must be for a 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 protect the plan against loss "by reason of acts of fraud or dishonesty" on the part of an administrator, officer, or employee
Learn More: Understanding ERISA Fidelity Bond
Learn More: Understanding ERISA Fidelity Bond
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?
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?
Medicaid Surety Bond
Starting September 1, 2013, all newly enrolling or re-enrolling ambulance providers must obtain a surety bond in the amount of $50,000 for each enrolled location. Newly licensed providers seeking to obtain credentials under Texas Medicaid and those who must re-enroll or choose to re-enroll now must obtain this bond when submitting their application. Those providers who do not need to enroll today may wait to obtain this bond until re-enrollment is required.
This new requirement does not apply to ambulance providers that are directly operated by a governmental entity.
If your organization is in need of this bond, we can help with the application process. Please contact us at 800-252-9435 or email bmarzean@vfistx.com.
To read the full press release from the Texas Medicaid and Healthcare Partnership along with their contact info, download the .PDF below.
This new requirement does not apply to ambulance providers that are directly operated by a governmental entity.
If your organization is in need of this bond, we can help with the application process. Please contact us at 800-252-9435 or email bmarzean@vfistx.com.
To read the full press release from the Texas Medicaid and Healthcare Partnership along with their contact info, download the .PDF below.
| Medicaid Bond App |
| Medicaid Surety Bond Requirements for Ambulance Providers |
