401_noob Posted August 9, 2013 Posted August 9, 2013 A client, which is a corporation, sponsors a 401(k) Plan and the only participants are the 8 owners. Is a Fidelity Bond required? I believe that it is required to be covered by a Fidelity Bond as Q 12 of FAB 2008-04 says that the bonding requirements do not apply to Plans that are not subject to ERISA Title 1, but since there are multiple shareholders of the corporation, then the Plan is in fact subject to ERISA Title 1 (at least according to my understanding). Full disclosure, I am as my screen name suggests new to this industry, but I wanted some additional thoughts and opinions.
PensionPro Posted August 9, 2013 Posted August 9, 2013 yes the plan is subject to title 1 of erisa and the fidelity bonding requirements. 401_noob 1 PensionPro, CPC, TGPC
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