Washington Self Insurers Pension Bond is a surety bond required by the State of Washington Department of Labor and Industries for employers who self-insure their pension plan. This bond guarantees that the employer will fund the pension benefits that have been promised to its employees. This bond also ensures that the employer will comply with all the laws, regulations, and other requirements related to the management and funding of the pension plan. There are two types of Washington Self Insurers Pension Bond: the Pension Trust Fund Bond and the ERICA Bond. The Pension Trust Fund Bond guarantees that the employer will not use the pension funds for any unauthorized purpose. The ERICA Bond guarantees that the employer will properly manage and administer the plan in accordance with ERICA requirements.
Washington Self Insurers Pension Bond
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FAQ
Being self-insured means that rather than paying an insurance company to pay medical, dental and vision claims, we pay the claims ourselves, using a third-party administrator to process the claims on our behalf.
To apply to be self-insured, an employer must complete and submit the following documents: Application for Self-Insurance Certification (F207-001-000) with a nonrefundable fee. Self-Insurance Certification Questionnaire (F207-176-000). Three years of audited financial statements in the name of the applicant.
Each state regulates who may be self-insured for workers' compensation. Normally, a prospective self-insured submits a required application accompanied by audited financial data, prior workers' compensation loss history, and other information required by each state.
insurer's bond is a type of surety bond that provides a promise to pay selfinsured losses in case the promisor (selfinsurer) is unable to meet its obligations.
Saving money may be the primary driver when companies decide to self-insure, but there are other benefits as well. Employers can eliminate costs for state insurance premium taxes. And they don't have to adhere to state-mandated coverage requirements.
There are two types of bonds that a principal can put forward ? a surety bond is a guarantee by a third party and a personal bond depends on the operator's assets.
Self-insurance involves setting aside your own money to pay for a possible loss instead of purchasing insurance and expecting an insurance company to reimburse you.