The Department of the Treasury manages the federal budget. They collect taxes, pay bills, and manage currency. They are responsible for the public debt and all government accounts. Lastly, and maybe most importantly, they enforce finance and tax laws. Under the Department of the Treasury, they offer two types of licenses: general licenses and specific licenses. They require an assortment of surety bonds for all types of things. They have surety bond requirements for their licenses, and even the public official in charge of the Department of Treasury requires a surety bond to hold office.
The department requires these surety bonds to help them enforce the rules and regulations of the licenses. These bonds can help provide financial protection for the public if any of these laws are broken.
Common surety bonds that are required by the Department of the Treasury include:
ERISA Surety Bond
The Employment Retirement Income Security Act of 1974, also known as ERISA. This act sets minimum standards for retirement and health plans in private industries. This act requires that all employee benefit plan administrators be covered under an ERISA Surety Bond. The bond amount must be for a minimum of 10% of the plan fund balance that is administered by the official. The bond helps protect the beneficiaries of the employment plan from malicious and unlawful events that could result in a loss of funds and or damage.