Fidelity bond insurance protects benefit funds and trusts against the theft of funds by employees or anyone charged with the responsibility of handling assets.
Through NYSUT’s affiliation, the AFT provides this insurance at no charge for coverage that satisfies the U.S. Department of Labor required limit. Additional coverage cannot be purchased through the AFT, and this coverage is not automatic.
Funds/trusts must submit a separate application and be named separately from the local. An application and worksheet are necessary to determine the amount of no-cost coverage that your fund/trust will receive.
The AFT provides minimum coverage in the amount of $50,000 and caps coverage at $500,000, in accordance with LMRDA regulations. The policy year runs from March 1 through February 28.
For more information, contact the NYSUT Accounting Department at 800-342-9810 weekdays from 9 a.m. to 5 p.m. (EST).