Massachusetts PFML Contributions Bond Guide
If you’re an employer applying for an exemption from providing paid family and/or medical leave (PFML) contributions in Massachusetts, you’ll need this surety bond.
Bond Overview
- Purpose: To protect employees in self-insurance plans
- Who Needs It: Employers applying for a PFML contributions exemption
- Regulating Body: The Massachusetts Department of Family and Medical Leave
- Required Coverage: $1,000–$100,000
- Premium Rate: 1–10%, credit-based
Learn all about the bond requirements and process in this guide.
What Is a Massachusetts Paid Family and Medical Leave Contributions Bond?
A Massachusetts paid leave contributions bond protects employees covered by private, self-insured benefit plans.
The Massachusetts Department of Family and Medical Leave (DFML) requires this bond for employers and covered business entities that wish to offer self-insurance and request exemption from providing a PFML insurance plan.
How Much Do Paid Leave Contributions Bonds Cost?
Massachusetts paid family and medical leave contributions bonds cost a small percentage of the required coverage amount, typically 1–10%.
Exact rates vary based on personal credit score. Apply for your free quote now!
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Do I Get My Bond?
SuretyBonds.com provides the fastest and easiest way to get a Massachusetts paid leave contributions bond. Just follow these quick steps:
- Apply: Submit an online quote request form
- Quote: Receive your quote within one day
- Sign: Complete the indemnity agreement
- Buy: Purchase the bond online 24/7
We’ll mail you the bond via your preferred shipping method. Be sure to file it with the Department of Family and Medical Leave as instructed.
If you have any questions, call our friendly surety experts at 1 (800) 308-4358 for assistance.
How Does a Massachusetts Paid Family and Medical Leave Contributions Bond Work?
A paid leave contributions bond creates a legal contract between these three parties:
- Principal: You, the employer or covered business entity owner filing the bond
- Obligee: The Massachusetts DFML requiring the bond
- Surety: The provider issuing the bond
This holds you financially responsible for upholding the provisions of Massachusetts General Laws 458 CMR 2.00.
If you fail to pay benefits or misuse private plan trust funds, the bond can be used to reimburse harmed individuals in a timely manner. However, you ultimately have to refund the surety.
How Do I Renew My Bond?
These bonds expire every two years. To receive a new paid leave contributions bond, simply pay your renewal invoice when prompted.
We’ll begin contacting you by phone and email 90 days before the expiration date.