What is a surety bond?
A surety bond is a legal binding contract that guarantees a third party will meet the tax obligations of an employer.
Surety bonds are available to non-profit organizations electing unemployment insurance reimbursable coverage and to employee leasing companies.
Electing Reimbursable Coverage
Employers electing reimbursable coverage will complete form DOL-11 Election to Reimburse Benefits Paid in Lieu of Contributions .
Electing Leasing Company Employee Reporting
Leasing companies electing to report and otherwise treat all leased employees as its own employees will complete form DOL-11B Employee Leasing Company Election to Report Leased Employees .
Surety Bond Deposit
Surety bond deposit amounts are determined after a review of completed form DOL-11 or DOL-11B. Employers may select a bond payment method by submitting form
DOL-12 Reimbursable Employer’s Election of Cash Deposit, Surety bond or Securities or
DOL-12B Employee Leasing Company’s Election of Cash Deposit, Surety bond or Securities .
Surety Bond Renewals
Bonds for Reimbursable employers are renewed every two years.
Bonds for Leasing companies are renewed annually.
Surety Bond renewal notification letters are sent from the UI Adjudication section with instructions and bond renewal forms:
DOL-13 Employer’s Statutory Surety Bond for Reimbursement in Lieu of Contributions ;
DOL-13B Employee Leasing Company’s Statutory Surety Bond ;
DOL-14 Reimbursable Employer’s Power of Attorney and
DOL-14B Employee Leasing Company’s Power of Attorney