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Our Perspective

Annuity Purchase Update: May 2021 Interest Rates

Despite the persistence of the pandemic, it is clear that the outlook for plan sponsors is currently trending positively. Equity markets are strong and interest rates are rising. This is leading to improved plan funding statuses and lower annuity purchase prices.

Court finds sponsor not liable for plan account theft

A decision is made in Bartnett v. Abbott Laboratories, dismissing plaintiff’s claims against defendant sponsor fiduciaries in a case involving the theft of $245,000 in plaintiff’s Abbott retirement plan account.

Retirement Savings Tax Incentives: Impact of Biden Individual Tax Proposals

Biden’s increase in capital gains tax will have a significant impact on retirement savings tax incentives. For those affected by the increase in capital gains tax, the value of saving in a tax qualified retirement plan could nearly double when compared to saving outside of the plan.

DOL cybersecurity guidance

The focus of this guidance is not sponsor cybersecurity. Rather, the focus is on the responsibility of plan fiduciaries for the cybersecurity of plan providers, a slightly more complicated issue.