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Fiduciary issues

Annuity Purchase Update – July 2021

Pension funding levels decreased this past month as lower interest rates outweighed a level stock market. Annuity purchase costs increased slightly for Annuity Plan 1 and 2.

DOL regulatory agenda

The recently released Spring 2021 Unified Agenda of Regulatory and Deregulatory Actions out of the Office of Management and Budget details four significant regulatory initiatives from the DOL.

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.