As you may have seen in the news, the Prime Rate has increased from 4.75% to 5.50%. If your plan has loans, this will affect your plan in terms of the loan interest rate. Most plans have an interest rate of Prime plus 1%.
Loans issued going forward will be amortized with the new interest rate. Please note some recordkeepers will make the interest rate update on their system effective the first day of the next month.
Please call your Paragon Contact with any questions.