SVIA Stable Value Quarterly Characteristics Survey for 4Q2025
The Stable Value Investment Association’s Quarterly Characteristics Survey Report for 4Q2025 is now available.
The Stable Value Investment Association would not be able to do the work the association does without the generous support of our sponsors. SVIA is proud to be working in partnership with these companies. These companies commit not only financial resources, but also make available their expertise and leadership in shaping and carrying out the association’s mission to demonstrate stable value’s many contributions to building a strong, viable retirement savings and investment program that will provide financial security in retirement.
Board of Directors Meeting
June 22-23, 2026
Washington, DC
Fall Forum & Annual Membership Meeting
October 5-7, 2026
Fairmont Georgetown
Washington, DC
Board of Directors Meeting
January 25-26, 2027
Washington, DC
Spring Seminar & Board Meeting
April 5-7, 2027
The Charleston Place
Charleston, SC
Board of Directors Meeting
June 21-22, 2027
Washington, DC
Fall Forum & Annual Membership Meeting
October 4-6, 2027
Fairmont Georgetown
Washington, DC
Christina Burton
Director – Stable Value Relationship Management and Contract Negotiation
Galliard Capital Management, LLC
Oakley Duryea
Senior Manager – Pension Investments
Raytheon Technologies
Andrew Erman
Sr. Director – Risk Management
Transamerica Stable Value Solutions Inc.
Tashil Fakir
Head of Stable Value Sales
JPMorgan Chase Bank, N.A.
Warren Howe
National Director – Sales
Metropolitan Life Insurance Company
Henry Kao
Senior Vice President
PIMCO
Michael Leonberger
Stable Value Portfolio Manager
Invesco
Lacey Lockward
Vice President, Stable Value
Prudential Financial
Tony Luna
Head of Stable Asset Management
T. Rowe Price
Maya Pillai
AVP, Head of Stable Value Wrap
Pacific Life
Yijing Robertson
Investment Manager
IBM Retirement Funds
Neena Saxena
Portfolio Manager
The Vanguard Group
Michael Sipper
Corporate Vice President
New York Life
Ben Soltsov
Vice President
GSAM Stable Value, LLC
Michael Swink
Investment Director
Virginia College Savings Plan
Jamey Toland
Managing Director – Liability Hedging Assets
BoeingÂ
Bryan White (ex-officio)
Manager – Pension Investments
Raytheon Technologies
The Stable Value Investment Association’s Quarterly Characteristics Survey Report for 4Q2025 is now available.
From an economic perspective, there was significant progress in 2023 toward sustainably lower inflation against the idiosyncratic volatility caused by the banking crisis, both in the U.S. and abroad. The progress in fighting inflation and the lagged impacts of an elevated policy rate, led the Fed to pause the tightening cycle after reaching the 5.25%-5.50% level. Elevated yields kept pressure on depressed market to contract ratios but also provided the spark for higher crediting rates (+50-60 basis points) in most products. As the probability of a soft landing and a goldilocks outlook increased throughout the year, the stable value industry was challenged by participant outflows that were attributed to robust equity returns.
As the retirement system shifts toward delivering lifetime income through defined contribution plans, this paper highlights an often-overlooked solution already trusted by millions of participants: stable value funds. When paired with systematic withdrawals, stable value can offer a predictable, flexible, and principal-protected income stream for retirees without the complexity of many new products entering the marketplace. Written in partnership with the Institutional Retirement Income Council (IRIC).
“Stable Value Funds’ Slow Burn Could Fuel Lifetime Income” highlights key insights from the whitepaper, developed in partnership with the Institutional Retirement Income Council (IRIC), and emphasizes the role stable value can play in retirement income strategies—particularly in target date funds and managed account frameworks.
On March 13, 2026, the United States District Court of New Jersey granted a motion to dismiss the stable value claims in the Jacobs v. Hackensack Meridian Health case, which was the first case in which SVIA actively engaged. The ruling is a major win for the industry, specifically regarding how courts evaluate “meaningful benchmarks” in ERISA litigation. This recognition solidifies our standing to participate in future litigation and ensures that the complexities of stable value products are accurately represented in the courts. Download the full order.
11 amicus briefs are in process and were filed in defense of the asset class. Use the Litigation Tracker to see our compiled list. (Must be logged into account to access.)
