SVIA Comment Letter on Form 5500
Click here to download SVIA’s comments to the DOL on Form 5500 changes.
December 2, 2016
This category summarizes SVIA’s proposed changes to form 5500 in order to address the disparity between reporting for 5500 plans and financial reporting for employee benefit plans on stable value funds.
Click here to download SVIA’s comments to the DOL on Form 5500 changes.
By Randy Myers The Department of Labor (DOL) is soliciting public comment on changes it has proposed to Form 5500, the annual report that
Download PDF SVIA met with Ian Dingwall, EBSA’s Chief Accountant and Joe Canary, Office Director for EBSA’s Office of Regulations and Interpretations on the disparity
Stable value contracts: The definitions of “swaps” and “security-based swaps” included in Dodd-Frank may be broad enough to capture stable value contracts. However, language included in Dodd-Frank requires the Securities and Exchange Commission (SEC) and the Commodities Futures Trading Commission (CFTC) to study stable value contracts to (i) determine if they are swaps and (ii) if they are determined to be swaps, to then determine whether it is in the public interest to exempt stable value contracts from the rules governing swaps. Under Dodd-Frank the results of this study will be prospective (i.e., any stable value contracts in effect prior to the effective date of regulations issued as the result of the study will not be considered swaps). Stable value contracts are currently regulated by the Office of the Comptroller of the Currency, state insurance commissions, and the Department of Labor.
Money market fund reform: Although, Dodd-Frank did not mandate specific action on money market reform, the Act did require Federal policymakers to address systemic risk, which the U.S. Department of Treasury and SEC identified as a major risk to the U.S. banking system.
Stable value contracts: Comments have been submitted to the CFTC and SEC in response to two requests for information by the Commissions. At this time, the Commissions have delayed taking up the study in order to address other mandates under Dodd-Frank.
Money market: The SEC has finalized regulations that require institutional funds to have a floating NAV as well as gates and liquidity fees.
Download PDF The SEC has proposed its long awaited rule on money market funds. Click here to download the Factsheet on Reforming Money Market Funds.
Download PDF As you may know, the Commodity Futures Trading Commission (the “CFTC”) and the Securities and Exchange Commission (the “SEC” and, together with the
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Download PDF As expected, the Commodities Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) have announced that they are reopening the comment period
Download PDF Download Federal Register With the August 13, 2012 publication of the final product definition rules in the Federal Register, the Commodities Futures Exchange
Download PDF CFTC-SEC adopt final swap and security based swap definitions, which tees up consideration of stable value contracts. July 10, 2012 CFTC and SEC
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Download PDF Cadwalader – February 3, 2012 Privileged and Confidential Attorney-Client Communication The Dodd-Frank Act and Stable Value Funds The Dodd-Frank Wall Street Reform and
Download PDF Presentation by Cadwalader, Wickersham & Taft
Comments due on September 26, 2011 or shortly thereafter. SVIA-ABA-FSR Stable Value Contract Study Questions Comment Letter Update & Instructions on How to Submit Public
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Download PDF CFTC Swap Definition Q&A Fact Sheet on April 27 2011 Risk.Net Article that Overviews Swap Definition on April 28, 2011
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Download PDF Download a recording of the October 18th call on the CFTC-SEC study
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Click here to read more Instructions for submitting comments
Download PDF Click here for title 7 pages 79 and 80: swap dealer section
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Download PDF Financial Services Reform Spreadsheet for SVIA Examples of SVIA Letters Sent to Named Conferees Chairman Barney Frank Chairman Chris Dodd
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Senate and Committee Leadership Contact List as of May 14 2010 Draft Letter to Senate Members to Add Stable Value in Manager’s Amendment
Download PDF Derivatives Legislative Summary and Implications by SVIA Counsel Nov. 9 2009 SVIA November 9, 2009 Letter to House & Senate Committee Chairs &
NAIC Risk-Based Capital Proposal: In August, 2015, the American Academy of Actuaries’ C1 Work Group (C1WG) recommended risk-based capital factors for corporate bonds. This recommendation, “Model Construction and Development of RBC Factors for Fixed Income Securities for the NAIC’s Life Risk-Based Capital Formula,” was exposed for comment and generated a number of comments and questions and was subsequently revised.
NAIC Separate Accounts: The National Association of Insurance Commissioners released draft regulations that would effectively change and prohibit separate accounts in the fall of 2013. The Association along with the ACLI and Committee of Annuity Insurers urged the NAIC to adopt a principles based approach that recognized and permitted separate accounts.
NAIC Risk-Based Capital Proposal: SVIA submitted comments regarding the revised proposal on July 24th, 2017.
NAIC Separate Accounts: The NAIC adopted this approach in 2013 and is working to finalize model regulations that may be used by state insurance commissions.
In August, 2015, the American Academy of Actuaries’ C1 Work Group (C1WG) recommended risk-based capital factors for corporate bonds. This recommendation, Model Construction and Development
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Fiduciary issues covers a broad range of topics such as fee litigation, QDIA, fee disclosure, and synthetic class exemption that was considered by the Association in 1998.
Litigation. Recently, stable value funds have been targeted in litigation based on performance and fees. While some cases have been filed, none have been decided. The plaintiffs’ charges are summarized below.
Fees and Disclosure. In 2012, the Department of Labor finalized regulations regarding fees and disclosures for all defined contribution plan investments for plan sponsors and plan participants. The Association conducted various surveys of its members to determine the progress they made in providing these disclosures and how they reported expenses and benchmarks.
QDIA. In 2007, the Department of Labor issued final regulations creating a safe harbor for certain qualified default investment alternatives. Despite the efforts of the Association and many others, stable value funds as well as money market funds were not incorporated into the DOL’s QDIA safe harbor. The GAO conducted a study on the issue and issued a report in August 2015.
On Wednesday, August 19th at 3:30 PM ET SVIA held a Zoom call to discuss our amicus brief filing supporting Principal that was made to the US Supreme Court.
On July 20, 2020 the SVIA filed a petition with the U.S. Supreme Court supporting the Principal Life Insurance Company’s appeal of the Eighth Circuit decision that ruled a service provider is an ERISA fiduciary.
In a recent federal appellate court decision, it was ruled that Principal’s discretionary control of the crediting rate made it a functional fiduciary over participants’ plan assets.
Download PDF SVIA has created a disclosure template to serve as a starting point for documenting representations for both stable value synthetic and insurance products
Download PDF The Stable Value Investment Association has filed comments in support of the Department of Labor’s recently announced proposal to delay by 60 days the
Download PDF QDIAs have been a significant development for increasing worker participation in defined contribution plans since they were first authorized under PPA. DOL’s safe
The Stable Value Investment Association commented on the proposed amendment to the Department of Labor’s regulation under Section 3(21) of the Employee Retirement Income Security
Download PDF Click here to read the SVIA follow-up email. The Governmental Accountability Office (GAO) is conducting a study of qualified default investment alternatives (QDIAs).
This week stable value made the news when the 7th U.S. Circuit Court reversed a District Court ruling giving class action status in a lawsuit
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Download PDF The revised FAB was released on Monday, July 30th. It left Question and Response 34 unchanged regarding stable value funds. Q34 requires that
Download PDF Download the Morgan Lewis Overview DOL extends compliance deadlines for fee disclosures for service providers (408(b)(2) and plan participants (404a-5).
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Download PDF Materials from March 16th hearing on securities lending including GAO and committee report release: Committee Staff Report on Securities Lending with Cash Collateral
Download PDF July 22, 2009 SVIA Presentation to the ERISA Advisory Council ERISA Advisory Council Hearing List on July 22, 2009 Financial Engines on July
Audio: December 13, 2007 Department of Labor QDIA Grandfather Provisions for Existing Stable Value Defaults Department of Labor Final Safe Harbor Default Regulations SVIA Release
Download PDF Department of Labor’s Proposed Regulations on Qualified Default Investment Alternatives
SVIA Comment Letter on November 13, 2006 SVIA Presentation on December 13, 2006
July 8, 1999 Memorandum to Voting Members Regarding the Board of Directors’ Consideration of Proposed Prohibited Transaction DOL Class Exemption for Synthetic GICs May 27,
Download PDF Memorandum to Voting Members Regarding the Board of Directors’ Consideration of Proposed Prohibited Transaction DOL Class Exemption for Synthetic GICs July 7, 1999
Download PDF Draft Stable Value Products Class Exemption Proposal May 27, 1999 I. Definitions For purposes of this exemption: an “affiliate” of a person includes
Download PDF May 27, 1999 Groom Law Group Cover Note MEMORANDUM May 27, 1999 To: Gina Mitchell From: Stephen M. Saxon, Roberta J. Ufford Re:
Download PDF May 24, 1999 To: SVIA Voting Members From: Al Turco & Gina Mitchell Re: Proposed DOL Class Prohibited Transaction Exemption for Synthetic GICs
Download PDF April 20, 1999 Ms. Gina Mitchell President Stable Value Investment Association 1701 K Street, NW Suite 300 Washington, DC 20006 Mr. John Milberg
Download PDF April 12, 1999 To: Board of Directors From: A. A. Turco, Secretary Re: April 27 Meeting I regret a business conflict prevents me
Download PDF March 22, 1999 From: Gina Mitchell and Al Turco Re: Wrap-up & Notes from Meeting We thought we’d share with you some of
Download PDF Memorandum Prepared by Groom Law Group Outlines the Risks and Benefits of the Proposed Class Exemption Effort MEMORANDUM March 15, 1999 To: Alfred
This category summarizes three major accounting issues that faced stable value funds: FASB’s reaffirmation of book value accounting, GASB’s investment instrument-driven approach for state and local plans, as well as FAS133, which outlines how institutions must account for derivatives.
All three accounting pronouncements have been finalized and in use for several years. Items in this category include the final pronouncements and/or guidance as well as Association efforts in supporting this final guidance, which includes presentations, comment letters as well as implementation guidance.
Download PDF SVIA filed comments with the Financial Accounting Standards Board (FASB) yesterday supporting their simplification efforts on fully benefit responsive investment contracts. FASB proposed
SVIA Comment Letter. Attached for your information and use is SVIA comment letter on FASB’s exposure draft that eliminates fair market valuation for employee benefit
The Financial Accounting Standards Board (FASB) has issued an exposure draft aimed at simplifying reporting for defined contribution and benefit plans. The exposure draft, which
On June 30th, the Governmental Accounting Standards Board released Statement 53, Accounting for Derivatives. The statement is applicable for financial statements issued on or after June
Download PDF Audio: Introduction Audio: Presentation Audio: Question and Answers
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Audio: Introduction Audio: Presentation Audio: Question and Answers
June 23, 2006 Letter to GASB on PV GASB Derivatives Plain Language Article GASB Derivatives Fact Sheet GASB Derivatives Plain Language GASB Derivatives Preliminary Document
Download PDF Reporting of Fully Benefit-Responsive Investment Contracts Held by Certain Investment Companies Subject to the AICPA Investment Company Guide and Defined-Contribution Health and Welfare
SVIA Comments on FSP AAG INV-a SVIA September 8 Accounting Seminar Guidance on Major ED Issues for Membership Guidance Attachment August 31 2005 Questions for
June 8, 2005 Stable Value Summary by FASB March 23, 2005 Stable Value Summary by FASB Comments Filed with FASB on Commingled Stable Value Funds
SVIA Key Messages The Association believes the following are key messages that need to be made with the press and other interested parties to accurately
FASB Issues Standard That Amends and Clarifies Accounting Guidance on Derivatives FASB Issues Exposure Draft on SFAS 133 Summary document Full document AICPA Accounting and
