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
January 26-27, 2026
Washington, DC
Spring Seminar & Board Meeting
April 13-15, 2026
Woodlands Resort, Curio Collection by Hilton
Houston, TX
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
Andrew Erman
Sr. Director, Risk Management
Transamerica Stable Value Solutions Inc.
Tashil Fakir
Head of Stable Value Sales
JPMorgan Chase Bank, N.A.
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
Lucas Robustelli
Sales Director, Stable Value Markets
Metropolitan Life Insurance Company
Neena Saxena
Portfolio Manager
The Vanguard Group
Michael Sipper
Corporate Vice President
New York Life
Ben Soltsov
Vice President
Goldman Sachs Asset Management
Michael Swink
Investment Director
Virginia College Savings Plan
Jamey Toland
Managing Director, Investments
Boeing
Bryan White
Manager, Pension Investments
RTX Corporation
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.
On June 9, 2025, the Stable Value Investment Association (SVIA), in partnership with the U.S. Chamber of Commerce, successfully submitted a motion for leave to file an amicus brief in the case of Gonzalez v. JPMorgan Chase Bank. The case is currently pending in the U.S. District Court for the District of New Jersey.
Our joint brief supports JPMorgan’s motion to dismiss a challenge to its use of a stable value fund in its retirement plan. The brief offers the Court additional context on the structure and purpose of stable value products and emphasizes their role as a prudent, diverse, and flexible investment option for defined contribution plans.
Reinforcing the Roles of Stable Value
This filing reflects SVIA’s continued commitment to ensuring that the value of stable value is clearly understood by courts, policymakers, and plan sponsors alike. As we explain in the brief:
Download the Motion for Leave to File
“Here’s where retirement savers are flocking as Trump’s policy uncertainty shakes up stocks.” 04/21/2025
A recent article by SVIA interlocutor, Darla Mercado, cites SVIA data and interview with SVIA President, Zach Gieske, in a report stating that “Some $841 billion was invested in stable value funds as of the end of 2024.”
Executive Summary:
As the defined contribution (DC) system increasingly takes responsibility for retirees’ lifelong financial security, plan sponsors and providers are seeking scalable, low-friction solutions to deliver retirement income. One often overlooked yet emerging option is stable value funds, which are already widely used in DC plans for capital preservation.
This white paper explores how stable value funds, combined with systematic withdrawal features, can serve as an effective in-plan retirement income tool. This combination provides predictable, principal-protected retirement income to participants without the complexity and commitment of annuity-based solutions. It also offers administrative simplicity for recordkeepers and clear fiduciary guidance for plan sponsors, consultants, and advisors.
With over $900 billion in stable value assets held across DC plans and many plans offering stable value options, these funds are a compelling and underused choice for meeting the growing demand for in-plan income strategies. Recordkeeper data shows that stable value allocations increase significantly among participants nearing or entering retirement, strongly indicating that many retirees are already using these funds as an informal decumulation vehicle, even without a formal income structure in place.
