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RITZ-CARLTON HALF MOON BAY, CA APRIL 23-25, 2017 CLICK HERE TO DOWNLOAD PDF TABLE OF CONTENTS 2017 Value Program Members .......................................................... 3 Gold Value Program Members ...................................................... 4 Silver Value Program Members ................................................... 13 Bronze Value Program Members ................................................ 18 Agenda................................................................................................. 29 Hotel Map ........................................................................................... 32 Speaker Biographies ......................................................................... 33 Attendees ............................................................................................ 42 By Name ......................................................................................... 42 By Company ................................................................................... 45 Meeting Dates .................................................................................... 48 Board of Directors ............................................................................. 50 Current Data ....................................................................................... 53 SVIA Annual Investment and Policy Survey for 2016 ................ 53 SVIA Quarterly Characteristics Survey through 4Q2016 .......... 73 Stable Times Volume 20 Issue 2 ...................................................... 85 Comment Letter to DOL on Form 5500 .......................................104 SVIA Letter to Extend Fiduciary Rule Comment Period ............109 Fiduciary Rule Disclosure Template .............................................110 Member Publications ......................................................................111 Presentations ...................................................................................118 Climate Change May Impact Stable Value Too! .......................118 Outlook on Employee Benefit Issues ........................................133 Stable Value Litigation ................................................................159 Re-enrollments: A Look at What Happens When Stable Value is Involved ...166 2 TABLE OF CONTENTS AGENDA 2017 VALUE PROGRAM MEMBERS GOLD SILVER JACKSON GALLIARD CAPITAL MANAGEMENT PROTECTIVE LIFE INSURANCE STANDISH MELLON ASSET MANAGEMENT GOLDMAN SACHS STATE STREET BANK & TRUST INVESCO ADVISERS BRONZE MASSMUTUAL BANK OF TOKYO-MITSUBISHI UFJ COLUMBIA MANAGEMENT METLIFE ICMA JOHN HANCOCK INVESTMENTS NEW YORK LIFE JP MORGAN LINCOLN FINANCIAL MORLEY CAPITAL MANAGEMENT PRUDENTIAL FINANCIAL MUTUAL OF OMAHA ONEAMERICA TRANSAMERICA STABLE VALUE SOLUTIONS PACIFIC LIFE INSURANCE PIMCO RGA VOYA FINANCIAL T. ROWE PRICE ASSOCIATES, INC. THE STABLE VALUE INVESTMENT ASSOCIATION WOULD NOT BE ABLE TO DO THE WORK THE ASSOCIATION DOES WITHOUT THE GENEROUS SUPPORT OF OUR SPON- SORS. 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. 3 TABLE OF CONTENTS AGENDA GOLD VALUE PROGRAM MEMBERS Galliard Capital Management - Goldman Sachs - Invesco Advisers - MassMutual Metropolitan Life Insurance Company - New York Life Investment Management Prudential Financial - Transamerica Stable Value Solutions - Voya Financial 4 TABLE OF CONTENTS AGENDA GALLIARD CAPITAL MANAGEMENT ARCHITECTS OF INVESTMENT SOLUTIONS Galliard Capital Management is a wholly owned independently operated subsidiary of Wells Fargo Bank, N.A. specializing in stable value and fixed income management for institutional investors and currently managing over $93 billion in assets*. Located in Minneapolis, Galliard has been managing investment portfolios for a wide variety of clients for more than 20 years. Our experienced team works closely with our clients to solve their unique investment needs with our conservative approach to investment management. *Total AUM as of January 31, 2017 5 TABLE OF CONTENTS AGENDA GSAM STABLE VALUE Navigating the Stable Value Landscape with Goldman Sachs for 5 Years Experience and Expertise ■ Stable Value Portfolio Management Team with over 15 years average experience Burlington, VT ■ Global Fixed Income Team with over 300 investment professionals Matt Gleason [email protected] 802.383.4033 Erik Karpinski, CFA Maturing Fixed Income [email protected] ■ GSAM managed Term Funds combine laddered and active bond management 802.383.4076 ■ Objective to provide competitive risk-adjusted returns and predictable liquidity New York, NY John Axtell [email protected] Customized Portfolio Construction 212.902.6807 ■ Bob Cahill, CFA Liability-focused approach to meet liquidity demands and target overall duration [email protected] ■ Open architecture offers flexibility to include internally & externally managed portfolios 212.902.3382 $56.6 BILLION IN STABLE VALUE ASSETS UNDER SUPERVISION1 As of 12/31/16. Assets Under Supervision (AUS) includes client accounts for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman, Sachs & Co. subject to legal, internal and regulatory restrictions. This material is provided for informational purposes only. It is not an offer or solicitation to buy or sell any securities. 1. Includes $2.78 billion in sub-advised mandates. Confidentiality No part of this material may, without GSAM’s prior written consent, be (i) copied, photocopied or duplicated in any form, by any means, or (ii) distributed to any person that is not an employee, officer, director, or authorized agent of the recipient. © 2016 Goldman Sachs. All rights reserved. 65619-TMPL-09/2016-368168 6 TABLE OF CONTENTS AGENDA A pure focus on investing Invesco Fixed Income Invesco Fixed Income is one of the world’s largest fixed income enterprises, with strategies that span the fixed income spectrum, assets of $272.4 billion1 and 165 investment professionals around the world.2 And all of our resources are focused on finding the best opportunities for investors. We launched our first Stable Value strategy in 1985 — designed to protect our clients’ principal. Our combination of disciplined processes, experienced investment teams and strong risk oversight offers an innovative approach to short-duration markets and product design. For more information, contact: Invesco Fixed Income LeAnn Bickel 400 West Market Street, Suite 3300 502 561 3242 Louisville, KY 40202 [email protected] 502 589 2011 invesco.com/us 1 As of Dec. 31, 2016. Invesco’s Fixed Income’s assets under management may include assets contracted/ sourced elsewhere within Invesco. 2 As of Dec. 31, 2016 This page is provided by Invesco Advisers, Inc. This is not to be construed as an offer to buy or sell any financial instruments. 7 TABLE OF CONTENTS AGENDA STABLE VALUE Thank you for your commitment to Stable Value and to MetLife. We’re proud to partner with you and the Stable Value Investment Association to help participants prepare for a secure retirement by educating plan sponsors about the valuable role stable value can play in a Defined Contribution plan. Stable value returns have historically increased participant purchasing power while keeping principal safe. This makes stable value clearly superior to money market as a plan’s principal preservation option. MetLife is an outstanding choice to provide solutions to support your stable value needs: • Diverse array of both participating and nonparticipating products • Commitment to the business along with superior client service • Ability to partner with non-proprietary fixed income managers while delivering manager-specific investment guideline flexibility To learn more about how MetLife can help you structure the stable value solution you deserve, contact: Warren Howe, National Sales Director 860-768-0068 [email protected] 35 STABLE VALUE Metropolitan Life Insurance Company, New York, NY © 2016 MetLife, Inc. L0916478696[exp0917][All States] 8 TABLE OF CONTENTS AGENDA New York Life Stable Value Investments Stability. Strength. Leadership. For the long run. Proud to be a Gold member of the SVIA As a mutually owned company, New York Life has kept every promise to our customers for more than 170 years. We have the highest ratings currently awarded to a life insurer for financial strength from all four ratings agencies.* A.M. Best—A++ Superior | Fitch—AAA Extremely Strong | Moody’s—Aaa Exceptional | S&P—AA+Very Strong *Individual third-party ratings reports. Date of latest action: August 9, 2016. nylinvestments.com Stable Value Investments is a division of New York Life Insurance Company, New York, NY 10010. 1685652 SV016-15 02/2017 9 B:8.75” T:8.5” TABLE OF CONTENTS AGENDA S:7” YEARS OF STABILITY IN STABLE VALUE LEADERSHIP. 43 2 Stable_ Value_8.5x11_ r2.indd Studio Gross, Alan Job # A4830 Date 12-28-2016 11:21 AM Live Trim 7” x 9.75” Bleed 8.5” x 11” Gutter 8.75” x 11.25” Pub None Prudential is leading the way Let’s help Americans make B:11.25” P. Date template WE’RE COMMITTED TO THE S:9.75” T:11” STABLE VALUE MARKET. in expanding the benefi ts of more confi dent investment Approvals: stable value to 529 plans, IRAs decisions for retirement and __________ GCD Through challenging times