Money market reform. Understanding the impact on defined contribution plans RETIREMENT INSIGHTS IN BRIEF. December 2015

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Money market reform. Understanding the impact on defined contribution plans RETIREMENT INSIGHTS IN BRIEF. December 2015"

Transcription

1 RETIREMENT INSIGHTS Money market reform Understanding the impact on defined contribution plans December 2015 AUTHORS IN BRIEF New rules governing money market funds (MMFs) will have an impact on defined contribution (DC) plans. Plan sponsors must carefully assess their options before deciding which choice is best for their plan participants. Whether a plan sponsor chooses to maintain or alter its current investment lineup, this will be an important fiduciary decision. As they re-examine their options for a conservative plan offering, plan fiduciaries must evaluate any trade-offs among the three goals of the conservative asset class stability of principal, liquidity and yield. Along with money market funds, conservative offerings include stable value funds, ultra-short bond funds and other hybrid solutions. With longer maturities, these offerings provide higher yields than MMFs with slightly greater risk. Plan sponsors should confer with their investment managers to understand exactly how they will respond to the new regulatory environment and with their recordkeepers to learn which type of money market funds they will administer going forward as many of the new regulatory requirements pose operational challenges to recordkeepers. Ted Ufferfilge Head of Global Short-Term Fixed Income Product Team J.P. Morgan Global Liquidity Andrew Linton Head of Product Development J.P. Morgan Global Liquidity MANY PLAN SPONSORS ARE AWARE OF NEW SEC RULES GOVERNING MONEY MARKET FUNDS THAT WILL TAKE EFFECT IN OCTOBER 2016, but some may have an incomplete understanding of what the new regulations mean for DC plans. That presents a real challenge: The changes are significant, and they will require careful consideration before plan sponsors can make prudent choices for their plan participants. Whether a plan sponsor chooses to maintain or alter its current investment lineup, this will be an important fiduciary decision. Faced with the reality of new MMF regulations, a plan sponsor must thoroughly review its options in order to meet its fiduciary obligation to make an informed, reasoned choice. In the following pages, we offer a guide to new MMF rules and examine their potential impact on DC plans. We: explain the highlights of the new SEC rules assess the impact of the new rules on industry stakeholders explore the range of conservative options available in the new regulatory regime

2 MONEY MARKET REFORM: UNDERSTANDING THE IMPACT ON DEFINED CONTRIBUTION PLANS MONEY MARKET REFORM The SEC announced new MMF rules in July 2014, when it shared substantial amendments to Rule 2a-7 under the Investment Company Act of Like money market fund reform adopted in 2010, the new regulations aim to strengthen the MMF sector and make it more transparent. 1 There are different types of money market funds, and the new SEC rules affect them in different ways. Retail MMFs are defined as funds whose beneficial owners are natural persons language that explicitly includes owners of IRAs and participants in DC plans. Institutional MMFs are defined as non-retail funds. Key elements of the SEC regulations address floating vs. stable net asset value (NAV), liquidity fees and redemption gates. Before we focus on the specifics of the new SEC rules, please see EXHIBIT 1, below, for an overview of the various types of retail and institutional MMFs. Floating vs. stable NAV When the new rules take effect, institutional prime and institutional municipal MMFs must transact at their market-based net asset values, rounded to four decimal places. Fluctuations in the market-based NAV above or below $ can be common but have typically been small. Retail prime, retail municipal and government MMFs can continue to use a $1.00 stable NAV. Because DC plans are considered retail investors, MMFs in DC plans will be able to use a $1.00 stable NAV. 1 After the Reserve Primary Fund broke the buck the day after Lehman Brothers filed for bankruptcy in September 2008 (the fund s net asset value fell below $1.00 per share), and contagion spread through the MMF sector, regulators focused on the need for added safeguards to protect investors and reduce the risk of systemic financial stress. EXHIBIT 1: TYPES OF RETAIL AND INSTITUTIONAL MONEY MARKET FUNDS Liquidity fees and redemption gates Under the new regulations, the board of a money market fund has the power to impose a liquidity fee of up to 2% on all redemptions or temporarily suspend redemptions (impose a gate) if the fund s weekly liquid assets fall below 30% of total assets and if the board determines that it is in the fund s best interests. This is the case for both retail and institutional prime and municipal money market funds. Government MMFs are not required to be subject to the fee and gate provisions, but they may reserve the right to do so, and plan sponsors should review the disclosures of their government MMFs. In many ways, the new SEC rules strengthen the MMF sector, providing greater protection and transparency to shareholders. However, for a variety of reasons, many plan sponsors will look to avoid MMFs that carry a floating NAV or those that can impose liquidity fees and gates. Whether a plan sponsor opts for a government money market fund or a prime MMF, the choice should be carefully vetted. See EXHIBIT 2 (next page) for a detailed look at how the new reforms affect the different types of money market funds. CONSIDERATIONS FOR PLAN SPONSORS The prospect of MMF reform makes this an opportune time for plan sponsors to reassess their plan offerings. Most ERISA lawyers and plan sponsors agree that a prudent plan lineup should include a conservative capital preservation option (for more details, see ERISA and the conservative plan option, page 4). The conservative option has three key goals: stability of principal liquidity yield Money market fund type PRIME MUNICIPAL Investments Invest in short-term obligations of banks and corporations, as well as repurchase agreements (repos) and asset-backed commercial paper Invest in municipal securities, whose interest is exempt from federal income tax GOVERNMENT Invest 99.5% or more of their total assets in cash, government securities and/or government repos U.S. TREASURY Invest solely in debt securities of the U.S. government or repos collateralized by such obligations 2 RETIREMENT INSIGHTS

3 MONEY MARKET REFORM: UNDERSTANDING THE IMPACT ON DEFINED CONTRIBUTION PLANS EXHIBIT 2: HOW NEW SEC RULES IMPACT MONEY MARKET FUNDS Money market fund type NAV Liquidity fee Redemption gate PRIME FUND (Institutional) PRIME FUND (Retail) MUNICIPAL FUND (Institutional) MUNICIPAL FUND (Retail) Floating Stable Floating Stable Yes, must impose a 1% fee on all redemptions if: The fund s weekly liquid assets fall below 10% of its total assets May impose fees up to 2% on all redemptions if: The fund s weekly liquid assets fall below 30% of its total assets and the fund s board determines that such a fee is in the best interest of the fund GOV T/TREASURY Stable No No Yes, may suspend withdrawals from the fund if: The fund s weekly liquid assets fall below 30% The fund s board determines that imposing such a gate is in the fund s best interest Gates must be limited to no more than 10 business days in any consecutive 90-day period For plan participants and plan sponsors, the capital preservation option plays a variety of roles. Participants who are looking to protect principal or shield a portion of their assets from market volatility can invest in a capital preservation strategy. Plan sponsors can also use the capital preservation option to manage plan forfeitures and distributions. When plan sponsors review the place of the conservative option in their plan offering, they will ask a range of questions. Among them: How do plan participants use the conservative option? What are the trade-offs among stability, liquidity and yield? Can the option be simply explained to plan participants? What is the appropriate level of risk? What will investment managers do? Plan sponsors should discuss the impact of MMF reform with their investment managers, making sure they understand precisely how their managers will respond to the new regulatory environment. What is their manager s current offering? Plan sponsors will specifically want to know whether managers will make retail prime MMFs available to plan investors. The managers may request shareholder approval for changes in their MMFs. If so, fiduciaries will need to review the proposal and decide how to vote. What will recordkeepers do? Plan sponsors that include MMFs as a conservative option should confer with their recordkeepers to see what type of MMFs they will administer going forward. Many of the new regulatory requirements present operational and infrastructure challenges; these may impede a recordkeeper s ability to handle a floating NAV, gates and fees. (For example, while a gate may be imposed at any time of the day, most recordkeepers are set up for end-of-day pricing and would thus be unable to determine a fund s NAV if a gate was imposed earlier in the day.) Additionally, gates and fees must be prominently disclosed to participants; some recordkeepers and plan sponsors will be concerned that new disclosures could create confusion among participants. Range of conservative options in DC plans As plan sponsors re-examine their options for a conservative plan offering within the context of new SEC regulations, they can think of the possibilities along a risk spectrum. In this context, they should evaluate the trade-offs among the three goals of the conservative option stability of principal, liquidity and yield. At the lowest end of the risk spectrum are government MMFs, including 100% U.S. Treasury MMFs, which will continue to have a stable NAV and are not required to be subject to the new fee and gate provisions. Further up the risk spectrum are prime funds. These may be prime mutual funds SEC-registered products governed by the Investment Company Act of 1940 or they may be J.P. MORGAN ASSET MANAGEMENT 3

4 MONEY MARKET REFORM: UNDERSTANDING THE IMPACT ON DEFINED CONTRIBUTION PLANS commingled funds and collective trusts, short-term investment funds (STIFs) regulated by the Office of the Comptroller of the Currency (OCC), the U.S. banking regulator. Under new SEC rules, prime funds may impose liquidity fees or suspend redemptions in certain conditions; new rules, however, do not require retail prime mutual funds to carry a floating NAV. Stable value funds, often set up as collective investment trusts but not available as SEC-registered products, have stable NAVs. These funds typically are intermediate bond funds combined with wrap contracts. Issued by insurance companies and banks, the contracts provide principal preservation of participant balances, regardless of market conditions. With longer maturities in their portfolios, stable value funds offer higher returns than MMFs (1.50%-2.00%, historically) with similar liquidity, but they may impose restrictions on participant redemptions or limit plan sponsor changes to plan lineups. Ultra-short bond funds, which carry a floating NAV, maintain focus on principal preservation, but over a longer period of time (up to one year) when compared with MMFs or stable value funds. While MMFs are restricted to a weighted average maturity (WAM) of 60 days, ultra-short bond fund duration can extend as long as one year. Hybrid solutions may appeal to large DC plans that are looking for a different or customized approach. Among the hybrid solutions are fund-of-fund structures that can be designed to achieve a certain objective. For example, the structure might combine a stable value fund with a bond fund, creating a principal preservation-focused outcome with better return, volatility and flexibility characteristics than might be achieved in the two individual components. New disclosure and participant communications Whether a plan sponsor maintains its current MMF option or implements a change to accommodate new SEC regulations, new disclosures and clear participant communications may be needed. Plan sponsors must explain the thinking behind their choice: why the existing option remains in place or why a change was made. Plan sponsors should clarify any changes in the investment lineup and detail any changes in MMF options, including information on government and prime MMFs, floating NAV, redemption fees and gates. ERISA AND THE CONSERVATIVE PLAN OPTION As plan sponsors re-evaluate their plan offerings in the wake of MMF reform, their role as plan fiduciaries will be a key focus. Plan fiduciaries have primary responsibility for the operation and administration of every employee benefit plan. Put simply, this means they can be held liable for the investment of plan assets. A provision in the Employee Retirement Income Security Act of 1974 (ERISA), the law that governs DC plans maintained by private sector employers, provides relief from this liability in certain circumstances. When a plan allows participants to exercise control over their plan investments, Section 404(c) of ERISA generally shifts the responsibility for the investment results from the fiduciary to the participant. Plan sponsors must satisfy very specific requirements to comply with Section 404(c) and take advantage of its protections. One key requirement: Plan sponsors must offer a broad range of investment options. That is defined as no less than three diversified alternatives with different risk and return characteristics that in the aggregate enable the plan participant, by choosing among them, to achieve a portfolio with aggregate risk and return characteristics at any point within the range normally appropriate for the participant. As plan sponsors and the DC industry have interpreted the Section 404(c) requirements, one of those diversified alternatives must be a conservative fund option designed to facilitate the preservation of capital. 4 RETIREMENT INSIGHTS

5 MONEY MARKET REFORM: UNDERSTANDING THE IMPACT ON DEFINED CONTRIBUTION PLANS CONCLUSION A prudent evaluation of a plan offering is never a simple exercise, and particular care is needed when new regulations come into play. Plan sponsors must first understand the new rules in sufficient detail; only then can they project the likely impact on their plans. At that point, they can research all their possible options and determine which would make the best fit with their own participants. Finally, once the choice is made and before its actual implementation, plan sponsors should clearly communicate the changes to participants. None of these steps should be taken quickly or lightly. Plan sponsors should begin the evaluation process well before the new MMF rules take effect in October J.P. MORGAN ASSET MANAGEMENT 5

6 6 RETIREMENT INSIGHTS THIS PAGE INTENTIONALLY LEFT BLANK

7 An investment in the Fund is not insured or guaranteed by the FDIC or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. Cash alternatives are not federally guaranteed and may lose value. Cash alternative portfolios have interest rate, inflation and credit risks that are associated with the underlying assets owned by the portfolio. Investments in cash and cash equivalents may result in a lower yield than lower-quality or longer-term investments. Opinions and estimates offered constitute our judgment and are subject to change without notice, as are statements of financial market trends, which are based on current market conditions. We believe the information provided here is reliable, but do not warrant its accuracy or completeness. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The views and strategies described may not be suitable for all investors. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, accounting, legal or tax advice. References to future returns are not promises or even estimates of actual returns a client portfolio may achieve. Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. These views and strategies described may not be suitable for all investors. References to specific securities, asset classes and financial markets are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations. Past performance is no guarantee of future results. Please note that investments in foreign markets are subject to special currency, political and economic risks. JPMorgan Distribution Services, Inc., member of FINRA/SIPC. J.P. Morgan Asset Management is the marketing name for the asset management business of JPMorgan Chase & Co., and its affiliates worldwide. 270 Park Avenue, New York, NY JPMorgan Chase & Co., December 2015 RI-MMFREFORM 4d03c02a8002f3ca

8 RETIREMENT INSIGHTS J.P. MORGAN ASSET MANAGEMENT 270 Park Avenue I New York, NY 10017

RVK INVESTMENT PERSPECTIVES September 30, 2015

RVK INVESTMENT PERSPECTIVES September 30, 2015 EXECUTIVE SUMMARY Impact of Regulatory Reform On July 23, 2014, the United States Securities and Exchange Commission (SEC) adopted amendments to rules governing U.S. money market funds. The amendments

More information

New rules for money market funds

New rules for money market funds New rules for money What they mean for advisors and their clients New rule changes affect all money Money (MMFs) are a popular and widely used liquidity and capital preservation option within client portfolios,

More information

commentary Money Market Fund Reforms: Practical Implications for Qualified Retirement Plans

commentary Money Market Fund Reforms: Practical Implications for Qualified Retirement Plans special commentary Money Market Fund Reforms: Practical Implications for Qualified Retirement Plans In the six months since the U.S. Securities and Exchange Commission (SEC) voted to formally amend the

More information

RELIANCE TRUST INSIGHTS

RELIANCE TRUST INSIGHTS RELIANCE TRUST INSIGHTS Critical Information for Retirement Plan Fiduciaries ISSUE 2 JUNE 2015 Retirement Strategies Team If you have any questions about our ERISA fiduciary services, please contact your

More information

Money Market Reform and Workplace Savings Plans:

Money Market Reform and Workplace Savings Plans: Money Market Reform and Workplace Savings Plans: A plan sponsor guide to what s ahead Last summer, the Securities and Exchange Commission U.S. Treasury and government ( SEC ) announced significant regulatory

More information

Alert June 2013. SEC Money Market Fund Reforms Could Significantly Affect Corporate Cash Management. Introduction. Background Stable Share Pricing

Alert June 2013. SEC Money Market Fund Reforms Could Significantly Affect Corporate Cash Management. Introduction. Background Stable Share Pricing Alert June 2013 In This Alert: SEC Money Market Fund Reforms Could Significantly Affect Corporate Cash Management Introduction Background Stable Share Pricing The Lehman Collapse The SEC Proposals Floating

More information

GREAT-WEST CAPITAL MANAGEMENT, LLC (GWCM) RESEARCH NOTE JUNE 2015

GREAT-WEST CAPITAL MANAGEMENT, LLC (GWCM) RESEARCH NOTE JUNE 2015 GREAT-WEST CAPITAL MANAGEMENT, LLC (GWCM) RESEARCH NOTE JUNE 2015 An Inflection Point for Money Market Funds? New regulations related to money market funds will have significant impacts to plan sponsors

More information

Money Market Reform: An Update for Defined Contribution Plans

Money Market Reform: An Update for Defined Contribution Plans INSIGHTS Money Market Reform: An Update for Defined Contribution Plans July 2015 203.621.1700 2015, Rocaton Investment Advisors, LLC On July 23, 2014, the Securities & Exchange Commission (SEC) approved

More information

Wells Fargo Advantage Funds announces updates to its money market fund lineup

Wells Fargo Advantage Funds announces updates to its money market fund lineup May 21, 2015 Wells Fargo Advantage Funds announces updates to its money market fund lineup Wells Fargo Advantage Funds today announced that its Board of Trustees preliminarily approved the changes to its

More information

Bond Funds, Stable Value and 401(k) Plans

Bond Funds, Stable Value and 401(k) Plans Superior 401(k) Risk Management Bond Funds, Stable Value and 401(k) Plans Presented by: Mike Malone and Bud Green April 22, 2014 Topics Looking at bond risk and return The role of bond funds Should 401(k)

More information

Money Market Reform Communication Series

Money Market Reform Communication Series leadership series MARKET PERSPECTIVES Money Market Reform Communication Series Money Market Mutual Fund Reform 2014: Key Changes Ahead August 2014 On July 23, 2014, the Securities and Exchange Commission

More information

UNDERSTANDING LIQUIDITY FEES AND REDEMPTION GATES

UNDERSTANDING LIQUIDITY FEES AND REDEMPTION GATES UNDERSTANDING LIQUIDITY FEES AND REDEMPTION GATES Over a series of upcoming papers we aim to help money market fund investors understand and assess money market fund rules by exploring the impact of the

More information

What Investors Should Know about Money Market Reforms

What Investors Should Know about Money Market Reforms What Investors Should Know about Money Market Reforms What Investors Should Know about Money Market Reforms Executive Summary Ò New SEC regulations for the $2.7 trillion money market industry may present

More information

Invesco Fixed Income

Invesco Fixed Income Invesco Fixed Income Global Cash Management November 12, 2015 NOT FDIC INSURED / MAY LOSE VALUE / NO BANK GUARANTEE Invesco Distributors, Inc. US12681 Important Information An investor should consider

More information

Government Money Market Fund Summary

Government Money Market Fund Summary Government Money Market Fund Summary Class/Ticker: Institutional Class - GVIXX Summary Prospectus July 1, 2015 Link to Prospectus Link to SAI Before you invest, you may want to review the Fund's prospectus,

More information

The New Era of Money Market Fund Regulation The New Era of Money Market Fund Regulation

The New Era of Money Market Fund Regulation The New Era of Money Market Fund Regulation I c The New Era of Money Market Fund Regulation The New Era of Money Market Fund Regulation September September 2014 2014 www.morganlewis.com 1 2014 Morgan, Lewis & Bockius LLP On July 23, 2014, the U.S.

More information

GOLDMAN SACHS VARIABLE INSURANCE TRUST

GOLDMAN SACHS VARIABLE INSURANCE TRUST GOLDMAN SACHS VARIABLE INSURANCE TRUST Institutional and Service Shares of the Goldman Sachs Money Market Fund (the Fund ) Supplement dated July 29, 2015 to the Prospectuses and Summary Prospectuses, each

More information

RBC Money Market Funds Prospectus

RBC Money Market Funds Prospectus RBC Money Market Funds Prospectus November 25, 2015 Prime Money Market Fund RBC Institutional Class 1: RBC Institutional Class 2: RBC Select Class: RBC Reserve Class: RBC Investor Class: TPNXX TKIXX TKSXX

More information

The Risk Free Investment Options Are Changing: A Guide for Plan Sponsors

The Risk Free Investment Options Are Changing: A Guide for Plan Sponsors The Risk Free Investment Options Are Changing: A Guide for Plan Sponsors Benjamin J. Smith, CFA Principal, Chief Investment Officer Contents Overview. Money Market Mutual Funds. A New Alternative to Money

More information

UBS RMA Money Market Portfolio U.S. Government Portfolio Tax-Free Fund California Municipal Money Fund New York Municipal Money Fund

UBS RMA Money Market Portfolio U.S. Government Portfolio Tax-Free Fund California Municipal Money Fund New York Municipal Money Fund Money Market Funds Prospectus and SAI Supplement UBS RMA Money Market Portfolio U.S. Government Portfolio Tax-Free Fund California Municipal Money Fund New York Municipal Money Fund Supplement to the Prospectus

More information

Wells Fargo/BlackRock Short Term Investment Fund COLLECTIVE FUND DISCLOSURE

Wells Fargo/BlackRock Short Term Investment Fund COLLECTIVE FUND DISCLOSURE Wells Fargo/BlackRock Short Term Investment Fund COLLECTIVE FUND DISCLOSURE Wells Fargo/BlackRock Short Term Investment Fund This disclosure summarizes information about the Short Term Investment Fund

More information

Money Market Mutual Funds: Stress Testing and the New Regulatory Requirements

Money Market Mutual Funds: Stress Testing and the New Regulatory Requirements 16 June 2015 Money Market Mutual Funds: Stress Testing and the New Regulatory Requirements By Dr. Jeremy Berkowitz, Dr. Patrick E. Conroy and Dr. Jordan Milev In July 2014, the Securities and Exchange

More information

the Money Market Fund reform LandSCaPe

the Money Market Fund reform LandSCaPe the Money Market Fund reform LandSCaPe DEcEmbER 2013 OVERVIEW contents Overview 1 the current Landscape 2 International Policy Recommendations 3 the United States & Europe: A closer Look at the Details

More information

This presentation is a summary only, and is qualified in its entirety by the applicable rules and regulations. Where this presentation includes

This presentation is a summary only, and is qualified in its entirety by the applicable rules and regulations. Where this presentation includes SIFMA Operations Conference: Money Market Fund Reform Peter Crane President & Publisher Crane Data Michelle Lens Senior Vice President The Dreyfus Corporation, a BNY Mellon Company Tim Schiltz Senior Director,

More information

Government Money Market Mutual Funds: An Attractive Option for Investors Seeking Capital Preservation and Liquidity

Government Money Market Mutual Funds: An Attractive Option for Investors Seeking Capital Preservation and Liquidity leadership series INVESTMENT INSIGHTS March 2015 Government Money Market Mutual Funds: An Attractive Option for Investors Seeking Capital Preservation and Liquidity Government money market mutual funds

More information

Enhanced Money Market Funds Reporting

Enhanced Money Market Funds Reporting January 20, 2016 Enhanced Money Market Funds Reporting Schwab Money Funds are making important changes to their reporting features to comply with the new Securities and Exchange (SEC) regulations. More

More information

At June 30, 2013, M&T had total consolidated assets of $83.2 billion, making it the 16 th largest domestic bank holding company in the U.S.

At June 30, 2013, M&T had total consolidated assets of $83.2 billion, making it the 16 th largest domestic bank holding company in the U.S. BY E-MAIL Elizabeth M. Murphy, Secretary Securities and Exchange Commission 100 F Street, NE Washington, DC 20549-1090 Re: Money Market Fund Reform; Amendments to Form PF Release No. IC-30551; File No.

More information

Federated U.S. Treasury Cash Reserves

Federated U.S. Treasury Cash Reserves Prospectus June 30, 2016 Share Class Ticker Institutional UTIXX Service TISXX The information contained herein relates to all classes of the Fund s Shares, as listed above, unless otherwise noted. Federated

More information

American Bankers Association. Sample Glossary of Collective Investment Fund Terms for Disclosures to Retirement Plan Participants

American Bankers Association. Sample Glossary of Collective Investment Fund Terms for Disclosures to Retirement Plan Participants American Bankers Association Sample Glossary of Collective Investment Fund Terms for Disclosures to Retirement Plan Participants January 5, 2012 2 PART 1 Frequently Asked Questions (FAQs) About Collective

More information

26 CFR 601.105: Examination of returns and claims for refund, credit or abatement; determination of correct tax liability. (Also: Part 1, 1091)

26 CFR 601.105: Examination of returns and claims for refund, credit or abatement; determination of correct tax liability. (Also: Part 1, 1091) 26 CFR 601.105: Examination of returns and claims for refund, credit or abatement; determination of correct tax liability. (Also: Part 1, 1091) Rev. Proc. 2014-45 SECTION 1. PURPOSE This revenue procedure

More information

Money Market Fund Regulatory Changes: The Impact of 2014 Regulations on Investment Policies

Money Market Fund Regulatory Changes: The Impact of 2014 Regulations on Investment Policies Money Market Fund Regulatory Changes: The Impact of 2014 Regulations on Investment Policies Prepared by Treasury Strategies, Inc. February, 2015 On behalf of Federated Investors, Inc. Table of Contents

More information

Schwab Bank Savings. An FDIC-insured deposit feature for retirement plans

Schwab Bank Savings. An FDIC-insured deposit feature for retirement plans Schwab Bank Savings An FDIC-insured deposit feature for retirement plans It s different from the usual cash preservation options, with a lot of benefits In conversations with our clients, Schwab Bank has

More information

Board Responsibilities Under SEC s Money Market Fund Reforms

Board Responsibilities Under SEC s Money Market Fund Reforms August 2014 Practice Group: Investment Management, Hedge Funds and Alternative Investments Board Responsibilities Under SEC s Money Market Fund By Diane E. Ambler, Craig A. Ruckman On July 23, 2014, the

More information

Managing risk in DC plan lineups The new alpha?

Managing risk in DC plan lineups The new alpha? PERSPECTIVES Managing risk in DC plan lineups The new alpha? October 2013 IN BRIEF Defined contribution (DC) plan participants face a broad range of risks when investing for retirement but, historically,

More information

GOLDMAN SACHS TRUST GOLDMAN SACHS VARIABLE INSURANCE TRUST

GOLDMAN SACHS TRUST GOLDMAN SACHS VARIABLE INSURANCE TRUST GOLDMAN SACHS TRUST GOLDMAN SACHS VARIABLE INSURANCE TRUST Goldman Sachs Financial Square Funds Goldman Sachs Financial Square Prime Obligations Fund Goldman Sachs Financial Square Money Market Fund Goldman

More information

Money Market Mutual Funds and Stable Funding

Money Market Mutual Funds and Stable Funding EMBARGOED UNTIL Friday, September 27, 2013 at 8:30 A.M. Eastern Time OR UPON DELIVERY Money Market Mutual Funds and Stable Funding Eric S. Rosengren President & Chief Executive Officer Federal Reserve

More information

Edward Jones Money Market Fund

Edward Jones Money Market Fund Edward Jones Money Market Fund S U M M A R Y P R O S P E C T U S April 30, 2015 INVESTMENT SHARES (TICKER JNSXX) RETIREMENT SHARES (TICKER JRSXX) Before you invest, you may want to review the Fund s Prospectus,

More information

UBS RMA Money Market Portfolio U.S. Government Portfolio Tax-Free Fund California Municipal Money Fund New York Municipal Money Fund

UBS RMA Money Market Portfolio U.S. Government Portfolio Tax-Free Fund California Municipal Money Fund New York Municipal Money Fund Money Market Funds Prospectus UBS RMA Money Market Portfolio U.S. Government Portfolio Tax-Free Fund California Municipal Money Fund New York Municipal Money Fund Prospectus August 28, 2015 Ticker symbols:

More information

Redefining the safety option Target date funds and risk management

Redefining the safety option Target date funds and risk management PERSPECTIVES Redefining the safety option Target date funds and risk management September 2013 IN BRIEF Defined contribution (DC) plan participants face a broad range of risks when investing for retirement

More information

Institutional Money Market Funds

Institutional Money Market Funds Prospectus June 1, 2016 Institutional Money Market Funds Wells Fargo Fund Wells Fargo Cash Investment Money Market Fund Wells Fargo Heritage Money Market Fund Wells Fargo Municipal Cash Management Money

More information

RETIREMENT INSIGHTS. Understanding your fiduciary role. A plan sponsor fiduciary guide

RETIREMENT INSIGHTS. Understanding your fiduciary role. A plan sponsor fiduciary guide RETIREMENT INSIGHTS Understanding your fiduciary role A plan sponsor fiduciary guide ABOUT Perhaps no one topic in the employee benefits arena has drawn more attention and scrutiny over the last several

More information

Liquidity Tiering for Higher Yields in the Tax-Free Market

Liquidity Tiering for Higher Yields in the Tax-Free Market January 2013 Liquidity Tiering for Higher Yields in the Tax-Free Market In today s low-yield environment, investors need a fresh approach to managing their portfolios for higher income. Liquidity tiering

More information

New York s 529 Advisor-Guided College Savings Program

New York s 529 Advisor-Guided College Savings Program NOT FDIC INSURED NO BANK, STATE OR FEDERAL GUARANTEE MAY LOSE VALUE Program manager Ascensus Broker Dealer Services, Inc. Investment manager J.P. Morgan Investment Management Inc. August 2014 New York

More information

401(k) Savings Plan Investment Fund Profiles Detailed Information on the JPMorgan Chase 401(k) Savings Plan Investment Funds

401(k) Savings Plan Investment Fund Profiles Detailed Information on the JPMorgan Chase 401(k) Savings Plan Investment Funds 401(k) Savings Plan Investment Fund Profiles Detailed Information on the JPMorgan Chase 401(k) Savings Plan Investment Funds Effective December 31, 2013 Please Note: Any significant subsequent updates

More information

The Next Generation of Money Market Fund Investing DEFINING A NEW APPROACH

The Next Generation of Money Market Fund Investing DEFINING A NEW APPROACH The Next Generation of Money Market Fund Investing DEFINING A NEW APPROACH Introduction In 2008, the crisis in U.S. residential subprime loans spread into other securities. All investment classes were

More information

THE INCOME SQUEEZE IS ON.

THE INCOME SQUEEZE IS ON. THE INCOME SQUEEZE IS ON. Let s talk about how to find income and manage against risks to ensure your portfolio is prepared. 10YR TREASURY YIELDS 15% (1981) 6% (2008) 2% (2015) jpmorgan.com/findincome

More information

SUMMARY PROSPECTUS SUPPLEMENT

SUMMARY PROSPECTUS SUPPLEMENT DIVERSIFIED ASSETS PORTFOLIO SUMMARY PROSPECTUS SUPPLEMENT NORTHERN INSTITUTIONAL FUNDS DIVERSIFIED ASSETS PORTFOLIO SHARES SUPPLEMENT DATED MAY 27, 2016 TO SUMMARY PROSPECTUS DATED APRIL 1, 2016 The Summary

More information

Money Market Reform and Workplace Savings Plans:

Money Market Reform and Workplace Savings Plans: Money Market Reform and Workplace Savings Plans: Implementing the SEC Reforms in 2016 The New Money Market Mutual Fund Rules The Securities and Exchange Commission ( SEC ) significantly changed the regulation

More information

Understanding and Evaluating. Stable Value Funds

Understanding and Evaluating. Stable Value Funds Understanding and Evaluating Stable Value Funds Understanding Stable Value Funds What is a stable value fund? Stable value (SV) funds are capital preservation investment options available only in ERISA

More information

Managing Risk/Reward in Fixed Income

Managing Risk/Reward in Fixed Income INSIGHTS Managing Risk/Reward in Fixed Income Using Global Currency-Hedged Indices as Benchmarks In the pursuit of alpha, is it better to use a global hedged or unhedged index as a benchmark for measuring

More information

BOND FUNDS L SHARES. October 1, 2004

BOND FUNDS L SHARES. October 1, 2004 BOND FUNDS A SHARES L SHARES October 1, 2004 CLASSIC INSTITUTIONAL U.S. GOVERNMENT SECURITIES SUPER SHORT INCOME PLUS FUND FLORIDA TAX-EXEMPT BOND FUND GEORGIA TAX-EXEMPT BOND FUND HIGH INCOME FUND INVESTMENT

More information

Prospectus December 18, 2015 Private Investment Classes

Prospectus December 18, 2015 Private Investment Classes Prospectus December 18, 2015 Private Investment Classes Liquid Assets Portfolio (LPVXX) STIC Prime Portfolio (SPVXX) Treasury Portfolio (TPFXX) Government & Agency Portfolio (GPVXX) Government TaxAdvantage

More information

Data from the International Investment Funds Association (IIFA)

Data from the International Investment Funds Association (IIFA) MONEY MARKET FUNDS DRAFT REPORT AMIC Meeting, Brussels December 12, 2008 Money market funds (MMFs) developed in the early 1970s in the US. They evolved from 1971 onwards in response to the restrictions

More information

A guide to investing in cash alternatives

A guide to investing in cash alternatives A guide to investing in cash alternatives What you should know before you buy Wells Fargo Advisors wants to help you invest in cash alternative products that are suitable for you based on your investment

More information

Effectively Managing Money Market Fund Assets

Effectively Managing Money Market Fund Assets Effectively Managing Money Market Fund Assets Not FDIC-Insured. Not Bank-Guaranteed. May Lose Value. DREYFUS MONEY MARKET INVESTMENT PHILOSOPHY Dreyfus approach to managing money market funds is to seek

More information

Daily Income Fund Retail Class Shares ( Retail Shares )

Daily Income Fund Retail Class Shares ( Retail Shares ) Daily Income Fund Retail Class Shares ( Retail Shares ) Money Market Portfolio Ticker Symbol: DRTXX U.S. Treasury Portfolio No Ticker Symbol U.S. Government Portfolio Ticker Symbol: DREXX Municipal Portfolio

More information

Evergreen INSTITUTIONAL MONEY MARKET FUNDS. Prospectus July 1, 2009

Evergreen INSTITUTIONAL MONEY MARKET FUNDS. Prospectus July 1, 2009 Evergreen INSTITUTIONAL MONEY MARKET FUNDS Prospectus July 1, 2009 Evergreen Institutional 100% Treasury Money Market Fund Evergreen Institutional Money Market Fund Evergreen Institutional Municipal Money

More information

A Best Practice Oversight Approach for Securities Lending

A Best Practice Oversight Approach for Securities Lending A Best Practice Oversight Approach for Securities Lending At its core, securities lending is an investment overlay strategy. It s an investment product that complements existing investment strategies allowing

More information

State Street Institutional Investment Trust SUPPLEMENT DATED MAY 23, 2016

State Street Institutional Investment Trust SUPPLEMENT DATED MAY 23, 2016 State Street Institutional Investment Trust SUPPLEMENT DATED MAY 23, 2016 TO PROSPECTUSES, SUMMARY PROSPECTUSES AND STATEMENT OF ADDITIONAL INFORMATION DATED APRIL 29, 2016 STATE STREET INSTITUTIONAL LIQUID

More information

The buck stops here: Vanguard money market funds

The buck stops here: Vanguard money market funds The buck stops here: Vanguard money market funds Vanguard commentary September Executive summary. Money market funds play an important role for Vanguard clients, providing a high-quality and liquid investment

More information

SUPPLEMENT TO THE CURRENTLY EFFECTIVE PROSPECTUSES, SUMMARY PROSPECTUSES AND STATEMENTS OF ADDITIONAL INFORMATION OF EACH OF THE LISTED FUNDS

SUPPLEMENT TO THE CURRENTLY EFFECTIVE PROSPECTUSES, SUMMARY PROSPECTUSES AND STATEMENTS OF ADDITIONAL INFORMATION OF EACH OF THE LISTED FUNDS SUPPLEMENT TO THE CURRENTLY EFFECTIVE PROSPECTUSES, SUMMARY PROSPECTUSES AND STATEMENTS OF ADDITIONAL INFORMATION OF EACH OF THE LISTED FUNDS Cash Account Trust Tax-Exempt Portfolio Daily Assets Fund Deutsche

More information

This notice proposes a revenue procedure describing circumstances in which the

This notice proposes a revenue procedure describing circumstances in which the Application of Wash Sale Rules to Money Market Fund Shares Notice 2013-48 PURPOSE This notice proposes a revenue procedure describing circumstances in which the Internal Revenue Service (IRS) will not

More information

DFA INVESTMENT DIMENSIONS GROUP INC.

DFA INVESTMENT DIMENSIONS GROUP INC. PROSPECTUS February 28, 2015 Please carefully read the important information it contains before investing. DFA INVESTMENT DIMENSIONS GROUP INC. DFA ONE-YEAR FIXED INCOME PORTFOLIO Ticker: DFIHX DFA TWO-YEAR

More information

With interest rates at historically low levels, and the U.S. economy showing continued strength,

With interest rates at historically low levels, and the U.S. economy showing continued strength, Managing Interest Rate Risk in Your Bond Holdings THE RIGHT STRATEGY MAY HELP FIXED INCOME PORTFOLIOS DURING PERIODS OF RISING INTEREST RATES. With interest rates at historically low levels, and the U.S.

More information

Federated Municipal Obligations Fund

Federated Municipal Obligations Fund Summary Prospectus June 2, 2015 Share Class Cash Series Ticker MFSXX Federated Municipal Obligations Fund A Portfolio of Money Market Obligations Trust Before you invest, you may want to review the Fund

More information

Selecting a Stable Value Provider and Using This Expertise to Enhance Your Practice

Selecting a Stable Value Provider and Using This Expertise to Enhance Your Practice Selecting a Stable Value Provider and Using This Expertise to Enhance Your Practice April 21, 2015 Kevin T. Mansfield National Director New York Life Stable Value Investments Kevin Mansfield@nylim.com

More information

J.P. Morgan bond funds

J.P. Morgan bond funds NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE J.P. Morgan bond funds Instruments for increasing income and diversification potential Find the answers inside What is a bond? p. 2 Become an informed

More information

U.S. SEC Approves Sweeping Amendments to Rules Governing Money Market Funds

U.S. SEC Approves Sweeping Amendments to Rules Governing Money Market Funds August 2014 A Legal Update from Dechert s Financial Services Group U.S. SEC Approves Sweeping Amendments to Rules Governing Money Market Funds The U.S. Securities and Exchange Commission (SEC or Commission)

More information

General Money Market Funds

General Money Market Funds General Money Market Funds Prospectus April 1, 2014 Class A General Money Market Fund, Inc. (GMMXX) General Government Securities Money Market Fund (GGSXX) General Treasury Prime Money Market Fund (GTAXX)

More information

An Evaluation of Money Market Fund Reform Proposals

An Evaluation of Money Market Fund Reform Proposals An Evaluation of Money Market Fund Reform Proposals Samuel G. Hanson, David S. Scharfstein, and Adi Sunderam Discussant: Patrick McCabe Board of Governors of the Federal Reserve System International Banking:

More information

Managing cash in your portfolio

Managing cash in your portfolio Managing cash in your portfolio Vanguard research October 2012 Executive summary. Investors may maintain cash in their portfolios for a number of reasons, such as to cover daily living expenses and in

More information

Fixed-income opportunity: Short duration high yield

Fixed-income opportunity: Short duration high yield March 2014 Insights from: An income solution for a low or rising interest-rate environment Generating income is a key objective for many investors, and one that is increasingly difficult to achieve in

More information

USAA NEW YORK MONEY MARKET FUND SUPPLEMENT DATED APRIL 1, 2016 TO THE FUND'S PROSPECTUS DATED AUGUST 1, 2015

USAA NEW YORK MONEY MARKET FUND SUPPLEMENT DATED APRIL 1, 2016 TO THE FUND'S PROSPECTUS DATED AUGUST 1, 2015 USAA NEW YORK MONEY MARKET FUND SUPPLEMENT DATED APRIL 1, 2016 TO THE FUND'S PROSPECTUS DATED AUGUST 1, 2015 This Supplement updates certain information contained in the above-dated prospectus for the

More information

SEC s Money Market Reform will have big impact on money funds. kpmg.com

SEC s Money Market Reform will have big impact on money funds. kpmg.com SEC s Money Market Reform will have big impact on money funds kpmg.com Rules designed to prevent run risk may require significant operational changes The U.S. Securities and Exchange Commission (SEC) recently

More information

Vanguard Money Market Funds Prospectus

Vanguard Money Market Funds Prospectus Vanguard Money Market Funds Prospectus December 14, 2015 Investor Shares Vanguard Prime Money Market Fund Investor Shares (VMMXX) Vanguard Federal Money Market Fund Investor Shares (VMFXX) Vanguard Treasury

More information

Collective. Prepared by the Coalition of Collective. Investment Trusts

Collective. Prepared by the Coalition of Collective. Investment Trusts Collective Investment Trusts Prepared by the Coalition of Collective Investment Trusts Table of Contents Overview... 2 Collective Investment Trusts Defined... 3 Two Broad Types of Collective Trusts...

More information

Looking Beyond Bank Deposits and Money Market Funds Cash Investment Strategies in a New Era

Looking Beyond Bank Deposits and Money Market Funds Cash Investment Strategies in a New Era Looking Beyond Bank Deposits and Money Market Funds Cash Investment Strategies in a New Era Abstract Greater vigilance is required of today s treasury investment professionals. Neither bank deposits nor

More information

Dreyfus Institutional Preferred Plus Money Market Fund

Dreyfus Institutional Preferred Plus Money Market Fund Dreyfus Institutional Preferred Plus Money Market Fund Prospectus July 31, 2015 As with all mutual funds, the Securities and Exchange Commission has not approved or disapproved these securities or passed

More information

I.A.M. National 401(k) Plan. Investment Options Summary

I.A.M. National 401(k) Plan. Investment Options Summary I.A.M. National 401(k) Plan Investment Options Summary The I.A.M. National 401(k) Plan offers a diverse investment lineup to meet the varied needs of our participants. The lineup includes 12 Retirement

More information

Bond Mutual Funds. a guide to. A bond mutual fund is an investment company. that pools money from shareholders and invests

Bond Mutual Funds. a guide to. A bond mutual fund is an investment company. that pools money from shareholders and invests a guide to Bond Mutual Funds A bond mutual fund is an investment company that pools money from shareholders and invests primarily in a diversified portfolio of bonds. Table of Contents What Is a Bond?...

More information

Guide to mutual fund investing. Start with the basics

Guide to mutual fund investing. Start with the basics Guide to mutual fund investing Start with the basics Pursue your financial goals Why do you invest? For a rainy day? A secure retirement? Funding a college tuition? Having a specific goal in mind will

More information

Considerations for Plan Sponsors: CUSTOM TARGET DATE STRATEGIES

Considerations for Plan Sponsors: CUSTOM TARGET DATE STRATEGIES PRICE PERSPECTIVE April 2015 Considerations for Plan Sponsors: CUSTOM TARGET DATE STRATEGIES In-depth analysis and insights to inform your decision making. EXECUTIVE SUMMARY Defined contribution plan sponsors

More information

DECEMBER 8, 2010 FINANCIAL MARKETS UPDATE. SEC Proposes Rules Exempting Certain Private Fund Advisers from Investment Adviser Registration.

DECEMBER 8, 2010 FINANCIAL MARKETS UPDATE. SEC Proposes Rules Exempting Certain Private Fund Advisers from Investment Adviser Registration. December 8, 2010 FINANCIAL MARKETS UPDATE SEC Proposes Rules Exempting Certain Private Fund Advisers from Investment Adviser Registration The Securities and Exchange Commission (the SEC ) has published

More information

SEC Requests for Comment on Money Market Fund Reform Proposal

SEC Requests for Comment on Money Market Fund Reform Proposal Skadden Skadden, Arps, Slate, Meagher & Flom LLP & Affiliates SEC Requests for Comment on Money Market Fund Reform Proposal Comment requests that may be of particular interest to issuers of short-term

More information

J.P. Morgan Asset Management Leveraged Credit Mutual Fund Commentary YTD 2015

J.P. Morgan Asset Management Leveraged Credit Mutual Fund Commentary YTD 2015 JPMorgan High Yield Fund Select Shares September 2015 as of 09/30/2015 YTD High Yield Fund - Select Shares (Net of Fees) -2.56 High Yield Fund - Gross -1.98 Barclays Capital High Yield 2% Issuer Index

More information

Important Information on Your Investment Options, Fees, and Other Expenses for the JPMorgan Chase 401(k) Savings Plan: Fee Disclosure Notice

Important Information on Your Investment Options, Fees, and Other Expenses for the JPMorgan Chase 401(k) Savings Plan: Fee Disclosure Notice November 2014 Important Information on Your Investment Options, Fees, and Other Expenses for the JPMorgan Chase 401(k) Savings Plan: Fee Disclosure Notice Important: This notice refers to the 401(k) Savings

More information

JPMorgan INVEST. You work hard for your money. Now keep it working for you with a JPMorgan Invest IRA. IRA Decision Guide

JPMorgan INVEST. You work hard for your money. Now keep it working for you with a JPMorgan Invest IRA. IRA Decision Guide IRA Decision Guide JPMorgan INVEST You work hard for your money. Now keep it working for you with a JPMorgan Invest IRA. JPMorgan Invest One Beacon Street, Boston, MA 0208 (800) 776-606 jpmorganinvest.com

More information

US SEC approves sweeping amendments to rules governing money market funds

US SEC approves sweeping amendments to rules governing money market funds US SEC approves sweeping amendments to rules governing money market funds Jack Murphy, Stephen Cohen, Brenden Carroll, Aline A. Smith, Matthew Virag and Justin Goldberg Jack Murphy (jack. murphy@dechert.com),

More information

An Alternative Way to Diversify an Income Strategy

An Alternative Way to Diversify an Income Strategy Senior Secured Loans An Alternative Way to Diversify an Income Strategy Alternative Thinking Series There is no shortage of uncertainty and risk facing today s investor. From high unemployment and depressed

More information

SUMMARY PROSPECTUS. BlackRock Liquidity Funds Select Shares California Money Fund Select: BCBXX FEBRUARY 29, 2016

SUMMARY PROSPECTUS. BlackRock Liquidity Funds Select Shares California Money Fund Select: BCBXX FEBRUARY 29, 2016 FEBRUARY 29, 2016 SUMMARY PROSPECTUS BlackRock Liquidity Funds Select Shares California Money Fund Select: BCBXX Before you invest, you may want to review the Fund s prospectus, which contains more information

More information

The Case for a Custom Fixed Income Benchmark. ssga.com/definedcontribution REFINING THE AGG

The Case for a Custom Fixed Income Benchmark. ssga.com/definedcontribution REFINING THE AGG The Case for a Custom Fixed Income Benchmark ssga.com/definedcontribution REFINING THE AGG For decades, the Barclays US Aggregate Index (the Agg ) has been a popular benchmark for core bond investment

More information

Money Market Funds: Emerging Issues in 2013

Money Market Funds: Emerging Issues in 2013 Money Market Funds: Emerging Issues in 2013 February 19, 2013 Presented By Jay G. Baris Oliver I. Ireland Attorney Advertising 2013 Morrison & Foerster LLP All Rights Reserved mofo.com Caveat This outline

More information

Brown Advisory Strategic Bond Fund Class/Ticker: Institutional Shares / (Not Available for Sale)

Brown Advisory Strategic Bond Fund Class/Ticker: Institutional Shares / (Not Available for Sale) Summary Prospectus October 30, 2015 Brown Advisory Strategic Bond Fund Class/Ticker: Institutional Shares / (Not Available for Sale) Before you invest, you may want to review the Fund s Prospectus, which

More information

Why high-yield municipal bonds may be attractive in today s market environment

Why high-yield municipal bonds may be attractive in today s market environment Spread Why high-yield municipal bonds may be attractive in today s market environment February 2014 High-yield municipal bonds may be attractive given their: Historically wide spreads Attractive prices

More information

Robert W. Baird & Co. Incorporated Cash Sweep Program

Robert W. Baird & Co. Incorporated Cash Sweep Program Robert W. Baird & Co. Incorporated Cash Sweep Program Summary Fact Sheet Introduction Robert W. Baird & Co. Incorporated ( Baird ) maintains a Cash Sweep Program that offers different ways for clients

More information

Fiduciary Guide. Helping to protect your plan. MetLife Resources

Fiduciary Guide. Helping to protect your plan. MetLife Resources Fiduciary Guide Helping to protect your plan. MetLife Resources Table of Contents Introduction..........................................................................1 MetLife s Commitment.................................................................

More information

PROSPECTUS SEPTEMBER 1, 2012 C ITIZENSS ELECT P RIME M ONEY M ARKET F UND CLASS A SHARES

PROSPECTUS SEPTEMBER 1, 2012 C ITIZENSS ELECT P RIME M ONEY M ARKET F UND CLASS A SHARES PROSPECTUS SEPTEMBER 1, 2012 CitizensSelect Funds C ITIZENSS ELECT P RIME M ONEY M ARKET F UND C ITIZENSS ELECT T REASURY M ONEY M ARKET F UND Seeking current income, safety of principal and liquidity

More information

Lamorinda Financial Planning, LLC

Lamorinda Financial Planning, LLC Lamorinda Financial Planning, LLC Firm Brochure - Form ADV Part 2A This brochure provides information about the qualifications and business practices of Lamorinda Financial Planning, LLC. If you have any

More information

I.A.M. National 401(k) Plan. Investment Options Summary

I.A.M. National 401(k) Plan. Investment Options Summary I.A.M. National 401(k) Plan Investment Options Summary The I.A.M. National 401(k) Plan offers a diverse investment lineup to meet the varied needs of our participants. The lineup includes 12 Retirement

More information

Considerations for Employee Benefit Plan Compliance with FASB Accounting Standards Codification (ASC 820), Fair Value Measurement

Considerations for Employee Benefit Plan Compliance with FASB Accounting Standards Codification (ASC 820), Fair Value Measurement Applying Accounting Rules for Measuring and Reporting Fair Value of Plan Investments April 2013 http://aicpa.org/ebpaqc ebpaqc@aicpa.org Considerations for Employee Benefit Plan Compliance with FASB Accounting

More information