DTCC I&RS Distributor Call-Pension Working Group. Cadaret Grant DTCC. Edward Jones. Merrill Lynch. NFP Securities. Stifel

Transcription

1 Meeting Minutes CATEGORY Meeting Name: Facilitator Scribe Date & Time: Location: DESCRIPTION I&RS Distributor Call-Pension Working Group, April 5, pm 2 pm EST Conference Call Attendees: NAME Jennifer Hayes Donna Giunta Jeanann Smith Lisa O Neill Kennique Meals Jim Steed Rob Soell Sarah Baraff Mary Gill Carol Steele Bill Weaver Joe Finfer Kathi Carter Vicky Weber Ryan Hoffman Stephen Terry Kjirsten Roisen Spencer Touchberry Ken Schlorf GROUP Cadaret Grant M Financial NFP Securities Stifel Raymond James RBC Wells Fargo 1

2 The distributors went through a final review of the POV data elements that would be required on contracts marked as ERISA. Below are the details. Record Item # Data Element O/C/M Wish List 13/ Contract Number M M 13/ Contract Status M M 13/ Group Number C M 13/ IRS Qualification Code M M 13/ Product Type Code M M 13/ ERISA Indicator M M 13/ Contract Value Amount #1 C M 13/ Contract Value Qualifier #1 = CR C M at minimum report Current Value 13/ Party Non-Natual Entity Name C M 13/ Party Role = PS, HA, G2, PT M M 13/ Party I.D. O M 13/ Party I.D. Qualifier = FI C M Tax ID of Plan 13/ Party Non-Natural Entity Date Qualifier C M Add New Code 291: Date of Group Plan 13/ Party Role = PS, HA, G2, PT M M 13/ Party Address Line 1 M M Address of Plan Sponsor 13/ Party City O M 13/ Party State O M 13/ Party Postal Code O M It was determined no further meetings with the distributors are needed and the results will be discussed with entire Pension Working Group next week. Next Pension Working Group meeting with both distributors and carriers is scheduled for Thursday, April 12, 2012 from 1pm 2pm EST. 2

3 Meeting Minutes CATEGORY Meeting Name: Facilitator Scribe Date & Time: Location: DESCRIPTION I&RS Distributor Call-Pension Working Group, March 29, pm 2 pm EST Conference Call Attendees: NAME Jeanann Smith Briana Moskovic Danielle Callan Robin Stanley Chris Longhi Jim Dresselaers Trinity Grall Sarah Baraff Joseph Riso Joe Finfer Ryan Hoffman Ken Schlorf GROUP H Beck M Financial NFP Securities Stifel Meeting Minutes This was the third meeting of distributors to address their needs in order to comply with the Department of Labor 408(b)(2) requirements. 3

4 The agenda for this meeting was to review fields in the Positions and Valuations record layouts that currently exist as optional fields but now would be mandatory if a contract was marked as ERISA. Reviewed with the group the results of the prior distributor meeting. Reviewed the Positions and Valuations record layouts. Identified fields that are currently optional that distributors would now like to be mandatory. Distributors also identified new codes to be added. Please see the attached record layouts for the detailed fields. will put together the new requirements and will do a final review with the distributors next week. Then these requirements will be presented to the carriers at the next Pension Working Group meeting in two weeks. Next distributor meeting is scheduled for Thursday, April 5, 2012 from 1 pm to 2 pm. Meeting Minutes CATEGORY Meeting Name: Facilitator DESCRIPTION I&RS Distributor Call-Pension Working Group 4

5 Scribe Date & Time: Location:, March 15, pm 2 pm EST Conference Call Attendees: NAME Jennifer Hayes Donna Giunta Randi Gordon Jeanann Smith Susan Nugent Briana Moskovic Lisa O Neill Sue Petit Jim Steed Robin Stanley Chris Longhi Rob Soell Jim Dresselaers Trinity Grall Barbara Stauffer Christine Marceau Michael Bozek Don Mockler Sarah Baraff Joseph Riso Mary Gill Carol Steele Joe Finfer Catherine Bonneau Kathi Carter Ryan Hoffman Kjirsten Roisen Alicia Reynolds-Minear Cathy Guthrie Randolph Cooper Russ Thour David Peterson Colleen Shea Spencer Touchberry Ken Schlorf Kathy Earley GROUP Cadaret Grant H Beck Lincoln M Financial NFP Securities PrimeVest Stifel RBC Wells Fargo 5

6 Meeting Minutes This was the second meeting of only distributors to address their needs in order to comply with the Department of Labor 408(b)(2) requirements. The agenda for this meeting was to review fields in the Positions and Valuations record layouts that currently exist as optional fields but now would be mandatory if a contract was marked as ERISA. Reviewed with the group the results of the first distributor meeting as well as the first Pension Working Group meeting which was held in January with carriers and distributors. The key outcome from these two meetings was, three data elements identified by as being required. They were the group plan number, plan sponsor information and an ERISA flag indicator. Discussion ensued regarding the reporting of contract level fees (e.g. m & e charges, administrative charges etc.). If possible plan sponsors will be directed to documentation such as a prospectus. This information is not passed in positions files. This needs further discussion. It was mentioned that carriers may not know if a contract is ERISA or not. It was also mentioned that the ERISA flag should allow for a blank space. This needs to be discussed further with the carriers. Lincoln noted that they use a common remitter number to link back to the plan. Firms were asked to find out they receive a common remitter number as well. At the next meeting we will review fields on the POV record layouts that currently exist as optional fields but now would be mandatory if a contract is marked as ERISA. Next meeting is scheduled for Thursday, March 29, 2012 from 1 pm to 2 pm. I&RS Distributor Call-Department of Labor 408(b)(2) Regulation Thursday, March 8, :00 pm 2:00 pm EST 6

7 Conference Call Attendees: Ken Schlorf Kathy Earley Jennifer Hayes Donna Giunta Chris Longhi Rob Soell Carol Steele Fred LaPlante Mary Gill Joseph Riso Robin Anderson Diana Rucci Jim Dresselaers Bo Pinkley Sarah Baraff Spencer Touchberry Kelley Hartman Jeanann Smith Craig Gurien Sue Pettit Kennique Meals Stephen Terry Ryan Hoffman Rene Fedewa Steve Gil Cadaret Grant Cadaret Grant H. Beck H. Beck M Financial Wells Fargo Wells Fargo Raymond James Stifel, Nicolaus Jackson National IRI Overview: This was the first I&RS distributor meeting to discuss the Department of Labor s new fee disclosure regulation and to determine what information distributors need to receive in order to comply. The goal of this distributor only meeting, will allow us to provide the carrier community with a unified distributor voice. Agenda: Review data elements previously identified as needed to comply with the regulations 7

8 Determine course of action to identify additional data elements needed Minutes: 1. Reviewed the 3 data elements identified earlier by : A flag to signify if the contract is ERISA or Non-ERISA (Non-ERISA plans are not part of this new regulation) Plan Sponsor information - A new party role code would need to be added Group Plan Number this is already on the 13/01 record These elements impact the Positions and Valuations file. 2. The regulation requires the disclosing of compensation paid by the plan. This will continue to be sent in the COM (Commission) file. No changes need to be made to accommodate the compensation in the position file. However, we will need to review the COM file to confirm fields that will need to be populated on the COM for this regulation. (e.g. Addition of the ERISA indicator, group number, Plan Sponsor, etc.)? 3. The group discussed the possible use of the ERISA indicator to determine if certain current optional fields in the POV record would now be mandatory. Next Steps: I&RS will go through the current POV record layouts and the data elements identified by and identify records and fields that may need to be reported on ERISA products/plans. The group will review the record layouts and data elements on the next call. 8