Advisory Group Attendees Highlighted names were in attendance NAME GROUP BUSINESS LINE Karen Mottley

Transcription

1 Meeting Minutes I&RS Review Board CATEGORY Meeting Name: Facilitator Scribe Date & Time: Location: DESCRIPTION DTCC I&RS Review Board Jon Volpe Jon Volpe January 5, pm 3:30pm Conference Call Advisory Group Attendees Highlighted names were in attendance NAME GROUP BUSINESS LINE Karen Mottley ACORD Marianne Sherman Sandy Hampel Kathy Earley Advisor Group Becki Carnahan Allianz Zack Nyberg Bryan Harmelink Jonathan Held Bhanu Chander Swami Allstate Kasthuri Eric Nedved American Equity Lana Nelson Athene Josh Morehouse Susanne Kennedy Val Vovk Axa Larry Wilson Broadridge Yolanda Austin Bulldog Consulting Rene Ostrea Charles Schwab Kevin Bales CUNA Mutual Kim Stainbrook Dave Steege Jeanann Smith DTCC Jon Volpe Lisa O Neill Natalie Wood Cory Stark Mike Mendez Kevin Lewis Diana Confessori-Simmons Ann Staton Eagle Michele Reece Marlys Vanmanen Saul Herrera Bryan Holland Ebix 1

2 Michele Flowers Edward Jones / Sue Pettit Christopher Gerdes Ryan Miller JoAnn Booth Fidelity Bruce Graham Forethought Jennifer Yerly Genworth Vicki Dees Christine Evans Brenda Brown-Morris Tammy Webster Monica Martin Spencer Peif Great West Nancy Trammell Nikki Leclair Kimberly Bolle Hartford Michael Sullivan Dawn Maffiolini Ken Wong ipipeline Andrew McMorris Rene Fedewa Jackson National Dylan Swan Theresa Stevens Janney Sharon Terry John Carelli Sanjay Bharadia John Hancock Dan Falco Tina Jorge Rolando Rodriguez Jill Campodonico Lincoln Rob Hosier Rachel Smith Steve Galinat Dawn Sawvel Paul Snyder Mark Knox Sarah Baraff M Financial Steve Kilbon Mass Mutual Jennifer Singh Mike Polito Carol Steele Merrill Lynch / Sean Hurd Kevin Balsley Met Joseph Franceus Donnie Atis Joseph Wengler Morgan Stanley Smith Barney 2

3 Gary Carmichael Nationwide Chris Saggio Matt Sullivan New York Amanda Tripmacher Margoth Garcia Al Fernandez Tim Sherrill One America Kyle Smith Frank Norton Danny Smith Pacific Leia Sullivan Barbara Smith Pershing Teresa Celsi Principal Mike McCombs Nancy McFarlane Irene McCoy Alana Feeken Malcolm Showalter Susan Sanders Protective Heather Hillman Amy Hamilton Marianne Jasmin Nancy Pica Mirnes Jusic Prudential Joe Hall Stephen Terry Raymond James Brian Houwman RiverSource Jeremy Stephenson Sammons Candi Hegemann Se2 Maryanne Durall Katelyn Underwood Securian Kathi Carter Stifel Shelley Wallace Vicky Weber Ryan Hoffman Saubhagya Tripathy SunAmerica Sathya Srinivasan Monica Winstead Emily Cole Dan Surber Ria Chakraborty Wendell Tobiason Chani Lu Symetra 3

4 Fran Forslund Nancy Merryman Jim Keirsey David Foster Yolanda Garcia Jonathon Gin James Rice Virma Alvarez Scott Nielsen Emily Cole Justin Verm Rodolfo Cerda Gary Parent Joe Procacini Mary Heimlich Shane Fraley Zack Dunkin Jeffrey Friedmeyer Michelle Baccam Jessi Fenton Nick Jellings Patricia Farmartino Jeanne Adams-Taylor Colleen Shea Eddie Isenhour Julia Harris Jim Gilmore Sarah Teague Jason Joe Monica Avery Terry Nguyen Laura Mancini TransAmerica VALIC Vertex Incorporated Vertafore Voya Wells Fargo Western National Western & Southern Meeting Minutes: Enhancements Re- Reviewed - IPS00511 IFT Add Attachments to FT This topic is being discussed on the Web Services Call. Next meeting is scheduled for December 10. This is tentatively scheduled for a June release. If O is added to the Fund Transfer then this will impact all IFT Web Fund Transfer users regardless if you plan to utilize attachments. 4

5 January meeting DTCC gave an update. A meeting is being scheduled between DTCC and EBIX to finalize details. This will be presented at the web services working group call on January 26 th. IPS00513 APP/SUB/POV Add Payout Change Frequency ACORD has an MR coming in this cycle which is adding an AllowedChangeType property with a lookup with values of Cost of Living Adjustment and One Time Adjustment. Pac and NYL both had use cases to support this need. The is used today to state what the increased percentage will be. This field states it is an annual increase. After lengthy discussion there may be a need to add a Payout Change Target Age field and Payout Change Type field to APP. It was decided that a small meeting will be held with DTCC, Vertex, Pac, NY, Symetra and Lincoln to go through the details and present the findings on the December call. Below are the potential changes. Removing any data elements will require a mandatory change for any firms using those elements. A survey will be sent to determine interest in removing the 2 data elements below. This request is still pending. APP/SUB 33/37 Service Feature Payout Add Payout Change Frequency Field (Optional) Code List One Time Annual Every 5 Years Remove item# 4285 Increase Percentage, (use 4425 Payout Change Amount and 4426 Qualifier) POV 13/11 Contract Annuitization Record Add Payout Change Frequency Field (Optional) Code List One Time Annual Every 5 Years Remove item#3708 Increase Percentage, (use 3861 Payout Change Amount and 3862 Qualifier) January meeting A survey was sent to participants in December regarding the removal of two fields. The responses received indicated it was ok the remove the fields, however there were not a lot of responses. None of the order entry vendors responded. The small group working on this will engage the order entry vendors and at this time the 5

6 removal of the two fields is pending. The two fields being added with subsequent code lists are approved pending for September 2016 pending ballot approval. Partial Approval for September Pending voting. Discussion Items March 2016 Enhancement Release o Test February 25th o Production March 24th POV Service Feature Reporting This would be rolled into a Data Review initiative. DTCC received feedback from the Senior Advisory Board and is still determining next steps. Standing Item: DOL Fiduciary Rule The general consensus is until the final ruling is published the true impact is still unknown. IRI is having ongoing conference calls. FAR Transaction Source Indicator This is now part of an IRI IFT Working Group. Donnie at Morgan Stanley will be running this subgroup related to Transaction Initiator. Updates will be given as needed. SHA 2 Web Services Security Hash Algorithm DTCC reminds everyone to keep this on your radar. Please let us know if there is any internal discussion or findings. Add SSN Qualifier to PRP A SSN Qualifier will be added to the Participant Identifier Qualifier item #8071. This will be added after the March release sometime in April This led to another discussion about DTCC adding code list items off cycle. Most firms on the call agreed this is a good idea. In the future, DTCC will take into consideration making code changes off cycle to get them in on a timelier basis. APP/SUB ACORD Mapping 6

7 DTCC and ACORD are in the process of mapping APP/SUB. There was a question related to the Delivered Event Count field. ACORD does not have it on their 103 message. DTCC asked the carriers if they use that field when it is sent to them. Some responded yes while others responded no. DTCC will work with ACORD to populate and add this field. Next Call: February 2, 2016 from 2:00pm 3:30pm ET 7