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

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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 December 1, 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 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 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 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 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 Nielson 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 - None New Enhancements to Review 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 IPS00512 IFT Add Policy Number to FT Cancels The policy number will be added to Fund Transfer cancels as part of the June 2016 Web Services release. 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) IPS00514 APP/SUB Add Partial Withdrawal Type Field There is an issue reporting the penalty free amount of a partial exchange because it is not an option when completing an application on platforms. After lengthy discussion the group determined the best way to report this on APP/SUB would be to add a new optional field on the 33/06 Premium Type Record called Partial 5

6 Withdrawal Type. This would utilize a code list equivalent to the Withdrawal Sub Type code list on FAR and POV. In addition standard usage would be Partial Withdrawal Type should only be reported when Premium Type is 4I (Direct Rollover), Q3 (Partial 1035 Exchange), Q4 (Qualified Transfer), or QS (Non-Qualified Transfer of Assets). Partial Withdrawal Type Code List: 4 Specified Amount Withdrawal 5 Percent of Contract Withdrawal 6 Percent of Contract Premium Withdrawal 7 Percent of Fund(s) Withdrawal 8 Rider-free Amount Withdrawal 9 Surrender-free Amount Withdrawal 10 Interest-only Withdrawal 11 Required Minimum Distribution Withdrawal 12 Substantially Equal Payments 55 Interest Only, Surrender-Free Amount Withdrawal 56 Required Minimum Distribution - Calculated 57 Required Minimum Distribution - Specified Amount There was a debate that code item 11 may not be needed. Lincoln feels it should be kept on the list. Preliminary Approval for September Pending voting. Discussion Items March 2016 Enhancement Release o Test February 25th o Production March 24th Changes to DTCC.com December 8 Starting on December 8 to access I&RS on dtcc.com click the Wealth Management Services banner across the top of the front page and click Insurance and Retirement Services from the dropdown. Please note any favorites or saved links should be automatically re-directed. Met FAR Monthly Transactions or Customer Transactions We are planning to add the monthly automatic transactions that are processed on some of our life products, Monthly policy fee, COI, Coverage Expense charges and M&E charges. 6

7 Do the firms receiving the FAR feed want to see these monthly transactions, or do they want to see customer generated transactions (e.g. Premiums, Fund Transfers, Withdrawals, Loans, Surrenders, Claims)? Distributors want to see all transactions. Do the carriers who are sending the FAR feed today send these monthly automatic transactions, or do Carriers only send customer requested transaction? Carriers generally send all transactions. APP/SUB change to TX 103 Merrill Lynch is inquiring if there is any interest in creating an APP TX 103 for annuities so attachments could be sent with the message. There did not seem to be a lot of interest. Firms can reach out to Carol at Merrill Lynch should their position change and this can brought up again in the future. 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. 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. FAR Transaction Source Indicator This is now part of an IRI IFT Working Group. Updates will be given as needed. Next Call: January 5, 2015 from 2:00pm 3:30pm ET 7