The Stable Value Investment Association was established in 1990 as a non-profit organization dedicated to educating retirement plan sponsors and the public about the importance of saving for retirement and the contribution Stable Value can make toward a financially secure retirement.
Today, the Stable Value Investment Association is one of the leading authorities on retirement investing. Its membership represents all segments of the Stable Value investment community, including public and private plan sponsors, insurance companies, banks, investment managers and consultants.
SVIA is dedicated to providing leadership and representation before the media, educators, legislators, regulators and opinion leaders. SVIA also serves as a forum for the exchange of ideas and discussion of issues important to the Stable Value industry.
SVIA holds an Annual National Forum in Washington, DC and a Spring Seminar. Both events bring together members from all aspects of the Stable Value industry for the purpose of engaging in open and informative dialogue about the issues that are facing the Stable Value industry.
SVIA’s elected Board of Directors is the governing-body for the Association. The Board serves as SVIA’s policy-making body. As such, the Board uses the Association’s standing committees as well as appointed task forces to develop and recommend policy statements and initiatives that assist the Association in achieving its mission. The Board is responsible for achieving the Association’s mission by setting long-term strategy, overseeing finances and governing Association activities.
To be adopted as an SVIA policy or position, initiatives must be approved by a three-fourths majority of the Board of Directors. The Association currently has six standing committees that are chaired by Board members. All members of the Association are encouraged to serve on Association committees.
The committees are:
- Communication and Education
- Data and Research
- Diversity, Equity, and Inclusion
- Events Planning
- Finance
- Government Relations
- Executive
Communications and Education Committee
The Communications and Education Committee is responsible for the development and implementation of special and on-going communications and education initiatives designed to improve the understanding and use of Stable Value investments in defined contribution plans and other tax-deferred savings vehicles.
Specific responsibilities of the Communications and Education Committee include development and implementation of the Association’s media plan, including:
- Develop articles, e-mails, and educational materials that strengthen, grow, and support the stable value asset class.
- Identify key audiences for educational initiatives.
- Coordinate with association committees to support communications initiatives across functional areas.
- Develop communications strategies to accomplish specific association goals.
- Develop and maintain SVIA branding and style guides to ensure consistency in published materials.
Committee Membership:
The members of the Communications and Education Committee will consist of Association members who volunteer to serve in this capacity. The Chairperson of the committee will be a member of the Board of Directors and will also be a member of the Executive Committee of the Board. The members of the working groups will consist of Association members who volunteer to serve in this capacity.
Chair: Andrew Erman, Transamerica
- Jonny Dittmer, Clearwater Analytics
- Terry Finan, Jackson National Life
- Nick Gage, Galliard
- Patrick Harper, Prudential Financial
- Pete Mahoney, Clearwater Analytics
- Tom Manente, Empower
- Kara Marr, RGA
- William McLaren, Lincoln Financial
- John Moroney, Voya Financial
- Brian Osbourne, Invesco
- Maya Pillai, Pacific Life
- Yolanda Reyes-White, Morley Capital Management
- Neena Saxena, The Vanguard Group
- Marci Slovin, New York Life
- Aziz Syed, Athene
- Mark Wojciak, Prudential Financial
Data and Research Committee
The Data and Research Committee is responsible for all activities related to the data and research initiatives of the Association.
Specific responsibilities of the Data and Research Committee include:
- Develop materials and research studies to support the Association’s mission.
- Develop, implement, and update data for Stable Value as an asset class.
- Collect, analyze and disseminate results of periodic and special Stable Value market surveys. Such surveys may include data such as market size, investment characteristics, trends, etc.
- Create and solicit research and issue papers from industry experts on topics of interest to the Association.
Committee Membership:
The members of the Data and Research Committee will consist of Association members who volunteer to serve in this capacity. The Chairperson of the committee will be a member of the Board of Directors and will also be a member of the Executive Committee of the Board. Members of the Association who are not members of the committee are eligible to participate as members of the committee’s task forces.
Chair: Tony Luna, T. Rowe Price
- Behzad Alimoradian, Valerian Capital
- Matt Betzler, Nationwide
- David Berg, Goldman Sachs Asset Management
- Jordan Bewley, Galliard
- Nick Bush, New York Life
- Ling Chiu, Invesco
- Karen Chong-Wulff, MissionSquare Retirement
- Stephen Curry, RGA
- Ben Davidson, OneAmerica
- Angela Demling, Invesco
- Joe Dionne, JP Morgan Asset Management
- Mark Dorfler, The Vanguard Group
- Terry Finan, Jackson National Life
- Brad Harden, Goldman Sachs Asset Management
- Shane Johnston, Morley Capital Management
- Tom Manente, Empower
- William McLaren, Lincoln Financial
- Oliver Meng, MissionSquare Retirement
- Firoza Panthaki, New York Life
- Chris Solimine, Voya Financial
- Keith Watson, Textron
- Xin Zhou, T. Rowe Price
Diversity, Equity, and Inclusion
The Committee on Diversity, Equity, and Inclusion makes clear, actionable recommendations for change and accountability to foster and build a strong, diverse community among the Association’s membership in which the Association’s members can work, interact, and thrive.
- Diversity is the presence of differences that may include sex, gender, race, ethnicity, sexual orientation, as well as age, physical abilities and disabilities, religion, political beliefs, education, socioeconomic background, geographical orientation, language, culture, and military service. This includes populations that have been— and remain— underrepresented among practitioners in the field and marginalized in broader society.
- Inclusion is an outcome in which any individual or group can be and feel welcomed, respected, supported, and valued. An inclusive and welcoming climate embraces differences and offers respect, meaningful participation, and opportunities, in words and actions, for all people.
- Equity is promoting justice, impartiality and fairness within the procedures, processes, and distribution of resources by institutions or systems. Tackling equity issues requires an understanding of the root causes of outcome disparities within our society, including historical and current imbalances in power, resources, and opportunities, as well as injustices based on social group identity.
DEI will directly benefit the Association and its members’ by increasing innovation and productivity as well as higher satisfaction and engagement.
The Committee on Diversity, Equity, and Inclusion:
- Provides an advisory role to the Board that integrates DEI-best practices.
- Drives membership growth for the Association especially across underrepresented groups.
- Directs development of DEI-related educational and leadership content for the Association.
- Ensures accountability on diversity, equity and inclusion for the Association.
- Committee members will consist of Association members who volunteer to serve in this capacity.
- The Chair of the Committee on Diversity, Equity, and Inclusion will be a member of the Executive Committee of the Board and may be an Elected Director or a Non-Elected Director. Members of the Association who are not members of the Committee are eligible to participate as members of the Committee’s task forces and/or working groups.
Committee Membership:
Chair: Tashil Fakir, JPMorgan Chase Bank NA
- Christina Burton, Galliard Capital Management
- Shalonda Green, Transamerica
- Maya Pillai, Pacific Life
- Neena Saxena, The Vanguard Group
- Ben Soltsov, Goldman Sachs Asset Management
- Bryan White, Raytheon Technologies
Events Planning Committee
The Events Planning Committee is responsible for collaborating with membership to create an agenda for both the Spring and Fall Seminar along with the speakers (volunteer/paid) for each respective conference. The Committee is also responsible for identifying cost-effective locations for where these conferences will be hosted and managing each event.
Committee Membership:
The members of the Events Planning Committee are comprised of representatives from the Association’s Gold Value Program Membership, SVIA’s Chairman and President.
Chair: Ben Soltsov, Goldman Sachs Asset Management
- Cindy Cristello, New York Life
- Angela Demling, Invesco
- Andrew Erman, Transamerica
- Nick Gage, Galliard Capital Management
- Aruna Hobbs, MassMutual
- Mike Leonberger, Invesco
- Lacey Lockward, Prudential Financial
- Tom Manente, Empower
- Marie Mastro, Goldman Sachs Asset Management
- Maya Pillai, Pacific Life
- Luke Robustelli, Metropolitan Life Insurance Company
- Mike Sipper, New York Life
- Robert Waldo, Voya Financial
Government Relations Committee
The Government Relations Committee is responsible for keeping the Association President, Board and general membership aware of and responding to industry-related matters affected by legislative or regulatory actions that have an impact on the Association’s mission and initiatives or on Stable Value investing.
Specific responsibilities of the Government Relations Committee include:
- Provide current information on regulatory, legislative, judicial and appellate issues that have an impact on the Association, and proactively identifying issues that may impact the stable value product asset class.
- Assist in organizing and mobilizing the membership to respond to issues that have an impact on Stable Value investing.
- Coordinate the establishment of the Association’s official position on key issues affecting Stable Value investing.
- Assist in coalition building with other industry organizations for general and specific issues or activities that relate to legal, regulatory and public policy matters.
Committee Membership:
The members of the Government Relations Committee will consist of Association members who volunteer to serve in this capacity. The chairperson of the committee will be a member of the Board of Directors and will also be a member of the Executive Committee of the Board.
Co-Chairs: Michael Leonberger, Invesco, Mike Sipper, New York Life
- Dahianna Acosta, Prudential Financial
- Tony Camp, Voya Financial
- Libby Cantrill, PIMCO
- Karen Chong-Wulff, MissionSquare Retirement
- Jessica Cole, Invesco
- Chanele Cook, PIMCO
- Aruna Hobbs, MassMutual
- Claudia Farias, State Street
- Nick Gage, Galliard Capital Management
- Jeffrey Jakubiak, Valerian Capital
- Shane Johnston, Morley Capital Management
- Steve Kolocotronis, AIG
- Scott Lively, John Hancock Investments
- Lacey Lockward, Prudential
- Keith Mancini, Empower
- Tom Manente, Empower
- Greg Miller-Breetz, Transamerica
- Scott Milne, Vanguard
- Michael Montanez, The Vanguard Group
- Melissa Rowe, State Street
- Irica Solomon, MissionSquare Retirement
- Ben Soltsov, Goldman Sachs Asset Management
Finance Committee of the Board of Directors
The Finance Committee is responsible for Association activities related to the Association’s membership and budget structure.
Specific responsibilities of the Finance Committee include:
- Establish an annual budget and assuring that Association activities fall within those resources.
- Ensure that the Association’s dues and value program structure are adequate to support ongoing Association initiatives and are equitable across membership categories.
- Ensure compliance with the Association’s Investment Policy; review policy and investment holdings annually for investment opportunities that meet the Association’s risk tolerance and liquidity needs.
- Supervise the Association’s annual audit process to ensure that financial and internal controls are appropriate for the Association.
- Review and approve required Association tax filings.
- Review and approve significant capital expenditures.
- Create financial expenditure plans for Association strategic initiatives that utilize reserve funds.
Committee Membership:
The members of the Finance Committee will consist of SVIA Board members who volunteer to serve in this capacity. The Chairperson of the committee will be a member of the Board of Directors and will also be a member of the Executive Committee of the Board.
Chair & Treasurer: Keith Watson, Textron
- Nick Gage, Galliard
- Henry Kao, PIMCO
- Lacey Lockward, Prudential Financial
- Paul Miller, Ohio DC
Executive Committee
The Executive Committee consists of the Chairpersons of the standing committees of the Association, the Board Chairperson, and the President of the Association. The President of the Association will serve as the Chairperson of the Executive Committee.
The purpose and operation of the Executive Committee are as follows:
PURPOSE:
Approval – to review, comment, and if appropriate, approve initiatives.
- Communication – to provide a communications forum to discuss all aspects of Association activities, including operations, strategies, attitudes and results.
- Counsel – to provide the Association President with reactions, advice, criticism and questioning of strategies, plans, policies and activities.
- Consensus – to build common understanding, values and culture for the Association.
- Performance Appraisal/Compensation – facilitated by the Board Chairperson, set annual performance objectives and priorities for the President. Establish compensation plan for the President, review performance annually against established criteria and approve overall compensation package.
- Planning – update and maintain the Association’s annual and strategic plans.
- Environmental Assessment – review the Association’s ongoing environmental assessment and integrate findings into Association projects, objectives and activities.
OPERATION:
The Association President, as Chairperson of the Executive Committee, shall convene regular and special meetings of the Executive Committee in order that it may effectively fulfill its duties and responsibilities. Specific situations requiring regular and special meetings of the Executive Committee include:
- Periodic meetings to review activities of the various Association committees and progress of other initiatives.
- A meeting prior to each scheduled meeting of the Board.
- A meeting prior to the October meeting of the Board at which performance objectives are set and evaluation of performance is discussed with the Association President; initial discussions about the annual compensation plan for the Association President will be held during this meeting. The Board Chairperson will consult with other Executive Committee members to evaluate performance and set objectives; it is the Board Chairperson’s responsibility to facilitate this session of the Executive Committee and to conduct the performance appraisal process.
- As required, the Executive Committee will meet to approve programs and initiatives brought before it and recommend action on certain items to the full Board as required (see Approval Process).
Chair: Nick Gage, Galliard
- David Berg, PIMCO
- Andrew Erman, Transamerica
- Tashil Fakir, JPMorgan Chase Bank NA
- Lacey Lockward, Prudential Financial
- Michael Leonberger, Invesco
- Mike Sipper, New York Life
- Ben Soltsov, Goldman Sachs Asset Management
- Keith Watson, Textron
Approval Process
Approval by Two-Thirds Vote:
Unless there exists an Association bylaw that states otherwise, the level of approval discussed below shall be by simple two-thirds (67%) of the parties involved. In all cases, items approved by any party will be communicated to the next level of approval authority as soon as it is practical to do so.
Items Requiring Full Board Approval:
Items requiring full Board approval shall be first considered and recommended for approval by the Executive Committee of the Board. Items requiring full Board approval include:
- Minutes of Board Meetings
- Changes to the Bylaws and Articles of Incorporation.
- Strategic plan and annual budget.
- Major initiatives to be undertaken by the Association.
- Adoption of all official SVIA positions or policies.
- Contracts involving total expected expenditures of $20,000 or more to be entered into by the Association.
Items Requiring Executive Committee Approval:
All items requiring full Board approval shall require prior consideration and recommendation of the Executive Committee.
Items that may be approved by Executive Committee without seeking full Board approval include:
Initiatives to be undertaken by any of the various committees of the Association (it is the responsibility of the Committee Chairpersons to seek Executive Committee approval for such initiatives.)
- Release of any SVIA position, survey or other Association product outside of the Association.
- Non-routine and significant expenditures required as part of the ongoing operation of the Association.
- Contracts involving total expected expenditures over $5,000 that will be entered into by the Association.
- Other items that any member of Executive Committee recommends to Executive Committee for approval.
- Annual compensation package for the Association President.
Items requiring Approval of Association President:
The Association President is responsible for overseeing and approving the ongoing operations and expenditures of the Association. Any item not specifically identified above as requiring Executive Committee or full Board Approval should be submitted to the Association President for approval. The Association President is responsible for determining whether any item submitted for their approval requires the approval of Executive Committee or the full Board.
