Compliance December 7, 2009

EBSA to Unveil Regulatory Agenda

The head of the U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) will host a live public Web chat to discuss its regulatory agenda.

Reported by

The Web chat with Assistant Secretary of Labor Phyllis C. Borzi will be hosted at 10 a.m. EST on Wednesday at http://www.dol.gov/regulations/chat-ebsa.htm.

DoL Secretary Hilda L. Solis today kicked off the three-day series of live Web chats revealing each Labor Department agency’s regulatory agenda (see “DoL Discusses Lifetime Income Annuity Project”).

The DoL’s entire regulatory agenda is available here.

Products December 7, 2009

N.Y. Life Expands DCIO Stable Value Offerings

New York Life Investments said it is expanding its defined contribution investment only (DCIO) efforts through its lineup of stand-alone stable value products to third parties.

Reported by

An announcement said New York Life recently introduced the new Guaranteed Interest Account, a stable value group annuity product issued by New York Life and backed by its general account. The Guaranteed Interest Account and another group annuity stable value offering, the New York Life Insurance Company Anchor Account, a 15-year-old group annuity separate account product invested primarily in high-quality fixed-income securities, are available as stand-alone products to third parties such as defined contribution platforms and intermediaries.

New York Life Insurance Company’s general account is managed by New York Life Investments’ Fixed Income Investors Group, which is also the adviser to the anchor separate account, according to the announcement.

“There is a lack of capacity in the stable value market today. Sponsors and advisers are clamoring for stable value products with the backing of a solid financial institution for their participants,” said Don Salama, senior managing director of New York Life Investments’ retirement plan businesses.

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