The New York Credit Union Association and the state’s credit unions have held extensive conversations regarding questions expressed by credit union leaders over a change to fiduciary responsibility for the Stable Value Account for CUNA Mutual Group. Under this change, plan sponsors retain full fiduciary responsibility with respect to the Stable Value Account.
The Association is hosting a complimentary webinar for member credit unions to assist them in undertaking their responsibilities with respect to stable value investment options and the due diligence that is required. The webinar will provide information on:
- The CMFG Life Insurance Company Stable Value Account;
- Key features of stable value products;
- Resources for credit unions to use to evaluate stable value products; and
- Due diligence advice and insights, including:
- the rate-setting process,
- benefit responsiveness;
- contract liquidation terms;
- fiduciary status;
- key terms; and
- other considerations for plan sponsors.
About the Presenters:
Jack Pacheco, Managing Member, BMC Pacheco Consulting, LLC
Jack Pacheco and BMC Pacheco Consulting provide specialized research to clients, with a focus on the financial services industry. Pacheco’s research centers on clients who provide stable value products for participants in employer-sponsored defined contribution retirement savings plans, and pension risk transfer solutions for defined benefit pension plans, among others.
His experience includes growing stable value product businesses at Hartford Life Insurance Company and Travelers Life & Annuity.
Jon Mercier, Attorney
Jon Mercier is a retired product lawyer with more than 35 years of experience in the development and management of a wide variety of fixed-investment and annuity products. He served as in-house counsel to two insurance companies, with a focus on the development of both general and separate account stable value products. He also has extensive experience in the review, analysis and development of synthetic GIC products for insurers, financial institutions and value managers.