I&RS Review Board
ENHANCEMENT REQUEST FORM
Request Number: IPS00472
Note: Do not complete gray shaded
areas.
Submission Date:
05/30/2014
Colleen Shea
704-383-6800
Colleen.a.shea@wellsfargo.com
Requesting Company Name(s):
Type of Change: _____ New
Wells Fargo
_____ Mod to Existing
_____ Legal Requirement
Priority: __X_ Low (can wait until next release)
____ Medium (Sooner than next release)
__X__ Code List Add
____ High (Immediate action)
Application:
_____ ACATS/IPS
_____ Financial Activity Reporting (FAR)
_____ Access Platforms
_____ Fund Transfers (FTR)
_____ Asset Pricing (AAP)
_____ InForce Transactions (IFT)*
_____ Applications/Sub Pay (APP/SUB)
_____ Licensing & Appointments (LNA)*
_____ Attachments (ATT)*
___X_ Positions and Valuations (POV)
_____ Commissions (COM)
_____ Replacements (RPL)
*For ATT, IFT and LNA please check the Access box if you want changes to be made to that
platform as well.
1
Date Reviewed by Board: July 1, 2014
1)
Decision Date:
Overall Scope of the Enhancement (should include the Business Reason for the
change):
POV – Add New Contract Values – Code List Add
This enhancement is to add new codes to item#3102 Contract Value Qualifier Code list on
13/02 Contract Valuation record. The codes will be used for reporting values on GMIB and
GMWB living benefit riders. The business justification to add these new codes is to improve the
level of detail and nuances of contract rider values that is not available today. The variances
between the existing qualifiers and the proposed new qualifiers could make a significant
difference in reported values and rider value uses such as income modeling and statements.
2) Recommended Record Layout Changes:
n/a
3)
Business Scenario – (Used to determine Best Practices)
To be used for GMIB and GMWB living benefit rider values.
No Change to existing rider values sent today.
4)
Standard Usage – (Should include specific field/code usage)
Code
Name
Description
Business Case
PIR
Projected Guaranteed
Income
Base Amount- Roll-Up
The Projected Guaranteed Income Base Amount
based on guaranteed roll-up rate. Used in
conjunction with GMIB service feature.
These proposed qualifiers will represent
the Projected Guaranteed Income Based
amount on guaranteed roll-up rate and
step-ups. . Projected which will mean the
value that you get in the future. Roll-up
2
PIS
Projected Guaranteed
Income
Base Amount- Step-Up
The Projected Guaranteed Income Base Amount
based on market based step-ups. Used in
conjunction with GMIB service feature.
rate will represent the value that it is
based on the guaranteed growth rate.
Step-ups will represent the value that is
based on the market value.
IGR
Current Guaranteed
Income
Base Amount- Roll-Up
The Current Guaranteed Income Base Amount
based on guaranteed roll-up rate. Used in
conjunction with GMIB service feature.
These proposed qualifiers will be values
that represent the current, meaning, what
it is today for GMIB.
IGS
Current Guaranteed
Income
Base Amount- Step-Up
The Current Guaranteed Income Base Amount
based on market based step-ups. Used in
conjunction with GMIB service feature.
Today, with PIB, there is no way to know
if the carrier is sending current or future
values based on either the guaranteed
roll-up or the step-up based on market
value. How the carrier populates could
result in very different values.
IMW
Current Guaranteed
Monthly
Withdrawal Amount
Current Guaranteed Monthly Withdrawal Amount
that is available through dollar for dollar
withdrawals against the benefit base. Used in
conjunction with GMIB service feature.
This proposed qualifier will represent the
current guaranteed Monthly Withdrawal
amount for GMIB. This field would be
similar to TAPPA for GMWBs.
WPN
Current Protected
Payment Base Amount Non-Declining
The Current Guaranteed Benefit Base Amount
used in conjunction with GMWB service feature for
when non-declining balance calculation method is
used.
With the distinction between declining
and non-declining it will be easier to tell if
the benefit base will go down.
WPD
Current Protected
Payment Base Amount Declining
The Current Guaranteed Benefit Base Amount
used in conjunction with GMWB service feature for
when declining balance calculation method is used.
WAN
Current Protected
Payment Amount - NonLifetime
The current annual Non-lifetime payout amount
available for the current contract year based on the
pre-set percentage of the current benefit base
amount less current contract year’s withdrawals.
WAL
Current Protected
Payment Amount Lifetime
The current annual lifetime payout amount
available for the current contract year based on the
pre-set percentage of the current benefit base
amount less current contract year’s withdrawals.
3
This would show the reduction for current
year for life time and non-lifetime for
GMWB.
TAN
Total Annual Protected
Payment Amount - NonLifetime
The annual non-lifetime payout amount available
for the current contract year based on the pre-set
percentage of the current benefit base amount
without current contract year’s withdrawals.
TAL
Total Annual Protected
Payment Amount Lifetime
The annual lifetime payout amount available for the
current contract year based on the pre-set
percentage of the current benefit base amount
without current contract year’s withdrawals.
5)
This will be an alternative to TAPPA. It
will help in identifying lifetime or nonlifetime.
Status Update:
Wells Fargo presented the new codes and they were approved by the group. PacLife requested
that a timeframe be added to the PIR and PIS descriptions. Wells Fargo will add them.
Approved for March 2015
Follow up description on PIR and PIS.
PIR
Projected Guaranteed Income
Base Amount- Roll-Up
The Guaranteed Income Base Amount based on guaranteed roll-up rate
projected to the guaranteed period. Used in conjunction with GMIB service
feature.
PIS
Projected Guaranteed Income
Base Amount- Step-Up
The Guaranteed Income Base Amount based on market based step-ups
projected to the guaranteed period. Used in conjunction with GMIB service
feature.
Revision History
Date
06/16/2014
By
Version
Description
Jon Volpe
0.1
Added Review date and req#
4
07/01/2014
Jon Volpe
0.2
5
Updated status