SPARK Issues 403(b) Info-Sharing Best Practices for 2010

The SPARK Institute has released new best practices for 403(b) plans to share remittance and census data.

In a letter, Larry Goldbrum, SPARK General Counsel, said the institute created “Best Practices for Multiple Vendor Plans — Remittance and Census Data Elements Version RC1.0.” The new document replaces Part III of The SPARK Institute’s “Best Practices for Information Sharing.”

According to Goldbrum, as a result of this change and other comments and questions the Institute has received, a new version (1.04) of the Institute’s “Best Practices for 403(b) and Related Retirement Plans Information Sharing – Minimum and Comprehensive Data Elements” also has been issued. A third document, “Sample Files, Data Sharing Formats, and Coding ‘Pipe Delimited’ Data,” which was created in response to numerous requests for sample file layouts, is also being released.

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In order to facilitate an effective transition to the new version of the Best Practices, Version 1.04 will not become effective until January 1, 2010, the letter said. At that time, all previous versions of the Best Practices will become obsolete.

Additionally, the new Best Practices for Remittance and Census Data will not become effective until July 1, 2010, but both documents may be implemented prior to the effective dates if agreed upon by both sending and receiving parties.

Speakers for a Webinar sponsored by The SPARK Institute stressed the benefits of having a standard format for information sharing used by all in the 403(b) market (see “Experts Stress Benefits of Information-Sharing Best Practices’”).

The new materials are available here.

Dow Jones Launches New Islamic Market Index

Dow Jones Indexes has licensed the Dow Jones Islamic Market International Titans 100 Index to Javelin Investment Management, an investment adviser registered with the Securities and Exchange Commission.

A press release said the blue-chip index will underlie the first Shari’ah compliant exchange-traded fund listed in the U.S.—the JETS Dow Jones Islamic Market International Index Fund (JVS)—available on the New York Stock Exchange July 1.

The Dow Jones Islamic Market International Titans 100 Index measures the stock performance of 100 leading ex-U.S. companies that have passed rules-based screens for Shari’ah compliance. To determine their eligibility for the Dow Jones Islamic Market Indexes, stocks are screened based on their industry type and their financial ratios.

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According to the press release, companies engaged in the following lines of business are excluded: alcohol, tobacco, pork-related products, financial services, defense/weapons, and entertainment. Also excluded are companies for which the following financial ratios are 33% or more: debt divided by trailing 12-month average market capitalization; cash plus interest-bearing securities divided by trailing 12-month average market capitalization; and accounts receivables divided by trailing 12-month average market capitalization.

Each component’s weight is capped at 10% of the index to avoid overweight of one single stock. The index composition is reviewed annually in June.


More information is available at www.djindexes.com.

 

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