According to a news release, more than 50% of the firms that plan to use the standards expect their recordkeeping systems to be ready to support them within the next year.
Larry Goldbrum, General Counsel, noted that the standards will allow customer-facing recordkeepers to offer one or more products from unaffiliated insurance carriers; will facilitate portability of products when a plan sponsor changes plan recordkeepers; and will support portability of guaranteed income when a participant has a distributable event in the form of a rollover to a Rollover IRA or as a qualified plan-distributed annuity.
The information sharing standards document, “Data Layouts for Retirement Income Solutions (Version 1.0),” is posted on The SPARK Institute website at http://www.sparkinstitute.org/comments-and-materials.php. Goldbrum said.
The Institute’s poll from October 27 to November 15 generated 15 responses from recordkeepers, the news release said. More information about the SPARK Institute poll is here.