In a news release, SPARK general counsel Larry Goldbrum said the exposure draft, “Best Practices for 403(b) Plans Information Sharing — Minimum and Comprehensive Data Elements,” summarizes what information will be shared among affected parties. “We are continuing to work on developing best practices regarding “how’ the data will be shared, “when’ particular data will be shared, and “how much’ will be shared in particular situations,’ Goldbrum said.
This draft best practices document is the result from The SPARK Institute 403(b) Plans Data Sharing Technology Summit held on March 26 that was attended by senior level information technology and business representatives from service provider firms and organizations sponsoring 403(b) plans.
SPARK asks that service providers and plan sponsors review the document and provide comments, concerns, or suggested improvements by April 18 as they desire to finalize the document by April 30th. Written comments can be emailed to Larry Goldbrum at email@example.com.
The draft document can be viewed at www.sparkinstitute.org/comments-and-materials.php.