Still River Updates Software to Support 403(b) Plan Monitoring

According to a press release, the updated 403(b) Loan and Hardship Withdrawal Compliance Utility is now compliant with the new SPARK 1.02 best practices for 403(b) data sharing (see “SPARK Institute Updates 403(b) Guide“). Still River said the utility is easy for plan sponsors to use themselves, but can also be used by local consultants and field reps, and is available for larger financial firms and marketing organizations to provide to the plans sponsors or field reps they support.

There is a one-time charge for the software, with no ongoing licensing or maintenance fees, according to the release. The purchase price covers unlimited use on a single machine, and, for plan sponsors, is based on the number of employees. For consultants and 403(b) field reps serving three or fewer plans, the price is $950; for third-party administrators serving more than three plans, the price is $7,500; and for insurance companies, mutual fund companies, and broker/dealers who want versions they can distribute on an unlimited basis to their field reps and/or plan sponsors, the price is $17,000.