The Hartford’s new data-sharing was designed to incorporate the “best practices” established by the Spark Institute for information sharing within the 403(b) industry (see “SPARK Issues 403(b) Info-Sharing Best Practices for 2010”), according to a press release.
In addition to data-sharing, plan sponsors that offer The Hartford’s 403(b) program exclusively can obtain assistance with creating written plans and other documents, conducting annual compliance testing, and reporting on Form 5500.
The announcement said plan sponsors can also obtain assistance with:
- offering participant communication tools to engage eligible employees
- consolidating the number of providers;
- managing their new fiduciary responsibilities;
- simplifying plan administration and compliance;
- educating employees by providing a variety of tools and resources.