SPARK Publishes Updated 403(b) Info Sharing Best Practices

The SPARK Institute released a new version of its publication for plan sponsors at non-profit organizations, “Best Practices for 403(b) and Related Retirement Plans Information Sharing.”

SPARK explains that since the final best practices data file was issued in 2011, recordkeepers recognized the need for some edits and clarifications. Changes to the previous 403(b) best practices include:

• Incorporation of a 403(b) plan information sharing data elements question and answer section (listed separately on The SPARK Institute web site) to ensure that the best practices are updated with the most recent technical information; and
• Clarification of certain terms and definitions to improve data consistency and common understanding among users.

No changes were made to the file format itself. Rather, the purpose of the revision is to provide more specificity concerning the data to be shared between providers to assist users who are newly adopting the best practices, or as a reference for existing users, SPARK said.

The guide is available at no cost to SPARK member firms and consultants that service the 403(b) market. Copies may be requested by contacting SPARK at 860-658-5058 or by email at info@sparkinstitute.org.