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Products September 30, 2010
SPARK Releases Final Data Standards for Retirement Income Solutions
September 30, 2010 (PLANSPONSOR.com) - The SPARK Institute has released final information sharing standards and data records for lifetime income solutions that are used in retirement plans.
Reported by Rebecca Moore
The information sharing standards document, “Data Layouts for Retirement Income Solutions (Version 1.0),” is posted on The SPARK Institute Web site at http://www.sparkinstitute.org/comments-and-materials.php. The SPARK Institute will also maintain a Q&A section on its Web site to address technical questions that may arise as the standards are adopted.
According to a news release, the standards accommodate such in-plan options as fixed deferred annuities, guaranteed minimum withdrawal benefits (GMWB), and guaranteed minimum income benefits (GMIB) solutions under several different service models followed by insurance carriers, including a recordkeeper-traded model, provider-traded model, and guarantee administrator model.
“These standards will make it easier and more cost effective for recordkeepers and insurance carriers to make retirement income solutions available to plan participants,” said Larry Goldbrum, SPARK General Counsel, in the news release.
The Institute had released a draft version for public comment in July (see SPARK Institute Unveils Data Standards for Retirement Income).