Spark Institute Updates Lifetime Income Standards Document

The document, “Data Layouts for Retirement Income Solutions (Version 1.01),” is posted on The SPARK Institute Web site at http://www.sparkinstitute.org/comments-and-materials.php and is available at no cost.  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. Questions about the data layouts should be submitted by e-mail to lifetimeincome@sparkinstitute.org.

“In response to requests and recommendations from companies that are implementing the ‘Data Layouts for Retirement Income Solutions’ we made certain technical changes and clarifications,” said Larry Goldbrum, general counsel. “The data layouts, originally issued in September 2010, make it easier and more cost effective for record keepers and insurance carriers to make retirement income solutions available to plan participants. “The changes are relatively minor and we do not anticipate having to make other changes in the near future,” he added.