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Benefits July 10, 2008
SPARK Updates 403(b) Info Sharing Practices to Reflect DTCC Project
July 10, 2008 (PLANSPONSOR.com) - The SPARK
Institute released a new version of its "Best Practices for
403(b) Plans Information Sharing -- Minimum and Comprehensive
Data Elements" reflecting a project by the Depository Trust
& Clearing Corporation (DTCC) to develop an information
sharing service.
Reported by Rebecca Moore
According to SPARK General Counsel Larry Goldbrum: “DTCC is developing an information sharing service through its centralized data clearing infrastructure to facilitate the sharing of information among 403(b) plan vendors, including investment providers, and employer plan representatives such as third party administrators.” Goldbrum said the effort to ensure that DTCC data requirements follow the Best Practices, while at the same time enabling non-DTCC users to share data directly, required some changes and additions.
The new Best Practices document also reflects beneficial and technical changes suggested by SPARK members while making internal system changes. SPARK released its Best Practices document in May (See SPARK Releases Final Best Practices and Sample ISA for 403(b)s ).
Goldbrum said many 403(b) plan providers have committed to follow The SPARK Institute’s Best Practices, including: AIG, AXA Equitable, Diversified Investments, Fidelity, Great-West, The Hartford, ING, Lincoln Financial, Prudential and TIAA-CREF.
The Best Practices document is available at www.sparkinstitute.org/comments-and-materials.php .