SPARK Institute Issues New Version of Best Practices for 403(b) Information Sharing
SIMSBURY, CT, October 29, 2008 -- The SPARK Institute today released a new version of its "Best Practices for 403(b) Plans Information Sharing -- Minimum and Comprehensive Data Elements" to help vendors and employers comply with new IRS regulations scheduled to take effect January 1, 2009, said Larry Goldbrum, General Counsel. The Data Elements Best Practices document was modified from an earlier version due to a number of complicated and technical questions received from companies that are actively developing systems to follow the best practices, Goldbrum said.
"Since the initial release of the Data Elements document in July, many vendors had begun making system changes to follow the Best Practices, and during that process several beneficial and technical changes were warranted and were added to the new version." Goldbrum said The SPARK Institute has been posting answers to many of the questions on its web site and has just added answers to ten new questions.
"Some of the most complicated questions that were raised related to reporting and calculating loan amount available data for information sharing purposes," Goldbrum said. "As a result, The SPARK Institute project team prepared examples that illustrate the best practices methodology for sharing available loan amount data." Goldbrum said that the new document, "Best Practices for 403(b) Plans Information Sharing -- Minimum and Comprehensive Data Elements Version 1.02," and the Q&As are available on The SPARK Institute web site at www.sparkinstitute.org/comments-and-materials.php.
About The SPARK Institute
The SPARK Institute is the leading voice in Washington for the retirement services industry. Through the combined expertise of its member companies, The SPARK Institute provides research, education, testimony and comments on pending legislative and regulatory issues to members of Congress and relevant government agency officials. Collectively, its members serve over 95% of the nation's 401(k) participants and more than 90% of all 403(b) plan participants.
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