The SPARK Institute is accepting requests from the retirement plan community for possible changes to its lifetime income solutions data standards.
“SPARK Institute members have, as a result of their implementation work, identified and recommended several improvements to the original version of the Data Layouts for Retirement Income Solutions, which was released in September of 2010,” said Larry Goldbrum, General Counsel. The current version of the Data Layouts is posted on The SPARK Institute website at http://www.sparkinstitute.org/comments-and-materials.php.
“In order to accommodate these and other potentially important changes that may be identified in the early stages of vendor implementation, we are asking everyone in the retirement plan community that is building to, or already using, the Data Layouts to submit additional requests for changes they feel are critically necessary.” Goldbrum said suggested changes will be accepted through September 30, 2011, with the goal is of finalizing and releasing a new version by the end of October 2011. Comments should be submitted to [email protected].
“In an effort to limit the potential for disruption, we will only make changes for critical issues that cannot otherwise be addressed through the existing file structure,” Goldbrum stressed. Additionally, he said, issues that need to be addressed and changes that are needed will be handled according to the following hierarchy:
- Providing an explanation to accomplish a result or resolve an issue within the existing standards and file structure,
- adding new codes,
- modifying data field formats, and
- adding new fields at the end of an existing record.
Goldbrum said that the resolution with respect to each proposal will be announced on The SPARK Institute website as soon as possible, even though the new version of the Data Layouts will not be released until later this year.
The SPARK Institute represents the interests of a broad based cross section of retirement plan service providers and investment managers, including banks, mutual fund companies, insurance companies, third party administrators, trade clearing firms and benefits consultants. Through the combined expertise of its member companies, the 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 approximately 72 million participants in 401(k) and other defined contribution plans.
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