SPARK Institute Releases 403(b) Best Practices

The SPARK Institute has created a document for 403(b) vendors and plans sponsors that outlines technological best practices related to information sharing.

“The Best Practices for 403(b) Plans Information Sharing Technology is designed to facilitate uniform expectations among 403(b) vendors and employers who will be engaged in data sharing and to support efficient information technology design and development,” said Larry Goldbrum, general counsel of The SPARK Institute.

The document, available on the SPARK website, addresses issues on how and when to share information, the frequency for sharing point-in-time data, and whether to use a push or pull approach.

The Internal Revenue Service has mandated extensive changes to 403(b) plans, effective Jan. 1, 2009.