The National Defined Contribution Council (NDCC) and the SPARK Institute will have a combined total of about 60 member companies, representing 401(k) service providers including mutual funds, banks, insurance companies, third party administrators and brokerage firms, the groups said in a news release. Members collectively will serve more than 97% of all 401(k) participants
As a first step, the NDCC has asked the SPARK Institute to manage the NDCC functions, according to the announcement. Plans for consolidating the two groups will be finalized after a due diligence process and member approval.
“Combining the resources and talents of The SPARK Institute with the NDCC increases the opportunities for our members to play an important role in developing a sound, national retirement policy and protect the interests of retirement plan service providers and the participants we serve,” said Bob Wuelfing, President of The SPARK Institute.
Charlie Vieth, president of T. Rowe Price Retirement Plan Services and NDCC President, echoed Wuelfing’s sentiment. “Joining two strong organizations as a united front on legislative and regulatory issues affecting retirement benefit programs takes advantage of the strengths of each organization while reducing the resources expended to accomplish the same goals,” Vieth said in the announcement.