“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, in a press release. Goldbrum said the document addresses how and when to share information, such as the frequency for sharing “point-in-time” data and whether to use a “push” or “pull” approach.
The technology best practices are a follow up to SPARK’s previously issued “Version 1.01 of the Best Practices for 403(b) Plans Information Sharing – Minimum and Comprehensive Data Elements,” which summarized certain best practices regarding what information would be shared among service providers and employers for 403(b) plans (See SPARK Releases Final Best Practices and Sample ISA for 403(b)s ).
The technology best practices document is available at www.sparkinstitute.org/comments-and-materials.php .
The SPARK Institute also recently launched a Web page to answer sponsor and provider questions on its Best Practices for 403(b) Plans Information Sharing – Minimum and Comprehensive Data Elements (See SPARK Answers Questions on Info Sharing Best Practices ).