Products October 20, 2011
Spark Institute Updates Lifetime Income Standards Document
October
20, 2011 (PLANSPONSOR.com) - The SPARK
Institute released a new version of its information sharing standards and data
layouts for lifetime income solutions that are used in retirement plans.
Reported by Tara Cantore
The document,
“Data Layouts for Retirement Income Solutions (Version 1.01),” is posted on The
SPARK Institute Web site at http://www.sparkinstitute.org/comments-and-materials.php and is available at no cost. The SPARK Institute will also maintain a
Q&A section on its Web site to address technical questions that may arise
as the standards are adopted. Questions about the data layouts should be
submitted by e-mail to lifetimeincome@sparkinstitute.org.
“In response to requests and recommendations from companies that are implementing the ‘Data Layouts for Retirement Income Solutions’ we made certain technical changes and clarifications,” said Larry Goldbrum, general counsel. “The data layouts, originally issued in September 2010, make it easier and more cost effective for record keepers and insurance carriers to make retirement income solutions available to plan participants. “The changes are relatively minor and we do not anticipate having to make other changes in the near future,” he added.