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trendspotting | PLANADVISER March/April 2017

Retirement Data Standardization

Several groups endorse DTCC's solution

By PA Staff editors@planadviser.strategic-i.com | March/April 2017

The American Retirement Association, the Investment Company Institute (ICI) and The SPARK Institute endorsed the use of the Depository Trust & Clearing Corp. (DTCC) Retirement Plan Reporting (RPR) solution to standardize and report plan-level data across the industry.

The RPR, offered through DTCC subsidiary National Securities Clearing Corp. (NSCC), delivers a centralized and standardized solution for reporting retirement-plan-level information between mutual fund industry participants. According to the three organizations, RPR brings efficiency, automation and security to the data exchange process. Additionally, it supplies standard formats to accommodate the information flow among business partners, providing increased transparency for Form 5500 Schedule C and Employee Retirement Income Security Act (ERISA) Sections 408(b)(2) and 404(a)(5) fee disclosure compliance requirements, general supervision and sales reporting needs.  

Besides giving this endorsement, the American Retirement Association, ICI and SPARK Institute say they have committed to ongoing collaboration with DTCC to ensure its reporting solution will be enhanced as necessary to meet evolving client needs. In conjunction with DTCC’s clients, the three organizations also will collaborate, they say, to further define the data fields necessary to meet the requirements of all parties involved in sharing retirement plan information, as well as to identify further ways to standardize retirement plan-level data processes.