ComplianceMay 26, 2011

SPARK Seeking Comments on Lifetime Income Data Standards

The SPARK Institute is accepting requests from the retirement plan community for possible changes to its lifetime income solutions data standards.

Reported by Rebecca Moore

SPARK Institute members have identified and recommended several improvements to the original version of the Data Layouts for Retirement Income Solutions, which was released in September of 2010 (see “SPARK Releases Final Data Standards for Retirement Income Solutions“).

“[W]e are asking everyone in the retirement plan community that is building to, or already using, the Data Layouts to submit additional requests for changes they feel are critically necessary,” said Larry Goldbrum, SPARK General Counsel.

Issues will be handled according to the following hierarchy:

Providing an explanation to accomplish a result or resolve an issue within the existing standards and file structure
Adding new codes
Modifying data field formats
Adding new fields at the end of an existing record

Suggested changes will be accepted through September 30, 2011, with the goal of finalizing and releasing a new version by the end of October 2011.

The current version of the Data Layouts is posted on The SPARK Institute Web site at http://www.sparkinstitute.org/comments-and-materials.php.