SPARK Institute released a draft of best-practice principles to help sponsors of 403(b) plans with multiple service providers complete their annual Form 5500 financial reports, said Jeff Close, spokesman.
“With the frequent use of multiple vendors in these plans, obtaining and consolidating the required financial information has been challenging,” Larry H. Goldbrum, the institute’s general counsel, said in a news release. “These best practices will help facilitate compliance with the reporting requirements, create a more efficient and cost-effective process for employers to complete the form (5500), and build consensus among aggregators and vendors to allow more consistent service to all employers.”
The draft, “Best Practices for Multiple Vendor 403(b) Plans Form 5500 Data Aggregations-Version: F5500-2.0,” is available at http://www.sparkinstitute.org/comments-and-materials.php.
Comments are due by Sept. 7.