DST Systems, a provider of information-processing solutions to the asset management, insurance, retirement, brokerage and health care industries, has launched a new administrative solution that makes retirement income products more widely available to sponsors of defined contribution plans and their participants.
The Retirement Income Clearing Calculator is a middleware solution designed specifically to support guaranteed retirement income products through traditional recordkeeping platforms.
"These new guaranteed income products are essentially the convergence of investment and insurance benefits into a single product," says Larry Kiefer, systems officer for DST Systems. "Current recordkeeping solutions simply aren't suited to handle the attributes of these new offerings. RICC is specifically designed to meet these new demands."
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DST's new recordkeeping platform will enable carriers broader distribution of their income products and greater opportunity to bring new solutions to market and allow for greater portability of income products.
DST's charter client for RICC is The Hartford, which recently launched Hartford Lifetime Income option; a patented income solution available through 401(k) plans to provide retirees with guaranteed income for Life.
"Retirement plan sponsors and participants are looking for new solutions and products that provide retirement income that is predictable, guaranteed and easy to understand," says Patricia Harris, vice president, product management for The Hartford's Retirement Plans Group. "DST's RICC enables innovative products like Hartford Lifetime Income to be technologically supported in a way that enhances portability."
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