The new solution, Retirement Income Clearing Calculator (RICC), 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.”
RICC’s design contemplates a broad array of income solutions, enabling the platform to incorporate any number of functionalities to deliver an income solution to the market. The middleware easily takes all the rules around a guaranteed product, but can just as easily involve mutual funds.
More information is at http://www.dstsystems.com.