DST’s retirement income clearing calculator tools are designed to enable easier distribution of retirement income across traditional recordkeeping platforms. The goal is to connect product providers with recordkeepers to better facilitate the delivery and portability of retirement income products, according to a statement from DST.
Prudential Retirement, a business unit of Prudential Financial, plans to use the income clearing calculator to distribute retirement income products—such as its Prudential IncomeFlex Target—across multiple recordkeeping platforms.
According to Jude Metcalfe, president of DST Retirement Solutions, the tool will provide Prudential the opportunity to make its guaranteed retirement income products available to more distributors and large plan sponsors.
"RICC breaks through the technology barriers to enable providers like Prudential Retirement to reach the marketplace without the immense and costly effort of continuously updating systems," says Metcalfe. "With RICC, building one platform allows you to reach many guaranteed income products."
Specifically designed to effectively work with a broad array of income solutions, RICC enables providers to incorporate various functionalities to deliver income solutions to the market. The platform incorporates all of the calculations, and product and business rules around a guaranteed income product.
DST Retirement Solutions provides a broad array of front- and back-office technology and servicing solutions to financial service organizations offering retirement plan recordkeeping.
More information is available at www.dstsystems.com.