KANSAS CITY, Mo., Dec. 23, 2013 /PRNewswire/ -- DST, a leading provider of servicing solutions to financial services, asset management, brokerage, retirement, and healthcare markets around the world, today announced that Prudential Retirement has reached an agreement to use its Retirement Income Clearing Calculator.
The industry's first middleware platform designed to enable distribution of retirement income across traditional recordkeeping platforms, the Retirement Income Clearing Calculator, or "RICC," seamlessly connects product providers with recordkeepers, facilitating the offering and portability of income products.
Prudential Retirement, a business unit of Prudential Financial, plans to use RICC to distribute retirement income products like its Prudential IncomeFlex Target® across multiple recordkeeping platforms. The Hartford-based firm is the latest prominent provider to sign on to the DST solution since its launch last year.
According to Jude Metcalfe, president of DST Retirement Solutions, RICC will provide Prudential the opportunity to make its guaranteed retirement income products more available to 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 any number of functionalities to deliver income solutions to the market. The platform easily incorporates all of the calculations and product and business rules around a guaranteed income product.
RICC is one of several innovative business solutions to come from the DST enterprise. Investment in new technology is part of DST's ongoing commitment to help financial services companies operate more efficiently and improve the flow of information among transfer agents, fund distributors, and financial intermediaries.
About DST Retirement Solutions
DST Retirement Solutions provides a broad array of front- and back-office technology and servicing solutions to financial service organizations offering retirement plan recordkeeping. With a flexible service model that utilizes an end-to-end technology solution, the business unit supports any plan size and all types of investment vehicles for mutual funds, banks, insurance companies, and third-party administrators distributing retirement investment products. A wholly-owned subsidiary of Kansas City-based DST Systems, Inc., DST Retirement Solutions today services more than 6.8 million participants around the world. For more information, visit www.dstsystems.com.
Laura M. Parsons
DST Corporate Public Relations
SOURCE DST Systems, Inc.