KANSAS CITY, Mo., Sept. 12, 2012 /PRNewswire/ -- DST Systems, Inc., a leading provider of sophisticated information processing solutions to the asset management, insurance, retirement, and brokerage industries, today announced the addition of IRA functionality to its recently-introduced Retirement Income Clearing Calculator ("RICC").
RICC, the industry's first middleware solution designed specifically to support guaranteed retirement income products through traditional recordkeeping platforms, was initially designed to support retirement income products in defined contribution plans.
The introduction of IRA functionality presents new opportunities for mutual fund companies, investment managers, and other wealth management providers to support retirement income products in IRAs and other retirement-focused investment accounts.
"We're committed to building technology solutions that help our clients distribute more products more efficiently," said Mike Westhoven, DST's Business Development leader for RICC. "This new IRA functionality opens the door for product providers to offer a range of retirement solutions on mutual fund recordkeeping, managed money, brokerage accounts, and other like platforms."First introduced in February, the RICC solution was built to provide investment product providers an efficient way to offer income products outside of direct servicing on policy administration systems which are typically but not limited to insurers. Beyond facilitating broader distribution, the new DST recordkeeping platform allows for greater portability of income products. "Today's guaranteed income products are essentially the convergence of investment and insurance benefits into a single product," said Ian Sheridan, Division Vice President at DST Retirement Solutions, "and recordkeeping solutions simply weren't suited to handle the attributes of these new offerings. RICC is built to help 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. "We know how important retirement income products are to our mutual fund and insurance company clients," said Mr. Sheridan, "and RICC is the best technology I have seen to help them distribute these products in a cost-efficient manner."