December 26, 2013 (PLANSPONSOR.com) – Financial
services and asset management firm DST reached an agreement to bring its
retirement income clearing calculator (RICC) services to Prudential Retirement
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
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
"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.