RICC is a central clearing and stand-alone recordkeeping platform designed to process and support guaranteed income products and their features, as well as integrate systems that support retirement income, DST announced. The solution allows for information sharing and provides capabilities to add, store and change guaranteed income contract details. Retail and institutional recordkeeping platforms can work with RICC and it can support multiple calculations for different products.
Sheridan will be responsible for rolling out this solution to the marketplace. He most recently served as president of First Mercantile Trust Company, a member of the MassMutual Financial Group. He has also worked at ADP Retirement Services and other industry-leading financial services companies.
“The income investment solution set that RICC will serve comprises annuities and a broad range of daily traded investment products. I am excited to lead the initiative to bring this solution to market to help product manufacturers, product sponsors, insurance carriers and recordkeepers communicate with each other without having to build or purchase systems that have to be retrofitted to legacy systems-or worse, delaying solutions that can help workers today,” said Sheridan.