DST reported 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, said it 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.
DST Retirement Solutions provides a broad array of front- and back-office technology and servicing solutions to financial service organizations offering retirement plan recordkeeping. A wholly-owned subsidiary of Kansas City-based DST Systems, Inc., DST Retirement Solutions services more than 6.8m participants around the world. For more information, visit www.dstsystems.com.