Prudential Retirement, a business unit of Prudential Financial, has selected the Retirement Income Clearing Calculator from DST, a provider of solutions to financial services, asset management, brokerage, retirement, and health care markets.
DST said the solution is the industry's first middleware platform designed to enable distribution of retirement income across traditional recordkeeping platforms. The Retirement Income Clearing Calculator (RICC) connects product providers with record-keepers, facilitating the offering and portability of income products.
Prudential Retirement plans to use RICC to distribute retirement income products across multiple recordkeeping platforms, DST added. RICC will provide Prudential the opportunity to make its guaranteed retirement income products more available to distributors and large plan sponsors. It enables providers to incorporate any number of functionalities to deliver income solutions to the market.
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