As evidence that momentum continues to build for in-plan guaranteed income solutions, look no further than today’s announcement from Windsor, Conn.-based global provider of services and software for the financial services and healthcare industries SS&C Technologies Holdings, Inc.
SS&C announced assets under administration on the SS&C Retirement Income Clearing & Calculation (RICC) Platform have reached $1 billion—a milestone that coincides with record 42% growth in the number of participants on the platform since the beginning of the year.
“We are gratified to see record growth on the platform as more participants adopt protected income assets.”
SS&C Retirement’s Larry McQuaid
Through a single connection, RICC allows income solution providers to gain distribution opportunities on multiple recordkeeping platforms. If plan participants change plan providers or switch plans, RICC facilitates the portability of income assets. With six leading recordkeepers and five product providers on board, the middleware platform now supports a variety of protected income investment options.
“RICC was developed to help address the need for an efficient, scalable and cost-effective way for recordkeepers to gain access to multiple retirement income solutions through a single connection,” said Larry McQuaid, Head of Business Development, SS&C Retirement. “We are gratified to see record growth on the platform as more participants adopt protected income assets. As the passage of the Secure 1.0 Act spurs more demand in this sector, we look forward to providing the leading technology and support to market participants to accelerate adoption.”
When a consortium of leading retirement firms launched Income America 5ForLife, a guaranteed lifetime income target date series, they chose SS&C as a middleware provider. “When we launched Income America to transform the retirement industry with in-plan lifetime income guarantees, we knew the success of the offering depended on easy access, distribution and portability for the recordkeepers, retirement plans, advisors and participants,” said Matthew Wolniewicz, President, Income America. “SS&C’s middleware platform offers a simple, elegant setup for the complex management of these solutions and others. We look forward to our continued partnership with SS&C as we grow.”
Learn about SS&C’s middleware solution here.
SEE ALSO:
• Nationwide Adds Income America ‘5ForLife’ for Managed Account Participants
• Guaranteed Lifetime Income Solutions May Grow Retirement Spending Power