For more stories like this, sign up for the PLANSPONSOR NEWSDash daily newsletter.
SS&C Technologies Holdings Inc., a provider of services and software for the financial services and health care industries, has announced that Lincoln Financial Group’s PathBuilder Income solution is now live on its retirement income clearing calculator (RICC) middleware platform to support the distribution and servicing of the product.
Lincoln PathBuilder Income offers guaranteed monthly income for life, with protection from market declines and participation in rising markets. The RICC platform will perform benefit accounting and product servicing to simplify the distribution of the PathBuilder Income product offering to plans and participants across multiple recordkeeping platforms, according to the firms. Integrated technology to facilitate rollovers to companion individual retirement accounts (IRAs) can also be supported if elected.
“We are seeing significant consumer interest in an in-plan investment option that would provide guaranteed lifetime income, as, ultimately, a retirement plan should include a plan for retirement,” said Ralph Ferraro, Lincoln Financial Group workplace solutions product and underwriting senior vice president. “To meet this need and offer an easy-to-use solution, we are leveraging SS&C’s technology, which allows retirement plan participants’ benefits to move between recordkeepers seamlessly, increasing efficiency and minimizing costs.”
« Increasing DC Plan Default Deferral Rates a Better Driver of Higher Savings