Lincoln PathBuilder Income Goes Live on SS&C Platform
SS&C Technologies (SSNC) announced the launch of Lincoln Financial Group's PathBuilder Income solution on its Retirement Income Clearing Calculator (RICC) platform.
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Rhea-AI Summary
SS&C Technologies (SSNC) announced the launch of Lincoln Financial Group's PathBuilder Income solution on its Retirement Income Clearing Calculator (RICC) platform. This integration allows for guaranteed monthly income for life, alongside market protection and participation in market gains. The RICC platform simplifies distribution and servicing of this product across various recordkeeping platforms. SS&C's technology enhances efficiency by facilitating rollovers to companion IRAs if chosen. The initiative addresses rising consumer demand for lifetime retirement income solutions.
Positive
- Launch of Lincoln PathBuilder Income on RICC platform, enhancing service delivery.
- Guaranteed monthly income for life offered with market protection and upside potential.
- Increased operational efficiency and cost minimization for retirement plan participants.
Negative
- None.
Details
News Market Reaction – SSNC
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WINDSOR, Conn., Dec. 22, 2021 /PRNewswire/ -- SS&C Technologies Holdings, Inc. (Nasdaq: SSNC) today announced that Lincoln Financial Group's PathBuilder IncomeSM 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. Integrated technology to facilitate rollovers to companion 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, Senior V.P., Workplace Solutions Product and Underwriting, Lincoln Financial Group. "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."
"We are pleased to add Lincoln Pathbuilder Retirement Income to our Retirement Income network," said Larry McQuaid, Head of Business Development at SS&C Retirement Solutions. "By eliminating the complexity and technology resource burden involved with servicing in-plan annuities and guaranteed income products, RICC enables Lincoln Financial to meet the growing demand for lifetime retirement income."
SS&C Technologies
SS&C is a global provider of services and software for the financial services and healthcare industries. Founded in 1986, SS&C is headquartered in Windsor, Connecticut, and has offices around the world. Some 18,000 financial services and healthcare organizations, from the world's largest companies to small and mid-market firms, rely on SS&C for expertise, scale and technology.
SOURCE: SS&C
Additional information about SS&C (Nasdaq: SSNC) is available at www.ssctech.com.
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SOURCE SS&C
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