SSNC - SS&C says its retirement income middleware platform hit $1B AUA
2023-07-11 13:51:41 ET
SS&C Technologies ( NASDAQ: SSNC ) said Tuesday that its Retirement Income Clearing & Calculation platform reached $1B in assets under administration, coinciding with record 42% growth in the number of participants on RICC since the start of the year.
The platform, which services over 4K retirement plans, "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.
If plan participants change plan providers or switch plans, RICC facilitates the portability of income assets. And, with six recordkeepers and five product providers on board, the middleware platform now supports various protected income investment options.
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SS&C says its retirement income middleware platform hit $1B AUA