Rollover & Income Portability
Rollover and income portability solutions that facilitate a better user experience and more seamless transactions are key to asset retention and growth. DST’s automatic rollover program (ARP) and voluntary rollover solution, RolloverCentral®, provide end-to-end, integrated platform and educational solutions for recordkeepers, TPAs, plan sponsors and participants. Our Retirement Income Clearing Calculator (RICC®) is a platform-agnostic middleware solution connecting recordkeepers and retirement plans through a simplistic and cost-effective model for the distribution and servicing of guaranteed income products which are becoming a critical component of retirement readiness.
With baby boomers retiring and the number of job changers in the workforce increasing, more participants are actively seeking rollover solutions than ever before. Our rollover solutions help alleviate administrative, financial and regulatory burdens through integrated servicing platforms.
DST offers a comprehensive Automatic Rollover Program for easy management of terminated participant accounts for active plans and terminated plans. Designed to address the servicing needs of TPAs, recordkeepers, advisory firms and plan sponsors, our program greatly simplifies the administration of mandatory rollovers at the plan level.
Easy, Streamlined Solution
DST uses our rollover servicing platform to automate the exchange of participant data between plans, administrators and selected IRA providers. We fully support all program servicing options, providing:
- Choice of 6 IRA options
- Electronic enrollment and paperless transaction processing
- Participant notification letters
- Participant search services
- Automatic IRA openings within 24 hours.
- Plan sponsor enrollment, notification and contractual processes
- Reconciled fund activity reports
Our program can accommodate mandatory rollovers from tax-qualified plans and rollovers resulting from individual account plan terminations.
TPAs and recordkeepers can package the Automatic Rollover Program solution for plan sponsors and generate a revenue share on all funded IRAs. Plan sponsors can also utilize the program directly, working with DST to select a designated IRA provider.
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Increasing assets under management is highly dependent upon a firm's ability to personalize service delivery and create more value for customers in every point of contact. DST's Call Center is designed specifically for the retirement services industry to help representatives process retirement related transactions in the most efficient way possible.
- Centralized data management
- Full end-to-end service delivery
- Customized workflow
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Participants who are changing jobs or getting ready for retirement need help understanding their distribution options and evaluating their rollover choices. Integrated at the plan level, RolloverCentral is easily accessible to participants enabling them interactively walk through their distribution options while providing a quick and elegant path to rollover services.
- Support - RolloverCentral's Learning Center, FAQs, and video resources allow users to explore their options from a more individualized or situational point of view.
- IRA Marketplace – RolloverCentral offers several IRA providers to choose from through the IRA Marketplace. The Marketplace provides filtering and sort criteria tools so users can compare IRA providers by features that are important to them like: Access to an Advisor, Special Offers, Roth, Maintenance and Trade Fees.
- Less Paperwork - RolloverCentral connects recordkeeping platforms with the account opening systems of IRA providers, allowing participants to open IRAs and request distributions at the plan level in a single, real-time transaction – greatly simplifying the rollover process. Most applications can be completed online in approximately 20 minutes.
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DST's income clearing calculator is middleware that facilitates the distribution and servicing of guaranteed retirement income products through any recordkeeping system. One connection for all of your retirement income products helps to minimize costs and keep relationship experiences seamlessly intact for higher client satisfaction.
Guaranteed income products, whether part of a plan or purchased by individual investors, are important parts of the retirement planning mix. To help you overcome the technology barriers in bringing these products to the marketplace, we developed the Retirement Income Clearing Calculator (RICC). RICC enables you to help individual investors and participants broaden their product selection to assist them in achieving their goals.
RICC is crafted to effectively work with a broad array of income solutions, enabling the platform to incorporate any number of functionalities to deliver income solutions to the market. It easily handles all the rules around a guaranteed income products, but can just as easily involve mutual funds.
RICC breaks through the technology barrier to enable insurance companies, asset managers, and mutual fund companies to get products to the market, distributors, and large plan sponsors quickly and without the immense and costly effort of updating legacy systems. With RICC, you build the interface once to reach many guaranteed income products.
RICC now provides the same breakthrough technology to individual IRA accounts. There's a lot of uncertainty in the retirement world. Investors and soon-to-be retirees are concerned that the things they've counted on before won't be there when they need them. Fears about Social Security and the economy in general have created a strong desire to have a retirement income that they can trust. Now, more than ever before, guaranteed income products are a crucial feature in a retirement portfolio.
Asset managers, recordkeepers, and insurance companies have run into barriers. Disparate systems between these groups have presented technological barriers in developing products and getting them to the market quickly. DST has expanded the Retirement Income Clearing Calculator (RICC®) platform to process and exchange information into retail IRA accounts.
The introduction of IRA functionality to RICC creates a vast new opportunity for mutual fund companies, investment managers, and other wealth management providers to support retirement income products in IRAs and other retirement-focused investment accounts. With the technology barrier removed, our clients can now develop products faster and get them to market quicker.