Plan safe harbors provided by the SECURE Act and a demographic population shift to retirement age has increased demand for guaranteed income options among plan participants. In fact, three in four participants have expressed interest in a guaranteed lifetime income product. 1 Despite the participant demand, less than 10% of 401(k) plans offer an annuity or guaranteed retirement income product on their investment lineup. Before RICC, supporting an in-plan annuity or guaranteed retirement income product required significant technical and process-based resources.
RICC is a middleware solution that provides simple and efficient connectivity and data flow between recordkeepers and retirement income product manufacturers. RICC also calculates and applies product-specific rules based on each retirement income solution.
By eliminating the complexity and technology resource burden involved with servicing in-plan annuities and guaranteed income products, RICC provides an essential solution to meet this growing demand.
- Single Connection for recordkeepers and retirement income products.
- Cost Efficiency minimizes implementation and maintenance costs.
- Increase Asset Acquisition and Portability by connecting to RICC’s recordkeeping and retirement income product network.
1 Employee Benefit Research Institute, 2019 Retirement Confidence Survey Summary Report, https://www.ebri.org/docs/default-source/rcs/2019-rcs/2019-rcs-short-report.pdf