SS&C Technologies and ARS Partnership: A New Era for Defined Contribution Retirees
SS&C Technologies Holdings, Inc. (SSNC), a leading provider of software and software-enabled services for the financial services industry, recently announced a strategic partnership with ARS, an innovative guaranteed lifetime income solutions and technology provider for the defined contribution market. The collaboration aims to distribute and service ARS’ Lifetime Income Builder retirement products through SS&C Retirement Solutions’ Retirement Income Clearing & Calculation (RICC) platform.
ARS’ Lifetime Income Builder Products
ARS offers a suite of Lifetime Income Builder products designed to help defined contribution plan participants turn their savings into guaranteed retirement income. These solutions include:
- Guaranteed Minimum Withdrawal Benefits (GMWB): Provides a guaranteed minimum monthly income for a specified period or for life, regardless of market conditions.
- Variable Annuity with Lifetime Income Rider: Offers the potential for growth through investment options while providing the security of a guaranteed income stream in retirement.
- Managed Payout Funds: Provides participants with a range of investment options that are designed to generate income in retirement and offer a guaranteed minimum payout.
Impact on Retirees
The partnership between SS&C and ARS could bring significant benefits to retirees participating in defined contribution plans. With the Lifetime Income Builder products, retirees can:
- Transform their savings into guaranteed retirement income.
- Protect their savings from market volatility.
- Maintain their standard of living throughout retirement.
Impact on the World
The collaboration between SS&C and ARS could have far-reaching implications for the retirement industry. By integrating ARS’ Lifetime Income Builder products into the RICC platform,:
- Retirement plan sponsors can offer their participants a more comprehensive suite of retirement solutions.
- Financial institutions can expand their product offerings and better serve their clients.
- Governments and regulatory bodies can help address the retirement income gap and promote financial security for their citizens.
Conclusion
The partnership between SS&C Technologies and ARS is a significant step forward in the retirement industry, as it enables defined contribution plan participants to turn their savings into guaranteed retirement income. By integrating ARS’ Lifetime Income Builder products into the RICC platform, retirees can protect their savings from market volatility and maintain their standard of living throughout retirement. Additionally, this collaboration has the potential to benefit retirement plan sponsors, financial institutions, and governments by offering a more comprehensive suite of retirement solutions and addressing the retirement income gap.
As the retirement landscape continues to evolve, partnerships like this one demonstrate the importance of innovation and collaboration in creating solutions that help individuals achieve financial security and peace of mind in retirement.
For more information about the partnership or ARS’ Lifetime Income Builder products, please contact your financial advisor or visit SS&C’s website.
