“We are proud to have the opportunity to work with BlackRock on the design and delivery of our income window solution—a technological advancement that will help make retirement income options more readily available to DC plan participants,” said Bob Ward, chief operating officer of SunGard’s wealth management business.
The solution meets the open architecture information-sharing standards that The SPARK Institute developed for annuity-based, lifetime income funds in retirement plans.
Funds with an income annuity component add to the administrative complexities and recordkeeping process of DC plans, SunGard and BlackRock explained. “Many plan sponsors have found it challenging to add funds specifically designed to help employees transform their accumulated retirement assets into secure retirement income,” said Chip Castille, managing director and head of BlackRock’s U.S. and Canada defined contribution group. “Now that barrier is being removed.”