DST Ready with 22c-2 Solution for Retirement Intermediaries
Automation of Data Response to Reduce Operational Impact on Recordkeepers
KANSAS CITY, Mo., Oct. 4 -- DST Systems, Inc., a leading provider of recordkeeping solutions for the retirement services industry, is prepared to support its clients in complying with the data transmission requirements of SEC Rule 22c-2. After months of anticipation, the SEC last week granted an extension to the initial October 16, 2006 deadline for complying with the rule. While many in the industry have expressed relief at the extension, DST is ready with its compliance solution.
DST's fully automated response system is designed to relieve intermediaries from having to manually manage queries and deliver data in response to requests. Intermediaries that rely on DST's TRAC® retirement recordkeeping system are able to receive requests from fund companies through the DTCC, and to automatically provide the appropriate information back to the fund company. Further, TRAC clients whose plan providers utilize DST's mutual fund transfer agency system, TA2000®, may bypass the DTCC and avoid network- associated costs.
"DST has worked closely with our clients through our Regulatory Compliance and Advisory Group (RCAG) to follow 22c-2 from its inception, and to develop an automated solution that will adhere to the industry standard while minimizing operational impact to our clients," said Jim Walsh, vice president of DST Systems, Inc.
DST Systems offers solutions to banks, mutual funds, insurance and TPA clients for all of their retirement recordkeeping and administration needs. TRAC, DST's innovative recordkeeping technology, accommodates multiple types and sizes of retirement plans with multiple types of investment vehicles. Approximately 4.5 million participants with nearly $65 billion in assets are supported on the system today.
DST Systems, Inc. provides sophisticated information processing and computer software services and products that help clients improve productivity, increase efficiencies, and provide higher levels of customer service. DST is organized domestically and internationally into two operating segments: Financial Services and Output Solutions. DST operates one of the most advanced data centers in the world, which provides information-processing services to support the products within each operating segment. These products are further enhanced through the integration of DST's advanced technology and e-commerce solutions.
The information and comments above may include forward-looking statements respecting DST and its businesses. Such information and comments are based on DST's views as of today, and actual actions or results could differ. There could be a number of factors affecting future actions or results, including those set forth in DST's latest periodic financial report (Form 10-K or 10-Q) filed with the Securities and Exchange Commission. All such factors should be considered in evaluating any forward-looking comment. The Company will not update any forward-looking statements in this press release to reflect future events.
CONTACT:
Jill Metzler of DST Systems, Inc.,
+1-816-843-9087
