The financial services arm of a group known for serving retirees has chosen a recordkeeper for its new 401(k) plan business.
AARP Financial Inc., Tewksbury, Mass., a unit of AARP, Washington, is hiring DST Retirement Solutions, a unit of DST Systems Inc., Kansas City, Mo., to support AARP’s new Traditional 401(k) program, Automatic 401(k) program and Solo(k) program, according to DST.
DST will provide participant servicing for the plans as well as recordkeeping, DST says.
DST says it has developed an automated online plan setup tool for the AARP plans.
Employers can use the tool to get quotes and buy plans as well as to set up plans, DST says.