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BlackRock, SunGard Launch DC Plan Support

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BlackRock and SunGard announced Monday a new technological platform that will "support the broader use of funds generating lifetime retirement income within corporate defined contribution (DC) plans."

The SunGard Global Network is an "income window" that will allow plan recordkeeping firms to integrate funds into a plan's administrative and transaction processes.

"The income window, which can be used by any recordkeeping firm, including Third Party Administrators and advisors using SunGard's Omni and Relius platforms, will provide access and the ability to trade lifetime retirement income funds through an integrated link to the SGN," Bob Ward, chief operating officer of SunGard's Wealth Management Business, said in a press release.

As of the end of the second quarter of 2010, investors had $2.7 trillion in 401(k) plans, according to the Investment Company Institute. A poll by BlackRock found 44% of participants aren't confident they'll be able to generate income in retirement.

"Defined contribution plans have become essential to the retirement and financial security of millions of Americans," Chip Castille, managing director and head of BlackRock's US & Canada Defined Contribution Group, said in a statement. "Both sides of the plan equation — asset accumulation as well as decumulation — need further strengthening. But with more and more Americans approaching the threshold of retirement, how to generate lifelong income is an especially urgent and growing concern."