DTCC and Taskforce Receive Award for Work to Standardize Annuities Reporting

In 2007, DTCC and the NAVA/SIFMA Retirement Income Standardization Taskforce received an award from Operations Management Journal, an Institutional Investor publication, for their teamwork to standardize the reporting process for annuity distribution data.

The distribution of retirement annuities, which represents a unique set of challenges for the insurance industry, is expected to gain increased focus as baby boomers approach retirement.

The Taskforce, convened in the fall of 2006, has made significant progress, particularly in identifying its top needs from DTCC, according to Operations Management Journal. The group includes DTCC, The Hartford, the Securities Industry in Financial Markets Association (SIFMA), the Association of Insured Retirement Solutions (NAVA) and other industry participants.