Systems and methods for providing a benefit product with periodic guaranteed minimum income
First Claim
1. A system implementing a benefit product for a participant with a guaranteed minimum income, the system comprising:
- an income recordkeeper interfacing with a plurality of savings recordkeepers, the income recordkeeper in the form of a processing machine, the income recordkeeper including;
an income recordkeeper interface portion that inputs attributes to the benefit product funded by payments from a plan associated with the benefit product;
an income recordkeeper record keeping system that implements the benefit product, the income recordkeeper record keeping system in communication with the income recordkeeper interface portion, the income recordkeeper record keeping system programmed to;
monitor one or more transactions relating to the benefit product; and
determine, based on the transactions, a guaranteed minimum income associated with participation in the benefit product, the guaranteed minimum income being an amount paid from the benefit product beginning on a future start date, wherein payment into the benefit product secures the guaranteed minimum income for a payout phase of the benefit product following an accumulation phase of the benefit product, anddetermine a guaranteed income factor;
where the income recordkeeper record keeping system uses the guaranteed income factor to transform dollar transactions to the benefit product to determine the guaranteed minimum income paid on the future start date; and
wherein the income recordkeeper interface portion receives the attributes of the benefit product from the plurality of savings recordkeepers.
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Accused Products
Abstract
The invention provides systems, and methods of using the systems, implementing a benefit product with a guaranteed minimum income, wherein payment into the benefit product securing the guaranteed minimum income. The system comprises an income recordkeeper interfacing with a plurality of savings recordkeepers, the income recordkeeper including (1) an income recordkeeper interface portion that inputs attributes to the benefit product funded by payments from a plan associated with the benefit product; and (2) an income recordkeeper record keeping system that implements the benefit product, the income recordkeeper record keeping system being in communication with the income recordkeeper interface portion, the income recordkeeper record keeping system: (a) monitoring transactions to the benefit product; and (b) determining, based on the transactions, a guaranteed minimum income associated with participation in the benefit product.
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Citations
20 Claims
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1. A system implementing a benefit product for a participant with a guaranteed minimum income, the system comprising:
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an income recordkeeper interfacing with a plurality of savings recordkeepers, the income recordkeeper in the form of a processing machine, the income recordkeeper including; an income recordkeeper interface portion that inputs attributes to the benefit product funded by payments from a plan associated with the benefit product; an income recordkeeper record keeping system that implements the benefit product, the income recordkeeper record keeping system in communication with the income recordkeeper interface portion, the income recordkeeper record keeping system programmed to; monitor one or more transactions relating to the benefit product; and determine, based on the transactions, a guaranteed minimum income associated with participation in the benefit product, the guaranteed minimum income being an amount paid from the benefit product beginning on a future start date, wherein payment into the benefit product secures the guaranteed minimum income for a payout phase of the benefit product following an accumulation phase of the benefit product, and determine a guaranteed income factor; where the income recordkeeper record keeping system uses the guaranteed income factor to transform dollar transactions to the benefit product to determine the guaranteed minimum income paid on the future start date; and wherein the income recordkeeper interface portion receives the attributes of the benefit product from the plurality of savings recordkeepers. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19)
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20. A system implementing a benefit product for a participant with a guaranteed minimum income, the system comprising:
an income recordkeeper interfacing with a plurality of savings recordkeepers, the income recordkeeper in the form of a processing machine, the income recordkeeper including; an income recordkeeper interface portion that inputs attributes to the benefit product funded by payments from a plan associated with the benefit product; an income recordkeeper record keeping system that implements the benefit product, the income recordkeeper record keeping system being in communication with the income recordkeeper interface portion, the income recordkeeper record keeping system programmed to; monitor one or more transactions relating to the benefit product; and determine, based on the transactions, a guaranteed minimum income associated with participation in the benefit product, the guaranteed minimum income being an amount paid from the benefit product beginning on a future start date, wherein payment into the benefit product secures the guaranteed minimum income for a payout phase of the benefit product following an accumulation phase of the benefit product, and determines a guaranteed income factor; wherein the income recordkeeper record keeping system uses the guaranteed income factor to transform dollar transactions to the benefit product so as to determine the guaranteed minimum income paid on the future start date.
Specification