System and methods for designing group retirement plans

• US 20010034684A1
• Filed: 03/28/2001
• Published: 10/25/2001
• Est. Priority Date: 03/29/2000
• Status: Abandoned Application

• Current Assignee: Principal Financial Group Incorporated
• Original Assignee: Principal Financial Services Incorporated (Principal Financial Group Incorporated)
• Inventors: Kohler, Kara M., Renken, Troy G., Cushing, James K., Prey, Richard L., Daugherty, Michael J., Kelly, William J., Ellis, Angela M., Kliegl, Patricia M., Donnelly, Thomas J.
• Application Number:
  US09/819,318
• Publication Number:
  US 20010034684A1
• Time in Patent Office: Days
• US Class Current: 705/35
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

The invention includes a new method and system for designing group retirement plans. The method and system merge a prospective plan sponsor'"'"'s business objectives and needs with a business logic component for plan design. Based upon information collected from the plan sponsor, the business logic component designs a suitable group retirement plan. The present invention generally eliminates the need for a sales representative in retirement plan design.

Claims

1. A new method for designing group retirement plans for prospective plan sponsors, eliminating the need for a sales representative in retirement plan design, the method comprising:

providing a Web site hosted by at least one computer in communication with a computer network, the Web site having a business logic component for merging a plan sponsor'"'"'s business needs with retirement plan design;

collecting information from the plan sponsor through the Web site, the information relating to the plan sponsor'"'"'s business objectives;

analyzing the information using the business logic component; and

generating a retirement plan with plan rules appropriate to the plan sponsor'"'"'s business objectives.

2. The method of

claim 1

wherein the computer network is a wide area network.

3. The method of

claim 1

wherein the computer network is the Internet.

4. The method of

claim 1

wherein the group retirement plan is a defined contribution retirement plan.

5. The method of

claim 1

wherein the information relating to the plan sponsor'"'"'s business objectives includes one or more reasons of the plan sponsor for providing the retirement plan.

6. The method of

claim 5

wherein the one or more reasons for providing the retirement plan include attracting and retaining employees.

7. The method of

claim 1

wherein the information relating to the plan sponsor'"'"'s business objectives includes an identification of plan participants intended to benefit under the retirement plan.

8. The method of

claim 1

wherein the information relating to the plan sponsor'"'"'s business objectives includes participant access to retirement accounts before retirement.

9. The method of

claim 1

wherein at least one of the plan rules relates to plan participant eligibility.

10. The method of

claim 1

wherein at least one of the plan rules relates to plan sponsor contribution amounts under the retirement plan.

11. The method of

claim 1

wherein at least one of the plan rules relates to profit sharing contributions under the retirement plan.

12. The method of

claim 1

wherein at least one of the plan rules relates to vesting of participant contributions under the retirement plan.

13. The method of

claim 1

wherein at least one of the plan rules relates to loans offered under the retirement plan.

14. The method of

claim 1

wherein the plan rules relate to participant eligibility, plan sponsor contribution amounts, vesting of plan sponsor contributions, and loans offered under the retirement plan.

15. The method of

claim 1

further comprising the step of presenting to the plan sponsor one or more of the plan rules for review by the plan sponsor.

16. The method of

claim 15

further comprising the step of facilitating a selection of one or more alternative plan rules by the plan sponsor.

17. The method of

claim 16

further comprising the step of presenting to the plan sponsor one or more business consequences corresponding to the selection of the one or more alternative plan rules.

18. The method of

claim 1

further comprising the step of generating an application for a retirement plan contract based upon the plan rules.

19. The method of

claim 18

further comprising the step of electronically transmitting to the plan sponsor the application.

20. The method of

claim 19

wherein the application is adapted to be executed and electronically submitted by the plan sponsor to apply for the retirement plan contract.

21. The method of

claim 18

further comprising the step of generating a service agreement for the retirement plan.

22. The method of

claim 21

further comprising the step of electronically transmitting to the plan sponsor the service agreement.

23. The method of

claim 22

wherein the service agreement is adapted to be executed and electronically submitted by the plan sponsor.

24. The method of

claim 20

further comprising the steps of generating an adoption of plan document.

25. The method of

claim 24

further comprising the step of electronically transmitting to the plan sponsor the adoption of plan document.

26. The method of

claim 25

wherein the adoption of plan document is adapted to be executed and electronically submitted by the plan sponsor.

27. The method of

claim 1

further comprising the steps collecting information from the plan sponsor relating to the plan sponsor'"'"'s business and evaluating the information to determine whether the plan sponsor is eligible for the retirement plan design via the Web site.

28. The method of

claim 5

further comprising the step of facilitating a selection by the plan sponsor of one or more investment options for participants under the defined contribution retirement plan.

30. The method of

claim 26

wherein the computer network is the Internet.

64. The method of

claim 25

further comprising the step of electronically receiving an application fee from the plan sponsor.

29. A new method for designing group retirement plans that is driven, at least in part, by the business objectives or goals of a plan sponsor, the method comprising:

collecting information about a prospective plan sponsor from a Web site hosted by at least one computer in communication with a computer network accessible to the prospective plan sponsor;

defining a set of eligibility rules for plan sponsors using the Web site for retirement plan design;

determining whether the plan sponsor is eligible to apply for a group retirement plan using the Web site based upon the collected information about the employer and the set of eligibility rules;

if the prospective plan sponsor is eligible for a group retirement plan design using the Web site, then performing the following;

collecting information from the plan sponsor relating to the business objectives of the plan sponsor;

defining a set of plan design rules correlating business objectives with retirement plan design,

evaluating the information relating to the business objectives of the plan sponsor using the plan design rules,

generating a plurality of retirement plan rules appropriate to the business objectives of the plan sponsor, and

presenting the retirement plan rules to the plan sponsor using the Web site.

31. The method of

claim 29

wherein the group retirement plan is a defined contribution retirement plan.

32. The method of

claim 29

wherein the group retirement plan is a defined benefit retirement plan.

33. The method of

claim 29

wherein the retirement plan is a qualified plan.

34. The method of

claim 29

wherein the retirement plan is a non-qualified plan.

35. The method of

claim 29

wherein the information relating to the business objectives of the plan sponsor includes one or more reasons of the plan sponsor for providing the retirement plan.

36. The method of

claim 29

wherein the information relating to the business objectives of the plan sponsor includes an identification of participants intended to benefit under the retirement plan.

37. The method of

claim 29

wherein the information relating to the business objectives of the plan sponsor includes participant access to amount balances prior to retirement.

38. The method of

claim 29

wherein at least one of the retirement plan rules relates to participant eligibility.

39. The method of

claim 29

wherein at least one of the retirement plan rules relates to plan sponsor contribution amounts under the retirement plan.

40. The method of

claim 29

wherein at least one of the retirement plan rules relates to profit sharing contributions under the retirement plan.

41. The method of

claim 29

wherein at least one of the retirement plan rules relates to vesting of plan sponsor contributions under the retirement plan.

42. The method of

claim 29

wherein at least one of the plan rules relates to loans or withdrawals offered under the retirement plan.

43. The method of

claim 29

wherein if the perspective plan sponsor is eligible to apply for a group retirement plan using the Web site, then further comprising the step of facilitating a selection of one or more alternative plan rules by the plan sponsor.

44. The method of

claim 43

wherein if the prospective plan sponsor is eligible to apply for a group retirement plan using the Web site, then further comprising the step of presenting to the plan sponsor one or more business consequences corresponding to the selection of the one or more alternative plan rules selected by the plan sponsor.

45. The method of

claim 44

wherein if the prospective plan sponsor is eligible to apply for a group retirement plan using the Web site, then further comprising the step of generating an application for a retirement plan contract based upon the plan rules approved by the plan sponsor.

46. The method of

claim 45

wherein if the prospective plan sponsor is eligible to apply for a group retirement plan using the Web site, then further comprising the step of transmitting the application to the plan sponsor via the Web site.

47. The method of

claim 46

wherein the application is adapted to be electronically submitted by the plan sponsor to apply for the retirement plan contract.

48. The method of

claim 44

wherein if the prospective plan sponsor is eligible to apply for a group retirement plan using the Web site, then further comprising the step of generating a service agreement for the retirement plan.

49. The method of

claim 48

wherein if the prospective plan sponsor is eligible to apply for a group retirement plan using the Web site, then further comprising the step of transmitting the service agreement to the plan sponsor via the Web site.

50. The method of

claim 49

wherein the service agreement is adapted to be executed and electronically submitted by the plan sponsor.45.

51. The method of

claim 31

wherein if the prospective plan sponsor is eligible to apply for a group retirement plan using the Web site, then further comprising the step of facilitating a selection by the employer of one or more investment options for participants under the defined contribution retirement plan.

65. The method of

claim 47

further comprising the step of electronically receiving an application fee from the plan sponsor.

52. A first ever Web site system for designing group retirement plans for prospective plan sponsors over a computer network, the Web site system comprising:

a computer in communication with the computer network;

a Web page accessible over the computer network for receiving information about the plan sponsor, the information including one or more business objectives of the plan sponsor; and

software executing on the computer for determining retirement plan rules based, at least in part, upon the one or more business objectives of the plan sponsor.

53. The Web site system of

claim 52

further comprising software executing on the computer for preparing a first electronic document which is an application to purchase a group retirement plan based upon the retirement plan rules.

54. The Web site system of

claim 52

further comprising software executing on the computer for providing the plan sponsor the option of selecting alternative retirement plan rules.

55. The Web site system of

claim 53

wherein the first electronic document is adapted to be electronically submitted by the plan sponsor.

56. The Web site system of

claim 52

further comprising software on the computer for determining whether the prospective plan sponsor is eligible to purchase a retirement plan using the Web site system.

57. The Web site system of

claim 53

further comprising software executing on the computer for preparing a second electronic document which is a service agreement for the retirement plan.

58. The Web site system of

claim 57

wherein the second electronic document is adapted to be executed and electronically submitted by the plan sponsor.

59. A new method for designing group retirement plans for prospective plan sponsors, the method comprising:

providing at least one computer in communication with a computer network;

collecting information from the plan sponsor over the computer network, the information relating to one or more of the plan sponsor'"'"'s goals for a retirement plan;

providing software on the computer for merging the plan sponsor'"'"'s one or more goals with retirement plan design;

analyzing the information collected from the plan sponsor using the software; and

generating a group retirement plan with plan rules consistent with the plan sponsor'"'"'s one or more goals.

60. The method of

claim 59

wherein the computer network is accessible to the plan sponsor.

61. The method of

claim 59

wherein the one or more goals include to attract and retain employees.

62. The method of

claim 59

wherein the one or more goals include minimizing tax liability.

63. The method of

claim 59

wherein the one or more goals include benefiting a select group of employees.