System and methods for group retirement plan administration

• US 20010037276A1
• Filed: 04/02/2001
• Published: 11/01/2001
• Est. Priority Date: 04/07/2000
• Status: Abandoned Application

• Current Assignee: Principal Financial Group Incorporated
• Original Assignee: Principal Financial Services Incorporated (Principal Financial Group Incorporated)
• Inventors: Hays, Eric W., Kelly, William J., Ellis, Angela M., Kliegl, Patricia M., Franklin, Stacie J., Thomann, Susie
• Application Number:
  US09/824,329
• Publication Number:
  US 20010037276A1
• Time in Patent Office: Days
• US Class Current: 705/36
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis

Abstract

The invention includes a method of providing group retirement plan administrative services to one or more sponsors, at least one sponsor having one or more participants enrolled in a retirement plan, the method comprising electronically receiving contribution information from a sponsor, automatically updating a provider database based on the contribution information received from a sponsor; electronically providing account information to at least one sponsor; and electronically providing account information to at least one participant. The invention further provides for electronically transferring electronic funds between at least one account associated with a sponsor and at least one account associated with a provider.

Claims

1. A method of providing group retirement plan administration to one or more sponsors, at least one sponsor having one or more participants enrolled in a retirement plan, the method comprising:

electronically receiving contribution information from a sponsor;

automatically updating a provider database based on the contribution information received from a sponsor;

electronically providing account information to at least one sponsor; and

electronically providing account information to at least one participant.

2. The method of

claim 1

further comprising the step of electronically transferring funds between at least one account associated with a sponsor and at least one account associated with a provider.

3. The method of

claim 1

wherein the step of electronically receiving contribution information from the sponsor is electronically receiving contribution information from the sponsor over a computer network.

4. The method of

claim 3

wherein the step of electronically receiving contribution information from the sponsor is electronically receiving contribution information from the sponsor over the Internet.

5. The method of

claim 1

wherein the step of electronically providing account summary information to at least one sponsor is electronically providing account summary information to at least one sponsor over a computer network.

6. The method of

claim 5

wherein the step of electronically providing account summary information to at least one sponsor is electronically providing account summary information to at least one sponsor over the Internet.

7. The method of

claim 1

wherein the step of electronically providing account summary information to participants is electronically providing account summary information to participants over a computer network.

8. The method of

claim 7

wherein the step of electronically providing account summary information to participants is electronically providing account summary information to participants over the Internet.

9. The method of providing group retirement plan administration of

claim 1

further comprising electronically receiving investment allocation information from a participant.

10. The method of

claim 9

further comprising automatically updating a provider database based on the investment allocation information received from the participant.

11. The method of

claim 10

further comprising performing an electronic financial securities transaction based on the investment allocation information received from the participant.

12. The method of

claim 1

wherein the step of electronically providing account information to sponsors is electronically providing compliance data collection to sponsors.

13. The method of

claim 1

wherein the step of electronically providing account information to sponsors is electronically providing electronic fund transfer options to sponsors.

14. The method of

claim 1

wherein the step of electronically providing account information to at least one sponsor is electronically providing a record of the sponsor'"'"'s recent activities to the sponsor.

15. The method of

claim 1

wherein the step of electronically providing account information to at least one sponsor is electronically providing a summary of investments associated with the sponsor'"'"'s group retirement plan to the sponsor.

16. The method of

claim 1

wherein the step of electronically providing account information to at least one sponsor is electronically providing a summary of the participation of employees of the sponsor within a group retirement plan to the sponsor.

17. The method of

claim 1

wherein the step of electronically providing account information to participants is electronically providing account balance information to participants.

18. The method of

claim 1

wherein the step of electronically providing account information to participants is electronically providing personalized rate of return information to participants.

19. The method of

claim 1

wherein the step of electronically providing account information to participants is electronically providing investment direction information to participants.

20. The method of

claim 1

wherein the step of electronically providing account information to participants is electronically providing investment options information to participants.

21. The method of

claim 1

wherein the step of electronically providing account information to participants is electronically providing account activity information to participants.

22. The method of

claim 1

wherein the step of electronically providing account information to participants is electronically providing activity history information to participants.

23. A method of providing group retirement plan administration to one or more sponsors, at least one sponsor having one or more participants enrolled in a retirement plan, the method comprising:

electronically receiving contribution information from a sponsor;

automatically updating a provider database based on the contribution information received from the sponsor;

electronically transferring funds between at least one account associated with a sponsor and at least one account associated with a provider;

electronically receiving investment allocation information from a participant; and

automatically updating a provider database based on the investment allocation information received from the participant.

24. The method of

claim 23

wherein the step of electronically receiving contribution information from the sponsor is electronically receiving contribution information from the sponsor over a computer network.

25. The method of

claim 24

wherein the step of electronically receiving contribution information from the sponsor is electronically receiving contribution information from the sponsor over the Internet.

26. The method of

claim 23

further comprising performing an electronic financial securities transaction based on the investment allocation information received from the participant.

27. A group retirement plan administration system for permitting a provider to administer at least one group retirement plan for at least one sponsor, and at least one participant associated with at least one of the group retirement plans, the system comprising:

a provider group retirement plan database for storing information associated with at least one group retirement plan; and

a provider web server capable of exchanging information with the provider group retirement plan database, the web server providing secured access to at least one sponsor, and the web sever providing secured access to at least one participant associated with a group retirement plan.

28. The group retirement plan administration system of

claim 27

further comprising a firewall between the provider web server and the provider group retirement plan database for protecting the group retirement plan database from intrusion.

29. The group retirement plan administration system of

claim 27

further comprising a mainframe computer, the provider group retirement plan database stored in physical memory accessible by the mainframe computer, the provider web server capable of requesting information from the database, and the provider web server capable of sending information to the database.

30. A group retirement plan administration system for permitting a provider to administer at least one group retirement plan for at least one sponsor, and at least one participant associated with at least one of the group retirement plans, the system comprising:

means for electronically storing information associated with group retirement plan sponsors;

means for electronically storing information associated with group retirement plan participants;

means for electronically sending retirement plan contribution information from the group retirement plan sponsors to the provider;

means for electronically communicating retirement plan information from the group retirement plan sponsor to the group retirement plan participants; and

means for electronically communicating account information from the group retirement plan participants to the group retirement plan sponsor.