Financial processing gateway structure

• US 20030018557A1
• Filed: 07/18/2002
• Published: 01/23/2003
• Est. Priority Date: 07/18/2001
• Status: Abandoned Application

• Current Assignee: James A. Gilbert
• Original Assignee: James A. Gilbert
• Inventors: Gilbert, James A., Gupta, Manish
• Application Number:
  US10/197,673
• Publication Number:
  US 20030018557A1
• 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

A web-based system for the management of various types of retirement plans including 401(k) plans, money purchase plans, and profit sharing plans is described. The system comprises: (a) a computer-based retirement system such as a 401(k) system; (b) a plan provider gateway providing plan providers (banks, brokerages, insurance companies, payroll services, etc.) with access to the 401(k) system; (c) a plan sponsor gateway providing plan sponsors (such as individual companies that offer 401(k) to their employees) and authorized plan provider representatives with access to the 401(k) system; and (d) a plan participant gateway providing plan participants (such as individuals participating in a 401(k) plan), authorized plan provider representatives, and authorized plan sponsor representatives with access to the 401(k) system. Thus, each type of user (a plan provider, a plan sponsor, or a plan participant) is able to perform their appropriate and necessary functions via the above-mentioned three gateways.

Claims

1. A web-based system for real-time management of retirement funds, said system comprising:

a. a computer-based retirement funds management system managing retirement funds associated with one or more participants;

b. a plan provider gateway accessing said computer-based retirement funds management system and performing any of, or a combination of, the following tasks;

approving and modifying settings associated with said participants, approving and modifying plan settings associated with said participants, maintaining a range of investments, and processing and distributing investment income and dividends;

c. a plan sponsor gateway accessing said computer-based retirement funds management system and performing any of, or a combination of, the following tasks;

configuring clients, configuring bulletins, configuring divisions, configuring information associated with said participants, viewing and editing plans, displaying a list of plan participants, displaying investments within a selected plan, performance compliance testing, and processing participant contributions; and

d. a plan participant gateway accessing said computer-based retirement funds management system and performing any of, or a combination of, the following tasks;

updating information associated with said participants, updating investment designations, and monitoring, modeling and applying for loans, transfers, and distribution.

2. A web-based system for real-time management of retirement funds, as per claim 1, wherein said retirement funds are funds associated any of the following plans:

401(k) plans, money purchase plans, or profit sharing plans.

3. A web-based system for real-time management of retirement funds, as per claim 1, wherein said computer-based retirement funds management system is operatively linked with one or more databases storing participant related information.

4. A web-based system for real-time management of retirement funds, as per claim 3, wherein said databases are implemented via:

Oracle, SQL, DB2, or Sybase.

5. A web-based system for real-time management of retirement funds, as per claim 1, wherein said participant related information is any of the following:

retirement plan identification information, employee identification information, funds identification information, transaction identification information, loan identification information, trade data, source information, settlement data, amount, shares, description of shares, net asset value information, or as-of- or effective-date.

6. A web-based system for real-time management of retirement funds, as per claim 1, wherein said compliance testing is for any of, or a combination of, the following tests:

402(g), 401(k), 401(m), 415, multiple use test, top heavy test, coverage test, and compensation test.

7. A web-based system for real-time management of retirement funds, as per claim 1, wherein said system is implemented via any of the following architectures:

a Java-based architecture, a COM+ architecture, or a .Net architecture.

9. A web-based system for the management of retirement funds, as per claim 7, wherein said plan providers comprises any of the following entities:

banks, brokerages, insurance companies, or payroll services.

8. A web-based system for the management of retirement funds, said system comprising:

a. a computer-based retirement funds management system managing retirement funds associated with one or more plan providers, one or more authorized plan provider representatives, one or more plan sponsors, one or more authorized plan sponsor representatives, and one or more plan participants;

b. a plan provider gateway providing said one or more plan providers and said one or more authorized plan provider representatives with access to said computer-based retirement funds management system;

c. a plan sponsor gateway providing said one or more plan sponsors, said one or more authorized plan sponsor representatives, and said one or more authorized plan provider representatives with access to the computer-based retirement funds management system; and

d. a plan participant gateway providing said one or more plan participants, said one or more authorized plan sponsor representatives, and said one or more authorized plan provider representatives with access to the computer-based retirement funds management system,

whereby, in a full service mode, said plan providers and said one or more authorized plan provider representatives have additional access to said plan sponsor gateway and plan participant gateway, and in a self service more, said plan sponsors and said one or more authorized plan sponsor representatives have additional access to said plan participant gateway.

10. A web-based system for the management of retirement funds, as per claim 8, wherein said retirement funds are funds associated any of the following plans:

401(k) plans, money purchase plans, or profit sharing plans.

11. A web-based system for the management of retirement funds, as per claim 8, wherein said computer-based retirement funds management system provides said one or more plan providers and said one or more plan sponsors with user-defined data archival periods defining the number of days data related to said retirement funds is to be held before archiving in one or more databases.

12. A web-based system for the management of retirement funds, as per claim 11, wherein said databases are implemented via:

Oracle, SQL, DB2, or Sybase.

13. A web-based system for the management of retirement funds, as per claim 11, wherein said database stores any of the following information:

retirement plan identification information, employee identification information, funds identification information, transaction identification information, loan identification information, trade data, source information, settlement data, amount, shares, description of shares, net asset value information, or as-of- or effective-date.

14. A web-based system for the management of retirement funds, as per claim 8, wherein said system provides a detailed audit trail of all changes made to said database including the date and time a change was made, the user who entered the change, the effect of the change, and the type of change made.

15. A web-based system for the management of retirement funds, as per claim 8, wherein said plan sponsor gateway allows said one or more plan sponsors the ability to perform any of the following compliance tests:

402(g), 401(k), 401(m), 415, multiple use test, top heavy test, coverage test, and compensation test.

16. A web-based system for the management of retirement funds, as per claim 8, wherein said computer-based retirement funds management system further comprises a matching calculator to automatically calculate an employer'"'"'s matching amount based upon their matching compensation.

17. A web-based system for the management of retirement funds, as per claim 8, wherein said computer-based retirement funds management system further comprises a profit sharing calculator to calculate profit sharing amounts based upon profit sharing compensation.

18. A web-based system for the management of retirement funds, as per claim 8, wherein said plan participant gateway allows said one or more plan participants to model and accept loans, distributions, and transfers.

19. A web-based system for the management of retirement funds, as per claim 8, wherein said system is implemented via any of the following architectures:

a Java-based architecture, a COM+ architecture, or a Net architecture.

20. A web-based system for the management of retirement funds, as per claim 8, wherein said system further comprises reconciliation tools for reconciliation with an external trust system and produce variance/exception reports.

21. A web-based system for the management of retirement funds as per claim 8, wherein said web-based system communicates with said one or more plan providers, one or more plan sponsors, and one or more plan participants via data in HTML format.

22. A web-based system for the management of retirement funds, said system comprising:

a. one or more databases;

b. a computer-based retirement funds management system operatively linked with said one or more databases storing retirement fund/plan information associated with one or more plan providers, one or more plan sponsors and one or more plan participants;

c. a plan provider gateway providing said one or more plan providers with access to said computer-based retirement funds management system;

d. a plan sponsor gateway providing said one or more plan sponsors with access to the computer-based retirement funds management system; and

e. a plan participant gateway providing said one or more plan participants with access to the computer-based retirement funds management system.

23. A web-based system for the management of retirement funds, as per claim 22, wherein said one or more databases are implemented via:

Oracle, SQL, DB2, or Sybase.

24. A web-based system for the management of retirement funds, as per claim 22, wherein said retirement fund/plan information comprises any of the following information:

retirement plan identification information, employee identification information, funds identification information, transaction identification information, loan identification information, trade data, source information, settlement data, amount, shares, description of shares, net asset value information, or as-of- or effective-date.

25. A web-based system for the management of retirement funds, as per claim 22, wherein said plan providers comprises any of the following entities:

banks, brokerages, insurance companies, or payroll services.

26. A web-based system for the management of retirement funds, as per claim 22, wherein said plan sponsor gateway allows said one or more plan sponsors the ability to perform any of the following compliance tests:

402(g), 401(k), 401(m), 415, multiple use test, top heavy test, coverage test, and compensation test.

27. A web-based system for the management of retirement funds, as per claim 22, wherein said plan participant gateway allows said one or more plan participants to model and accept loans, distributions, and transfers.

28. A web-based system for the management of retirement funds, as per claim 22, wherein said system is implemented via any of the following architectures:

a Java-based architecture, a COM+ architecture, or a Net architecture.

29. A web-based system for the management of retirement funds as per claim 22, wherein said web-based system communicates with said one or more plan providers, one or more plan sponsors, and one or more plan participants via data in HTML format.

30. A web-based system for the management of retirement funds as per claim 22, whereby, in a full service mode, said plan providers have additional access to said plan sponsor gateway and plan participant gateway, and in a self service more, said plan sponsors have additional access to said plan participant gateway.