Systems and methods for providing a benefit product with periodic guaranteed minimum income
First Claim
1. A system implementing a benefit product with a guaranteed minimum income, wherein payment into the benefit product securing the guaranteed minimum income for a payout phase of the benefit product following an accumulation phase of the benefit product, the system comprising:
- an income recordkeeper interfacing with a plurality of savings recordkeepers, 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;
monitoring transactions to or from the benefit product; and
determining, based on the transactions, a guaranteed minimum income associated with participation in the benefit product, the guaranteed minimum income being an amount that may be paid from the benefit product beginning on a future start date; and
the plurality of savings recordkeepers, wherein each of the savings recordkeepers includes a savings recordkeeper record keeping system, the savings recordkeeper record keeping system outputting the attributes to the benefit product to the income recordkeeper interface portion, so as to be input to the income recordkeeper record keeping system, wherein records of the plan being maintained by the savings recordkeeper, the records containing the attributes; and
wherein each of the savings recordkeepers are unaffiliated third parties with respect to their relationship with the income recordkeeper.
2 Assignments
0 Petitions
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 for a payout phase of the benefit product following an accumulation phase of the benefit product. 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 or from the benefit product; and (b) determining, based on the transactions, a guaranteed minimum income associated with participation in the benefit product, the guaranteed minimum income being an amount that may be paid from the benefit product beginning on a future start date. The system further includes the plurality of savings recordkeepers, wherein each of the savings recordkeepers includes a savings recordkeeper record keeping system, the savings recordkeeper record keeping system outputting the attributes to the benefit product to the income recordkeeper interface portion, so as to be input to the income recordkeeper record keeping system, wherein records of the plan being maintained by the savings recordkeeper, the records containing the attributes; and wherein each of the savings recordkeepers are unaffiliated third parties with respect to their relationship with the income recordkeeper.
173 Citations
27 Claims
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1. A system implementing a benefit product with a guaranteed minimum income, wherein payment into the benefit product securing the guaranteed minimum income for a payout phase of the benefit product following an accumulation phase of the benefit product, the system comprising:
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an income recordkeeper interfacing with a plurality of savings recordkeepers, 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;
monitoring transactions to or from the benefit product; and
determining, based on the transactions, a guaranteed minimum income associated with participation in the benefit product, the guaranteed minimum income being an amount that may be paid from the benefit product beginning on a future start date; and
the plurality of savings recordkeepers, wherein each of the savings recordkeepers includes a savings recordkeeper record keeping system, the savings recordkeeper record keeping system outputting the attributes to the benefit product to the income recordkeeper interface portion, so as to be input to the income recordkeeper record keeping system, wherein records of the plan being maintained by the savings recordkeeper, the records containing the attributes; and
wherein each of the savings recordkeepers are unaffiliated third parties with respect to their relationship with the income recordkeeper. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21)
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22. A system implementing a benefit product having a guaranteed minimum income feature, the system comprising:
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a single insuring entity;
a plurality of savings recordkeepers each interacting with the single insuring entity, and each savings recordkeeper maintaining a savings recordkeeper record keeping system for respective plans associated with the benefit product, the benefit product being offered by the insuring entity; and
the record keeping system of each of the plurality of savings recordkeepers outputting select data to the insuring entity to effect processing relating to the benefit product; and
the benefit product including a guaranteed minimum income feature; and
wherein each of the savings recordkeepers are unaffiliated third parties with respect to their relationship with the single insuring entity. - View Dependent Claims (23, 24, 25, 26)
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27. A method of implementing a benefit product with a guaranteed minimum income, wherein payment into the benefit product securing the guaranteed minimum income for a payout phase of the benefit product following an accumulation phase of the benefit product, the method comprising:
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maintaining an income recordkeeper system interfacing with a plurality of savings recordkeepers, the income recordkeeper system 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;
monitoring transactions to or from the benefit product; and
determining, based on the transactions, a guaranteed minimum income associated with participation in the benefit product, the guaranteed minimum income being an amount that may be paid from the benefit product beginning on a future start date; and
interfacing, by the income recordkeeper, with the plurality of savings recordkeepers, wherein each of the savings recordkeepers includes a savings recordkeeper record keeping system, the savings recordkeeper record keeping system outputting the attributes to the benefit product, to the income recordkeeper interface portion, so as to be input by the income recordkeeper record keeping system;
wherein the benefit product is funded by payments from the plan, the plan being administered by the savings recordkeeper; and
wherein each of the savings recordkeepers are unaffiliated third parties with respect to their relationship with the income recordkeeper.
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Specification