Computer system and method for marketing and making loans to individuals for retirement savings
First Claim
1. A system for administering a computer-based loan program comprising:
- a database of information on employees, said database comprising;
information of a specific employee'"'"'s pay;
information of a defined contribution plan;
said specific employee'"'"'s preferences for contributions to said defined benefit plan; and
said specific employee'"'"'s preferences for receiving loans;
means for updating said information of said specific employee'"'"'s pay at periodic intervals;
means for calculating at each periodic interval an amount of a loan based upon said information of a defined contribution plan, said specific employee'"'"'s pay for a particular periodic interval, said specific borrower'"'"'s preferences for contributions to said defined benefit plan, and said specific borrower'"'"'s preferences for receiving a loan;
means for withholding from said employee'"'"'s pay for a particular periodic interval said calculated loan amount for said particular periodic interval;
means for contributing said withheld amount to said defined contribution plan; and
means for providing said loan amount to said employee.
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Accused Products
Abstract
A computer-based system and method administering and marketing a tax-advantaged loan program to loan consumers, plan administrators, and employers and method for lending money to employees based on their individual contributions to pension vehicles is disclosed. The system includes the use of computers and computer programs for marketing, underwriting, initiation, calculating periodic loan amounts, funding, monitoring, storing data, processing, and administration of loans designed to increase employee retirement savings with the loan costs being offset by tax savings. The loans may be made for any period of time and may be repaid based on the repayment capability of individual borrowers, subject of credit considerations and term limitations.
35 Citations
16 Claims
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1. A system for administering a computer-based loan program comprising:
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a database of information on employees, said database comprising;
information of a specific employee'"'"'s pay;
information of a defined contribution plan;
said specific employee'"'"'s preferences for contributions to said defined benefit plan; and
said specific employee'"'"'s preferences for receiving loans;
means for updating said information of said specific employee'"'"'s pay at periodic intervals;
means for calculating at each periodic interval an amount of a loan based upon said information of a defined contribution plan, said specific employee'"'"'s pay for a particular periodic interval, said specific borrower'"'"'s preferences for contributions to said defined benefit plan, and said specific borrower'"'"'s preferences for receiving a loan;
means for withholding from said employee'"'"'s pay for a particular periodic interval said calculated loan amount for said particular periodic interval;
means for contributing said withheld amount to said defined contribution plan; and
means for providing said loan amount to said employee. - View Dependent Claims (2, 3, 4, 5, 6, 7)
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8. A method of administering a loan program in a system comprising a CPU and a database of information of a defined contribution plan, employee pay information, employee preferences for contributions to said defined benefit plan, and employee preferences for receiving loans, comprising the steps of:
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updating said database with information of a specific employee'"'"'s pay information for a first pay period;
calculating a loan amount for said first pay period based upon said information of a defined contribution plan, said specific employee'"'"'s pay information for said first pay period, said specific employee'"'"'s preferences for contributions to said defined benefit plan, and said specific employee'"'"'s preferences for receiving a loan;
withholding from said employee'"'"'s pay for said first pay period said calculated loan amount for said first pay period;
contributing said withheld amount for said first pay period to said defined contribution plan;
providing said loan amount for said first pay period to said employee;
updating said database with information of a specific employee'"'"'s pay information for a second pay period;
calculating a loan amount for said second pay period based upon said information of a defined contribution plan, said specific employee'"'"'s pay information for said second pay period, said specific employee'"'"'s preferences for contributions to said defined benefit plan, and said specific employee'"'"'s preferences for receiving a loan;
withholding from said employee'"'"'s pay for said second pay period said calculated loan amount for said second pay period;
contributing said withheld amount for said second pay period to said defined contribution plan;
providing said loan amount for said second pay period to said employee. - View Dependent Claims (9, 10, 11)
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12. A method for computer-based marketing of a loan program, said method comprising the steps of:
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providing at least one of a loan consumer, a plan administrator, and an employer with an interface to a computer-based loan program marketing system, said computer-based loan program marketing system comprising a processor and a memory;
receiving input information relating to a loan consumer through said interface;
storing said input information relating to a loan consumer in said memory;
calculating tax-savings resulting from increased individual retirement savings contributions afforded by participation in said loan program; and
displaying advantages of said loan program based upon said tax-savings. - View Dependent Claims (13, 14, 15, 16)
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Specification