Method and system for establishing a defined benefit plan

• US 20060095307A1
• Filed: 11/01/2004
• Published: 05/04/2006
• Est. Priority Date: 11/01/2004
• Status: Abandoned Application

• Current Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Original Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Inventors: Berg, Peter R., Kim, Christopher D., Berends, Jeffrey J., Fleischer, Kay, Stevenson, Jeffrey W., Hickman, Trey, Caldwell, Christine
• Application Number:
  US10/979,745
• Publication Number:
  US 20060095307A1
• Time in Patent Office: Days
• US Class Current: 705/35
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes

Abstract

A computer-implemented method of establishing and maintaining a defined benefit plan for a party. A user interface is associated with a computer system for requesting and receiving employment information from the party through the user interface. The computer system automatically determines an eligibility of the party for the defined benefit plan using the employment information. Demographic information and economic information from the party is requested and received through the user interface. The computer system automatically determines a current year maximum contribution for the defined benefit plan using the demographic information and the economic information. The computer system automatically structures the defined benefit plan from the current year maximum contribution for the party. The computer system automatically generates at least one application file for the defined benefit plan. The method and system of this invention provide for on-going, automated maintenance of the defined benefit plan through the user interface.

Claims

1. A computer-implemented method of establishing a defined benefit plan for a party, the method comprising:

providing a user interface associated with a computer system;

requesting and receiving employment information from the party through the user interface;

the computer system automatically determining an eligibility of the party for the defined benefit plan using the employment information;

requesting and receiving demographic information from the party through the user interface;

requesting and receiving economic information from the party through the user interface;

the computer system automatically determining a current year maximum contribution for the defined benefit plan using the demographic information and the economic information;

the computer system automatically structuring the defined benefit plan as a function of the current year maximum contribution for the party; and

the computer system automatically generating at least one application file for the defined benefit plan.

2. The method according to claim 1, wherein structuring the defined benefit plan comprises:

displaying through the user interface the current year maximum contribution for the party; and

requesting and receiving through the user interface a target annual contribution from the party.

3. The method according to claim 2, further comprising displaying alternative target annual contributions through the user interface, wherein the target annual contribution is one of the alternative target annual contributions.

4. The method according to claim 3, wherein the alternative target annual contributions are selected from a group consisting of:

a fixed amount equal to the current year maximum contribution, a fixed amount less than the current year maximum contribution, a maximum allowable annual contribution, a fixed percentage of an annual adjusted net profit of the party, a fixed percentage of the annual adjusted net profit of the party subject to an annual dollar maximum, a fixed percentage of gross annual wages of the party, a fixed percentage of the gross annual wages of the party subject to an annual dollar maximum, and combination thereof.

5. The method according to claim 4, further comprising the party restructuring the defined benefit plan by selecting an other of the alternative target annual contributions.

6. The method according to claim 5, wherein restructuring the defined benefit plan is performed more than once.

7. The method according to claim 6, wherein restructuring the defined benefit plan is repeated until the party finally selects the defined benefit plan.

8. The method according to claim 7 wherein the party finally selects the defined benefit plan by requesting the at least one application file be generated.

9. The method according to claim 2, further comprising:

estimating an asset accumulation using at least one of the target annual contribution and an assumed investment return rate; and

displaying the asset accumulation through the user interface.

10. The method according to claim 1, wherein generating the at least one application file comprises at least one of requesting and receiving additional demographic information and generating and displaying through the user interface at least one enrollment document.

11. The method according to claim 10, wherein the at least one enrollment document comprises a printable signature form.

12. The method according to claim 1, wherein the eligibility of the party is reported through the user interface.

13. The method according to claim 1, wherein the defined benefit plan is updated as a function of at least one of revised economic information from the party, revised demographic information from the party and an account value of the party.

14. The method according to claim 13, wherein the revised economic information comprises revised current year compensation.

15. The method according to claim 14, wherein the account value is automatically updated and the party accesses the account value through the user interface.

16. The method according to claim 15, wherein the account value is updated at defined time intervals.

17. The method according to claim 15, wherein a third party asset administrator updates the account value.

18. The method according to claim 1, further comprising:

receiving through the user interface at least one of revised economic information and revised demographic information from the party; and

restructuring the defined benefit plan using the least one of the revised economic information and the revised demographic information.

19. The method according to claim 1, wherein the economic information comprises at least one of a past annual compensation of the party for each of at least one of a previous three consecutive business years and an estimated current year compensation, and the current year maximum contribution is estimated from at least one of the economic information and the demographic information.

20. The method according to claim 19, further comprising receiving through the user interface a final current year compensation and determining an actual current year contribution.

21. The method according to claim 1, wherein the defined benefit plan is funded by electronic fund transfer through the user interface.

22. The method according to claim 1, wherein the user interface comprises a web site including a series of linked web site pages and the computer system comprises a domain server for operating the web site.

23. The method according to claim 1, wherein the user interface is marketed through a plurality of independent sales agents.

24. A method of establising a defined benefit plan for a party in real-time through a user interface associated with a computer system, the method comprising:

the computer system structuring the defined benefit plan from information inputted by the party through the user interface; and

the computer system restructuring the defined benefit plan upon receiving revised information inputted by the party through the user interface.

25. The method according to claim 24, wherein the computer system structures the defined benefit plan as a function of a target annual contribution selected by the party, the target annual contribution determined as a function of a current year maximum contribution for the party.

26. The method according to claim 25, wherein the target annual contribution is selected from alternative target annual contributions determined as a function of the current year maximum contribution for the party.

27. The method according to claim 26, wherein the revised information comprises an other of the alternative target annual contributions selected by the party.

28. The method according to claim 27, wherein the current year maximum contribution and the alternative target annual contributions are displayed to the party through the user interface.

29. The method according to claim 28, wherein the alternative target annual contributions are selected from a group consisting of:

a fixed amount equal to the current year maximum contribution, a fixed amount less than the current year maximum contribution, a maximum allowable annual contribution, a fixed percentage of an annual adjusted net profit of the party, a fixed percentage of the annual adjusted net profit of the party subject to an annual dollar maximum, a fixed percentage of gross annual wages of the party, a fixed percentage of the gross annual wages of the party subject to an annual dollar maximum, and combinations thereof.

30. The method according to claim 24, wherein the defined benefit plan is restructured by the party more than once.

31. The method according to claim 30, wherein the defined benefit plan is restructured until the user finally selects the defined benefit plan.

32. The method according to claim 24, wherein the defined benefit is structured in a first business year and restructured in a subsequent business year.

33. A method of updating a defined benefit plan for a party using a user interface associated with a computer system, the method comprising:

receiving revised economic information through the user interface; and

the computer system automatically updating a revised current year contribution as a function of the revised economic information.

34. The method according to claim 33, further comprising:

the computer system receiving and storing an updated account value;

the computer system reporting the updated account value through the user interface; and

the computer system automatically updating a current year contribution as a function of the revised information and the updated account value.

35. The method according to claim 34, wherein the revised economic information comprises a revised estimated current year compensation or a final current year compensation.

36. The method according to claim 34, wherein the computer system receives and stores the updated account value at defined time intervals.

37. The method according to claim 34, wherein the updated account value is received from a financial institution holding account assets of the defined benefit plan.

38. The method according to claim 34, wherein the updated account value is reported by an asset administrator.

39. A computer readable medium containing code for controlling a computer to perform the steps of:

providing a web site;

displaying a series of questions on the web site;

storing information inputted through the web site in response to the series of questions;

determining an eligibility for a defined benefit plan using the information inputted on the web site;

determining and displaying on the web site a current year maximum contribution for the defined benefit plan;

displaying on the web site optional alternative target annual contributions;

receiving through the web site a selected target annual contribution;

generating at least one application file for the defined benefit plan, the application file including at least one enrollment document; and

displaying the at least one enrollment document on the web site.

40. A system for establishing a defined benefit plan of an administrator, the system comprising:

a domain server controlled by an administrator of the defined benefit plan;

a computer controlled by the administrator;

the computer and the domain server interconnected and having software applications providing functionalities including;

a party intake functionality for entering at least one of employment information, demographic information and economic information of the party and maintaining a database of the at least one of employment information, demographic information and economic information;

an eligibility determination functionality for providing the party with information regarding an eligibility of the party for the defined benefit plan;

a contribution determination functionality for determining a current year maximum contribution and receiving a target annual contribution selected by the party;

an application file generation functionality for generating and displaying at least an enrollment document on the web site for enabling the party to print the enrollment document for return to the administrator; and

the functionalities available to the party automatically through a web site operated by the domain server.