Rollover solutions

• US 20060293984A1
• Filed: 06/27/2005
• Published: 12/28/2006
• Est. Priority Date: 06/27/2005
• Status: Abandoned Application

• Current Assignee: DST Wealth Management Systems, Inc. (SS&C Technologies Holdings Incorporated), Wealth Management Systems
• Original Assignee: DST Wealth Management Systems, Inc. (SS&C Technologies Holdings Incorporated)
• Inventors: Loch, Tom, Bruce, Wilker Shane, Marr, Michael
• Application Number:
  US11/167,812
• Publication Number:
  US 20060293984A1
• 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

An apparatus for and a method of an electronic middleware interface consisting of communication interfaces designed to transfer data between financial record keeping systems and new account opening applications is presented. A retirement savings plan (RSP) administrator computer server communicates via the electronic middleware communication interfaces to a Rollover Solutions Network (RSN) application computer server to communicate financial savings plan participant data. The RSN application computer server utilizes the participant data to contact a financial service provider (FSP) computer server to identify the participant retirement accounts for rollover purposes. Alternatively, the RSN application computer server can contact the FSP computer server to open a new retirement account. Utilizing either the established retirement account or the new retirement account the RSN application computer server instructs the RSP administrator computer server to initiate rollover of the participants retirement account funds to the FSP.

Claims

1. A method utilizing a rollover middleware application for interfacing between a retirement savings plan administrator server and a financial service provider server to automate account opening and distribution processes for retirement savings, the method comprising the steps of:

integrating the savings plan administrator server with a rollover network system server via a “

web site integration”

server-to-server communication interface;

retrieving participant indicative data from the savings plan administrator server and storing the participant indicative data on the rollover network system server via a “

participant indicative data”

server-to-server communication interface;

querying the financial service provider server for existing account information via an “

existing accounts request”

server-to-server communication interface; and

promoting the distribution of retirement savings to one of an existing account and a new account via a “

create distribution request”

server-to-server communication interface.

2. The method according to claim 1, further comprising the step of:

initiating the rollover middleware application.

3. The method according to claim 1, further comprising the step of:

providing different options of financial service providers to which the retirement savings may be distributed.

4. The method according to claim 1, further comprising the step of:

requesting permission to initiate an existing account information query at a financial service provider.

5. The method according to claim 1, further comprising the step of:

providing different options of accounts to which retirement savings may be distributed.

6. The method according to claim 1, further comprising the step of:

initiating a new account opening at a financial service provider via a “

new account”

system connection.

7. The method according to claim 6, further comprising the step of:

retrieving new account information from the financial service provider server via a “

new account return”

server-to-server communication interface.

8. The method according to claim 1, further comprising the steps of:

updating a transaction table with one of existing account information and new account information; and

utilizing the transaction table to format distribution instructions.

9. The method according to claim 1, further comprising the step of:

providing a mechanism by which to cancel the account opening and distribution processes.

10. The method according to claim 1, further comprising the step of:

confirming the status of the distribution of retirement savings via a “

distribution status request”

server-to-server communication interface.

11. The method according to claim 1, wherein the rollover middleware application resides on one of the savings plan administrator server and the rollover system network server.

12. The method according to claim 1, further comprising the step of:

creating a link from a participants web browser to the rollover network system server.

13. The method according to claim 12, wherein the link is established by a form post instruction and takes the form of a pop-up window.

14. A method for facilitating a rollover of retirement savings from a retirement savings plan administrator to a financial service provider via a web session on the Internet, the method comprising the steps of:

retrieving participant indicative data for the retirement savings for use in the web session;

providing at least one option for selection of the financial service provider;

querying the financial service provider for account information utilizing the participant indicative data;

providing for selection of an account at the financial service provider; and

initiating the rollover of the retirement savings from an account at the retirement savings plan administrator to the selected account at the financial service provider.

15. The method according to claim 14, further comprising the step of:

determining eligibility of the retirement savings for rollover based upon the retrieved participant indicative data.

16. The method according to claim 14, further comprising the step of:

determining requirements for rollover of the retirement savings.

17. The method according to claim 16, wherein the requirements for rollover of the retirement savings comprise at least one of:

a required mandatory distribution;

a required spousal consent; and

a “

dollar rule”

.

18. The method according to claim 14, wherein the selection of an account at the financial service provider is that of one of an existing account or a new account.

19. The method according to claim 18, wherein if the selection is for the new account, then the method further comprises the step of:

initiating a new account opening protocol at the financial service provider.

20. The method according to claim 14, further comprising the step of:

confirming the status of the rollover of the retirement savings from an account at the retirement savings plan administrator to the selected account at the financial service provider.

21. The method according to claim 14, further comprising the step of:

providing an option for cancellation of the web session for rollover of the retirement savings.

22. An apparatus to facilitate data flow for automation of the rollover process of retirement savings, the apparatus comprising:

a retirement savings plan administrator computer server;

a financial service provider computer server; and

a communication medium linking the retirement savings plan administrator computer server to the financial service provider computer server,

wherein a rollover network system middleware application controls server-to-server communication interfaces over the communication medium to;

integrate the rollover network system middleware application with the retirement savings plan administrator computer server;

retrieve participant indicative data from the retirement savings plan administrator computer server;

query the financial service provider computer server for existing account information; and

promote the rollover of the retirement savings from a retirement savings plan administrator to a financial service provider.

23. The apparatus according to claim 22, further comprising:

a rollover network application computer server connected to the communication medium.

24. The apparatus according to claim 22, wherein the rollover network system middleware application resides on one of the retirement savings plan administrator computer server and a rollover network application computer server.

25. The apparatus according to claim 22, further comprising:

a retirement savings plan administrator computer server database connected to the retirement savings plan administrator computer server.

26. the apparatus according to claim 22, further comprising:

a financial service provider computer server database connected to the financial service provider computer server.

27. The apparatus according to claim 23, further comprising:

a rollover network application computer server database connected to the rollover network application computer server.

28. The apparatus according to claim 22, wherein participant indicative data is stored on at least one of:

a retirement savings plan administrator computer server database connected to the retirement savings plan administrator computer server;

a financial service provider computer server database connected to the financial service provider computer server; and

a rollover network application computer server database connected to the rollover network application computer server.

29. The apparatus according to claim 22, wherein the rollover network system middleware application controls web page flow to allow a web browser to engage in the rollover process of retirement savings.