SYSTEM AND METHOD FOR PROVIDING RETIREMENT PLAN HEALTH REPORTS

• US 20090319440A1
• Filed: 04/07/2009
• Published: 12/24/2009
• Est. Priority Date: 04/07/2008
• Status: Abandoned Application

• Current Assignee: John Hancock Life Insurance Company (Manulife Financial Corporation)
• Original Assignee: John Hancock Life Insurance Company (Manulife Financial Corporation)
• Inventors: Rial, Rhiannon, Montgomery, J. William, Lew, Daisy, Eng, Edward
• Application Number:
  US12/419,789
• Publication Number:
  US 20090319440A1
• Time in Patent Office: Days
• US Class Current: 705/36.R
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

The invention relates, in various aspects, to systems and methods for providing a current status of a retirement plan of an employer. A server receives a report request transmitted from a client operated by a user. In response to the report request, the server generates a plan health report including the current status of the retirement plan based on employee information related to the retirement plan. The current status of the retirement plan includes information indicating retirement readiness of employees of the employer. The server transmits the plan health report for receipt by the client. The employee information related to the retirement plan is stored in a database.

Claims

1. A system for providing a current status of a retirement plan of an employer, comprising

a server for

receiving a report request transmitted from a client operated by a user,

in response to the report request, generating a plan health report including the current status of the retirement plan based on employee information related to the retirement plan, wherein the current status of the retirement plan comprises information indicating retirement readiness of employees of the employer, and

transmitting the plan health report for receipt by the client;

and

a database for storing the employee information related to the retirement plan.

2. The system of claim 1, wherein the employees are organized into groups according to the employee information and the plan health report indicates the current status of the retirement plan according to the groups.

3. The system of claim 2, wherein

the employee information includes age information indicating an age of at least one employee of the employer, and

the plan health report indicates the current status of the retirement plan for a plurality of age ranges.

4. The system of claim 3, wherein the plurality of age ranges includes at least one of 29 and under, 30-39, 40-49, 50-59, and 60 and over.

5. The system of claim 3, wherein the plan health report indicates retirement readiness of employees of a selected age range.

6. The system of claim 1, wherein

the server generates an average deferral rate of the retirement plan, and

the plan health report includes the average deferral rate and a comparable average deferral rate.

7. The system of claim 1, wherein

the server generates an average participation rate of the retirement plan, and

the plan health report includes the average participation rate and a comparable average participation rate.

8. The system of claim 1, wherein the server comprises

a proxy server for receiving the report request and transmitting the plan health report, and

an application server for generating the plan health report.

9. The system of claim 1, wherein

the report request indicates a request for individual reports, and

the server generates an individual report including information indicating retirement readiness of an individual employee of the employer.

10. The system of claim 1, wherein the employee information includes, for each employee of the employer participating in the retirement plan, a deferral rate, an income, and a retirement plan account balance for the respective employee.

11. The system of claim 1, wherein the employee information includes, for each employee of the employer, an indication of whether the respective employee is eligible for the retirement plan.

12. The system of claim 1, wherein the retirement readiness indicated in the plan health report is determined based on a predetermined retirement age, inflation rate, and life expectancy.

13. The system of claim 1, wherein the retirement readiness indicated in the plan health report comprises a percentage of employees not meeting a retirement target.

14. The system of claim 1, wherein the retirement readiness indicated in the plan health report comprises a percentage of employees exceeding a retirement target.

15. The system of claim 1, wherein the report request comprises a spreadsheet of employee information related to the retirement plan, and the current status of the retirement plan is based on the employee information in the spreadsheet.

16. The system of claim 1, wherein the report request comprises at least one of a target replacement pay level, a rate of return of the retirement plan, and a company match representing contributions of the employer to retirement plan accounts.

18. The method of claim 1, wherein the employees are organized into groups according to the employee information and the plan health report indicates the current status of the retirement plan according to the groups.

19. The method of claim 18, wherein

the employee information includes age information indicating an age of at least one employee of the employer, and

the plan health report indicates the current status of the retirement plan for a plurality of age ranges.

20. The method of claim 19, wherein the plurality of age ranges includes at least one of 29 and under, 30-39, 40-49, 50-59, and 60 and over.

21. The method of claim 19, wherein the plan health report indicates retirement readiness of employees of a selected age range.

22. The method of claim 1, comprising generating an average deferral rate of the retirement plan, wherein the plan health report includes the average deferral rate and a comparable average deferral rate.

23. The method of claim 1, comprising generating an average participation rate of the retirement plan, wherein the plan health report includes the average participation rate and a comparable average participation rate.

24. The method of claim 1, wherein the report request indicates a request for individual reports, and comprising generating an individual report including information indicating retirement readiness of an individual employee of the employer.

25. The method of claim 1, wherein the employee information includes, for each employee of the employer participating in the retirement plan, a deferral rate, an income, and a retirement plan account balance for the respective employee.

26. The method of claim 1, wherein the employee information includes, for each employee of the employer, an indication of whether the respective employee is eligible for the retirement plan.

27. The method of claim 1, comprising determining the retirement readiness indicated in the plan health report based on a predetermined retirement age, inflation rate, and life expectancy.

28. The method of claim 1, wherein the retirement readiness indicated in the plan health report comprises a percentage of employees not meeting a retirement target.

29. The method of claim 1, wherein the retirement readiness indicated in the plan health report comprises a percentage of employees exceeding a retirement target.

30. The method of claim 1, wherein the report request comprises a spreadsheet of employee information related to the retirement plan, and the current status of the retirement plan is based on the employee information in the spreadsheet.

31. The method of claim 1, wherein the report request comprises at least one of a target replacement pay level, a rate of return of the retirement plan, and a company match representing contributions of the employer to retirement plan accounts.

17. A method for providing a current status of a retirement plan of an employer, comprising

receiving at a server a report request transmitted from a client operated by a user,

in response to receiving the report request, generating a plan health report including the current status of the retirement plan based on employee information related to the retirement plan, wherein the current status of the retirement plan comprises information indicating retirement readiness of employees of the employer,

transmitting the plan health report for receipt by the client, and

storing the employee information related to the retirement plan in a database.