SYSTEMS AND METHODS FOR SCHEDULING CONTRIBUTIONS TO A RETIREMENT SAVINGS PLAN
First Claim
1. A system configured to generate at least one proposed retirement savings plan contribution schedule for a retirement savings plan on behalf of a user, the system comprising:
- a computer system comprising one or more computing devices;
an input/output interface configured to receive input from a user desiring a retirement savings plan contribution schedule, the input comprising information about the user'"'"'s salary, an available employer-sponsored retirement savings plan, and an available employer matching-funds program, the input/output interface further configured to present information to the user;
at least one repository of reference data for generating a retirement savings plan contribution schedule, the reference data comprising government-issued conditions and limitations associated with the employer-sponsored retirement savings plan;
a calculation engine executed by the computer system, said calculation engine configured to receive the user input from the input/output interface and to access the reference data from the repository, the calculation engine further configured to use the user input and the reference data to generate a proposed retirement savings plan contribution schedule for presentation to the user via the input/output interface, the proposed retirement savings plan contribution schedule specifying at least two different time periods in the user'"'"'s savings horizon, a first time period ending when the user'"'"'s savings contribution reaches an employer'"'"'s limit for matching funds and a second time period beginning when the user'"'"'s savings contribution reaches the employer'"'"'s limit for matching funds, wherein the proposed retirement savings plan contribution schedule specifies rates of savings contributions increases for the two different periods, the input/output interface further configured to receive an authorization from the user for the proposed retirement savings plan contribution schedule;
a repository of client records configured to record the authorization in association with the user and the retirement savings contribution schedule; and
a contribution management application configured to receive information about the authorized retirement savings plan contribution schedule and to trigger automatic contribution payments to a retirement savings plan in accordance with the authorized retirement savings plan contribution schedule.
0 Assignments
0 Petitions
Accused Products
Abstract
Computer-based systems and methods are described for generating personalized, automated contribution strategies for scheduling contributions to a retirement savings plan or other savings plan. Embodiments of the systems and methods provide visual and other educational displays to assist a client in choosing a suitable savings contribution strategy that may take into account at least one of the set consisting of: details of an employer-sponsored savings fund available to the client which may include opportunities for employer matching-funds, acceptable portion of standard-of-living increases derived from salary raises that the client is willing to contribute to a savings plan, client'"'"'s current savings behavior and value of savings portfolio, effects of the stochastic nature of future investment portfolio value, and changing federal tax regulations. Clients may use the systems for educational and planning purposes and/or may authorize automated triggering of contributions with scheduled increases and/or decreases as specified by the selected plan.
21 Citations
19 Claims
-
1. A system configured to generate at least one proposed retirement savings plan contribution schedule for a retirement savings plan on behalf of a user, the system comprising:
-
a computer system comprising one or more computing devices; an input/output interface configured to receive input from a user desiring a retirement savings plan contribution schedule, the input comprising information about the user'"'"'s salary, an available employer-sponsored retirement savings plan, and an available employer matching-funds program, the input/output interface further configured to present information to the user; at least one repository of reference data for generating a retirement savings plan contribution schedule, the reference data comprising government-issued conditions and limitations associated with the employer-sponsored retirement savings plan; a calculation engine executed by the computer system, said calculation engine configured to receive the user input from the input/output interface and to access the reference data from the repository, the calculation engine further configured to use the user input and the reference data to generate a proposed retirement savings plan contribution schedule for presentation to the user via the input/output interface, the proposed retirement savings plan contribution schedule specifying at least two different time periods in the user'"'"'s savings horizon, a first time period ending when the user'"'"'s savings contribution reaches an employer'"'"'s limit for matching funds and a second time period beginning when the user'"'"'s savings contribution reaches the employer'"'"'s limit for matching funds, wherein the proposed retirement savings plan contribution schedule specifies rates of savings contributions increases for the two different periods, the input/output interface further configured to receive an authorization from the user for the proposed retirement savings plan contribution schedule; a repository of client records configured to record the authorization in association with the user and the retirement savings contribution schedule; and a contribution management application configured to receive information about the authorized retirement savings plan contribution schedule and to trigger automatic contribution payments to a retirement savings plan in accordance with the authorized retirement savings plan contribution schedule. - View Dependent Claims (2, 3, 4)
-
-
5. A system for programmatically creating a contribution schedule for a retirement savings plan on behalf of a user, said system comprising:
-
an input/output interface configured to receive input from a user desiring a retirement savings plan contribution schedule, said input including information about the user'"'"'s salary and expected raises, an available employer-sponsored retirement savings plan having an available employer matching-funds program, the user'"'"'s current level of contribution to the retirement savings plan, and a desired standard-of-living increase from the expected raises; an output interface for presenting information to the user; and a computer-readable medium encoded with a computer program capable of execution by one or more computer servers, wherein execution of the computer program causes the one or more servers tout least; store reference data pertaining to government-issued conditions and limitations upon said employer-sponsored savings plan; calculate a proposed retirement savings contribution schedule that includes incremental increases to the user'"'"'s contribution level until the user'"'"'s contribution level is equal to or greater than a maximum employer matching contribution from the employer matching-funds program, and that includes the user'"'"'s desired standard-of-living increases from the expected raises once the user'"'"'s contribution level is equal to or greater than the maximum employer matching contribution from the employer matching-funds program; present said schedule to said user using said output interface; and automatically trigger changes in contribution payments to said retirement savings plan in accordance with said calculated retirement savings contribution schedule.
-
-
6. A system for generating at least one proposed contribution schedule for a savings plan on behalf of a user, the system comprising:
-
a computer system comprising one or more computing devices; an input/output interface configured to receive input about a user desiring a savings plan contribution schedule, said input including information selected from one or more of the following categories;
the user'"'"'s salary, the user'"'"'s expected raises, the user'"'"'s expected annual raise date, the user'"'"'s standard-of-living increase from the expected raises, the user'"'"'s expected retirement date, an available retirement savings plan, an available employer matching-funds program, the user'"'"'s current savings contribution schedule, and the user'"'"'s savings portfolio value;a calculation engine implemented by the computer system, the calculation engine configured to receive the user input and to use the user input to generate a proposed savings contribution in accordance with the user'"'"'s desired standard-of-living increase, the proposed savings contribution schedule for presentation to the user via the input/output interface, the input/output interface further configured to receive an authorization from the user for the proposed savings contribution; a repository of client records configured to record the authorization in association with the user and the savings contribution schedule; and a contribution management application configured to receive information about the authorized savings contribution schedule and to trigger automatic changes to contributions to a savings plan in accordance with the authorized savings contribution schedule. - View Dependent Claims (7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18)
-
-
19. A computer-implemented method for managing retirement plan contributions, comprising:
using one or more computer servers to execute software instructions stored on a computer-readable medium, the software instruction causing the one or more computer servers to execute at least; receiving data for a user seeking a schedule for retirement savings plan contributions, the data including information from one or more of the following categories;
the user'"'"'s salary, the user'"'"'s expected rate of increase in salary income, and a desired amount for increasing the user'"'"'s standard of living for the time period while contributions to the employer-sponsored retirement savings plan are being made;calculating a portion of the user'"'"'s expected rate of increase in salary income to be used for increasing scheduled contributions to the employer-sponsored retirement savings plan over time, wherein the portion is substantially equal to the expected rate of increase in the user'"'"'s salary income minus the expected inflation rate and minus the desired amount for increasing the user'"'"'s standard of living for the time period while contributions to the employer-sponsored retirement savings plan are being made; programmatically generating a proposed retirement savings contribution schedule that is based at least in part on the received data and on the calculated portion; presenting the proposed retirement savings contribution schedule to the user via a computer user interface that provides an option for the user to authorize use of the proposed retirement savings contribution schedule; and in response to receipt from the user of authorization to use the proposed retirement savings contribution schedule, as provided via the user interface, initiating automatic changes in contributions to a retirement savings plan in accordance with the proposed retirement savings contribution schedule.
Specification