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SYSTEMS AND METHODS FOR SCHEDULING CONTRIBUTIONS TO A RETIREMENT SAVINGS PLAN

  • US 20100094778A1
  • Filed: 12/14/2009
  • Published: 04/15/2010
  • Est. Priority Date: 05/05/2003
  • Status: Active Grant
First Claim
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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.

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