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METHOD AND SYSTEM FOR PROCESSING DATA RELATED TO A DEFERRED ANNUITY WITH AVAILABLE BENEFIT PAYMENTS AND A DEFERRAL BONUS

  • US 20110218936A1
  • Filed: 05/20/2011
  • Published: 09/08/2011
  • Est. Priority Date: 11/15/2007
  • Status: Active Grant
First Claim
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1. A computer system for processing data associated with a deferred annuity contract during the accumulation phase, comprising:

  • a data storage device storing data associated with the deferred annuity contract, including data indicative of a contract value, a withdrawal base value, a withdrawal percent value, and a formula for determining a value of benefit payments available during a current period in accordance with a guarantee and without reduction of the withdrawal base value; and

    a processor in communication with the storage device, the processor configured to;

    receive data indicative of an amount of a withdrawal requested by a relevant life;

    responsive to receipt of the data indicative of an amount of a withdrawal requested by a relevant life, determine a maximum amount available for withdrawal without reduction of the withdrawal base value, the maximum amount available being based on;

    the withdrawal base value, the withdrawal percent value, and a factor based on a time period from a date of first eligibility for withdrawals under the deferred annuity contract to a date of first withdrawal;

    determine whether the amount of the withdrawal, together with amounts of other withdrawals requested during the current period, is greater than the maximum amount available for withdrawal; and

    responsive to determining that the amount of the withdrawal, together with amounts of other withdrawals requested during the current period, is not greater than the maximum amount available for withdrawal, provide an output signal having data indicative that the withdrawal base value will not be reduced as a result of the withdrawal.

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