SYSTEM AND METHOD FOR PROCESSING AND ADMINISTERING IMMEDIATE AND DEFERRED GUARANTEED INCOME PAYMENTS
First Claim
1. A computer system for administering a guaranteed income annuity having immediate and deferred payout options in a single guaranteed income product comprising:
- a communications port adapted to receive information relating to the immediate and deferred payout options in the single product;
a processor coupled to the communications port, the processor adapted to process the received information and determine one or more payment amounts based on the received information;
the processor further adapted to provide an output indicative of instructions for one or more payments to be made based on the determined payment amounts, wherein the payments have immediate or deferred payout options arising out of the single guaranteed income product expressed as a base contract and a deferred rider coupled to the base contract.
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Accused Products
Abstract
A system is provided for administering immediate and deferred payments in any of a plurality of different payout schemes selected by a purchaser to accommodate varying retirement income needs. The system can be configured to administer an immediate income annuity where payments start within a predetermined time period year and the system can also administer a deferred payout annuity through a single dual natured payout contract. Additional options available for administration by the system include options to permit the contract owner to change the annuity commencement date and the ability to commute future period certain periodic payments into a single lump sum payment.
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Citations
20 Claims
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1. A computer system for administering a guaranteed income annuity having immediate and deferred payout options in a single guaranteed income product comprising:
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a communications port adapted to receive information relating to the immediate and deferred payout options in the single product; a processor coupled to the communications port, the processor adapted to process the received information and determine one or more payment amounts based on the received information; the processor further adapted to provide an output indicative of instructions for one or more payments to be made based on the determined payment amounts, wherein the payments have immediate or deferred payout options arising out of the single guaranteed income product expressed as a base contract and a deferred rider coupled to the base contract. - View Dependent Claims (2, 3, 4, 5, 6)
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7. A financial processing system for administering a financial product having both immediate and deferred payment options associated with a single payment contract comprising:
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at least one agent computer configured for processing the immediate and deferred payment options associated with the single payment contract;
the at least one agent computer further configured for modeling a plurality of immediate and deferred payment options in the single payment contract based at least in part on parameters associated with the single payment contract for the financial product, including an annuity commencement date that can vary from an immediate to a deferred option within the single payment contract; andat least one server computer in communication with the at least one agent computer, the server configured for administering the immediate and deferred payment options associated with the single payment contract, wherein the server computer is configured for calculating and establishing payments based on the immediate and deferred payment options in the single payment contract, the payments being based at least in part on said parameters, the immediate payout option offering a payout stream commencing less than a predetermined time period from the contract issue date and the deferred payment option offering a increased payout stream commencing more than said predetermined time period from the contract issue date, both the immediate payout and deferred payout streams being made available in the single payment contract. - View Dependent Claims (8, 9, 10, 11, 12, 13, 14)
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15. A computer-implemented method for administering an annuity product having immediate and deferred options available in a single contract, the method comprising the steps of:
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receiving information for the payout annuity product having immediate and deferred options, the information including an annuity commencement date from a selection of both immediate and deferred options in a single contract, an issue date, annuitant information and an annuity payment amount; determining via a computer processor, amounts of payments in a stream of guaranteed periodic annuity payments based on the received information; and generating indicia indicative of payment based on the calculated payment amounts, the payment amount reflecting an immediate or a deferred payout scenario arising out of the single contract. - View Dependent Claims (16, 17, 18, 19, 20)
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Specification