Longevity Retirement Protection Fund System And Method
First Claim
1. A method of providing periodic financial payments to participants in a longevity retirement protection fund that provides periodic payments for the duration of the fund participants'"'"' lifetimes, the method comprising:
- receiving a financial investment from each fund participant and associating such financial investment with an account for such financial participant with an account maintenance processor;
determining a projected longevity for each fund participant with a projected longevity processor;
investing the financial investments from the fund participants with an investment management processor;
providing periodic redemption payments with a redemption payment processor to each fund participant in an amount that is based upon at least that fund participant'"'"'s financial investment and the projected longevity of that fund participant;
ceasing to make the periodic redemption payments to fund participants upon their death; and
using a surplus remaining from the financial investments from fund participants who die prior to the expiration of their projected longevity to fund the periodic redemption payments made to fund participants who live longer than their projected longevity.
1 Assignment
0 Petitions
Accused Products
Abstract
A system and method for facilitating the provisions of a longevity retirement protection fund that provides payments to fund participants based upon the participants'"'"' contributions to the fund, the projected longevity of the participants, and the investment performance of the fund. The periodic redemption amounts are based upon the amount the participant invests, upon the particular participant'"'"'s projected longevity, and upon the fund'"'"'s investment and longevity performance. Each participant is accordingly assured of receiving the periodic redemption amounts for the balance of the participant'"'"'s life, subject to the investment and longevity experience of the fund, thereby making the longevity retirement protection fund a self-insured socializing of the longevity and mortality experiences among all of the fund members.
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Citations
34 Claims
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1. A method of providing periodic financial payments to participants in a longevity retirement protection fund that provides periodic payments for the duration of the fund participants'"'"' lifetimes, the method comprising:
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receiving a financial investment from each fund participant and associating such financial investment with an account for such financial participant with an account maintenance processor; determining a projected longevity for each fund participant with a projected longevity processor; investing the financial investments from the fund participants with an investment management processor; providing periodic redemption payments with a redemption payment processor to each fund participant in an amount that is based upon at least that fund participant'"'"'s financial investment and the projected longevity of that fund participant; ceasing to make the periodic redemption payments to fund participants upon their death; and using a surplus remaining from the financial investments from fund participants who die prior to the expiration of their projected longevity to fund the periodic redemption payments made to fund participants who live longer than their projected longevity. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19)
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20. A method of providing periodic financial payments to participants in a longevity retirement protection fund that provides the periodic payments for the duration of the fund participants'"'"' lifetimes, the method comprising:
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receiving a financial investment from each fund participant and associating such financial investment with an account for such financial participant with an account maintenance processor; determining a projected longevity with a projected longevity processor for each fund participant based upon personal, medical, and lifestyle information regarding that fund participant and actuarial information; investing the financial investments from the fund participants with an investment management processor in accord with investment preferences of the fund participants; calculating the amount of the periodic redemption payments for each fund participant based upon based upon that participant'"'"'s financial investment, the projected longevity of that participant, returns on that participant'"'"'s financial investment, and costs imposed by an operator of the method; providing the periodic redemption payments with a redemption payment processor to each fund participant so long as that fund participant is living; obtaining information indicative of the death of fund participants to facilitate ceasing to make periodic redemption payments to fund participants upon their death; ceasing to make the periodic redemption payments to fund participants upon their death; and using a surplus remaining from the financial investments from fund participants who die prior to the expiration of their projected longevity to fund the periodic redemption payments made to fund participants who live longer than their projected longevity.
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21. A method of providing periodic financial payments to participants for the duration of the participants'"'"' lifetimes, the method comprising:
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receiving a financial investment from each participant and maintaining an account for such financial participant with an account maintenance processor; determining a projected longevity for each participant with a projected longevity processor; investing the financial investments from the participants with an investment management processor; providing periodic redemption payments with a redemption payment processor to each participant in an amount that is based upon that participant'"'"'s financial investment, the projected longevity of that participant, returns on that participant'"'"'s financial investment, and costs imposed by an operator of the method; and ceasing to make the periodic redemption payments to participants upon their death.
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22. A system for operating a longevity retirement protection fund to provide periodic financial payments to fund participants for the duration of the fund participants'"'"' lifetimes, comprising:
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an account maintenance processor that receives a financial investment from each fund participant and maintains account information for each fund participant; a projected longevity processor that determines a projected longevity for each fund participant; an investment management processor that invests and manages the financial investments from the fund participants; a redemption payment processor that provides periodic redemption payments to each fund participant which periodic redemption payments are in an amount that is based upon at least that fund participant'"'"'s financial investment and the projected longevity of that fund participant; and a participant death data processor that provides information indicative of the death of fund participants; wherein the system is arranged and configured to cease making the periodic redemption payments to fund participants upon receipt of information indicative of their death; and wherein the system is also arranged and configured to use a surplus remaining from the financial investments from fund participants who die prior to the expiration of their projected longevity to fund the periodic redemption payments made to fund participants who live longer than their projected longevity. - View Dependent Claims (23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34)
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Specification