METHOD AND SYSTEM FOR CONSISTENT VALIDATION, TRACKING AND RETIREMENT GUIDANCE

• US 20150262307A1
• Filed: 03/13/2015
• Published: 09/17/2015
• Est. Priority Date: 03/14/2014
• Status: Abandoned Application

• Current Assignee: Krueger P. Christopher
• Original Assignee: Krueger P. Christopher
• Inventors: KRUEGER, P. CHRISTOPHER
• Application Number:
  US14/657,440
• Publication Number:
  US 20150262307A1
• Time in Patent Office: Days
• US Class Current: 1/1
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis

Abstract

A computer system generally concerning systems, methods and apparatus related to financial management and reporting including a data storage device comprising participants, acceptable risk, accounts, financial vehicles, assets, income streams, funds, fiduciaries, sponsors, and administrators data and criteria, service items, notification, communication and history. The system is designed to receive information comprising participant data, including investment risk criteria, investment information, participant assets, anticipated income streams and produce multiple outputs dependent on factors comprising future applied criteria such as goal dates, inflation, expected contribution rates so as to assist in selection of appropriate financial vehicles for long-term retirement savings, document the available alternatives, participant information, risk attributes, information received and projections, facilitate required communications, educational opportunities and document users interactions and selections. The system is designed to facilitate compliance, document compliance and evaluate compliance with fiduciary duties and related matters.

Claims

1. A computer-implemented method of evaluating fiduciary compliance, the method comprising:

At least one processor and at least one storage medium;

Receiving at a computer data regarding participant information;

Receiving at a computer data regarding sponsor or company information;

Receiving at a computer data comprising possible financial vehicles, pensions, assets, income streams, or funds;

Analyzing the allocation among financial vehicles, pensions, assets, income streams, or funds based upon participant data;

Determining the expected future performance of the participants'"'"' financial vehicles, pensions, assets, income streams, or funds;

Outputting via a visual representation or other medium the information collected regarding the participant, financial vehicles, pensions, assets, income streams, or funds, expected future performance of participants'"'"' financial vehicles, pensions, assets, income streams, or funds;

Collecting and storing participant information, possible financial vehicles, pensions, assets, income streams, or funds, expected future performance of the participants'"'"' financial vehicles, pensions, assets, income streams, or funds, outputs;

Permitting the modification of participant information, financial vehicles, pensions, assets, income streams, or fund selection, and output, collecting and storing that information;

Wherein the expected future performance of the participants'"'"' financial vehicles, pensions, assets, income streams, or funds and participant information document activities in furtherance of fiduciary duties of those comprising any investor, participant, plan sponsor, fiduciary, administrator.

2. The method of claim 1, wherein the participant information, possible financial vehicles, pensions, assets, income streams, or funds, expected future performance of the participants'"'"' financial vehicles, pensions, assets, income streams, or funds, outputs is documented, tracked and stored in the system for later recall.

3. The method of claim 1, wherein factors comprising opportunities, service items, notification, assumptions, documentation, selection, monitoring, decision making, requirements and regulations regarding fiduciary safe harbor provisions are compared against outputs comprising the allocation among financial vehicles, pensions, assets, income streams or funds, the expected future performance.

4. The method of claim 3, wherein the factors and outputs are documented, tracked and stored in the system for later recall.

5. The method of claim 1, wherein activities comprising participants, investment managers, plan trustees, plan sponsors, committees of employees, registered investment companies, employers, unions, associations, administrators, are documented, tracked and stored in the system for later recall for access by those comprising advisors, employers, unions, associations, administrators, plan sponsors.

6. The method of claim 1, wherein factors comprising opportunities, service items, notification, assumptions, documentation, selection, monitoring, decision making, requirements and regulations regarding duty and notification provisions are identified, and compliance facilitated and documented, tracked and stored in the system for later recall.

7. The method of claim 1, wherein the participant data includes device comprising a risk profile, risk tolerance questionnaire or risk tolerance calculator.

8. The method of claim 1, wherein the participant data includes external data comprising information regarding anticipated social security, government assistance, mortality data, inflation rate, alimony, income streams, housing assets, medical factors, personal history, budget worksheet items.

9. The method of claim 1, wherein the individual participant data is combined with other participant data comprising age groups, gender, employer, employment type, earning groups.

10. The method of claim 1, wherein individual participant data is comprised of variable participant contribution rates, deferral amounts, goal amount, goal date, retirement date, glide path, employment termination.

11. The method of claim 1, wherein data comprising participant information, sponsor, company information, possible financial vehicles, pensions, assets, income streams, funds, expected future performance of participants'"'"' financial vehicles, pensions, assets, income streams, or funds, outcome, retirement savings age runout, opportunities, service items, notification, assumptions, fees, costs, past performance, future anticipated performance are able to be manipulated comprising of individually identification, grouped, ranked, categorized.

12. The method of claim 1, wherein the participant output is categorized into a retirement readiness score or score card.

13. The method of claim 1, wherein participant output is comprised of a retirement profile, outcome, retirement savings age runout.

14. The method of claim 3, wherein factors comprising opportunities, service items, notification, assumptions, documentation, selection, monitoring, decision making, requirements and regulations regarding duty, service and notification provisions are identified, and compliance facilitated and documented, tracked and stored in the system for later recall.

15. The method of claim 14, wherein compliance with factors comprising use of the system, fiduciary duties, service items, notifications documentation is categorized into a score or Plan Health Report or Standard of (K)are or SOK or SO(K) rating.

16. The method of claim 1, wherein financial vehicles, comprising pensions, assets, income streams, or funds, are evaluated by factors comprising, fees, costs, past performance, future anticipated performance.

17. The method of claim 1, wherein the expected future performance of the participants'"'"' financial vehicles, pensions, assets, income streams, or funds and participant information determine whether educational materials are suggested as appropriate for review by any participant, sponsor or other user.

18. The method of claim 17, wherein the determination of educational materials for review comprising the type, materials, audience, use are documented, tracked and stored in the system for later recall.

19. A computer system for processing data related to evaluating fiduciary compliance, comprising:

At least one processor and at least one storage medium;

Receiving at a computer data regarding participant information;

Receiving at a computer data regarding sponsor or company information;

Receiving at a computer data comprising possible financial vehicles, pensions, assets, income streams, or funds;

Analyzing by the computer the allocation among financial vehicles, pensions, assets, income streams, or funds based upon participant data;

Determining by the computer the expected future performance of the participants'"'"' financial vehicles, pensions, assets, income streams, or funds;

Outputting by the computer via a visual representation or other medium the information collected regarding the participant, financial vehicles, pensions, assets, income streams, or funds, expected future performance of participants'"'"' financial vehicles, pensions, assets, income streams, or funds;

Collecting and storing by the computer participant information, possible financial vehicles, pensions, assets, income streams, or funds, expected future performance of the participants'"'"' financial vehicles, pensions, assets, income streams, or funds, outputs;

Permitting by the computer the modification of participant information, financial vehicles, pensions, assets, income streams, or fund selection, and output, collecting and storing that information;

Wherein the expected future performance of the participants'"'"' financial vehicles, pensions, assets, income streams, or funds and participant information document activities by the computer in furtherance of fiduciary duties of those comprising any investor, participant, plan sponsor, fiduciary, administrator.

20. A non-transitory computer-readable medium, the medium having executable instructions stored thereon for processing data related to evaluating fiduciary compliance, comprising:

At least one processor and at least one storage medium;

Receiving at a computer data regarding participant information;

Receiving at a computer data regarding sponsor or company information;

Receiving at a computer data comprising possible financial vehicles, pensions, assets, income streams, or funds;

Analyzing by the computer the allocation among financial vehicles, pensions, assets, income streams, or funds based upon participant data;

Determining by the computer the expected future performance of the participants'"'"' financial vehicles, pensions, assets, income streams, or funds;

Outputting by the computer via a visual representation or other medium the information collected regarding the participant, financial vehicles, pensions, assets, income streams, or funds, expected future performance of participants'"'"' financial vehicles, pensions, assets, income streams, or funds;

Collecting and storing by the computer participant information, possible financial vehicles, pensions, assets, income streams, or funds, expected future performance of the participants'"'"' financial vehicles, pensions, assets, income streams, or funds, outputs;

Permitting by the computer the modification of participant information, financial vehicles, pensions, assets, income streams, or fund selection, and output, collecting and storing that information;

Wherein the expected future performance of the participants'"'"' financial vehicles, pensions, assets, income streams, or funds and participant information document activities by the computer in furtherance of fiduciary duties of those comprising any investor, participant, plan sponsor, fiduciary, administrator.