System and method for computing a financial projection of a prefunding program for other postretirement employee benefits under FASB statement 106

• US 5,802,500 A
• Filed: 10/14/1992
• Issued: 09/01/1998
• Est. Priority Date: 05/06/1992
• Status: Expired due to Term

• Current Assignee: Hartford Fire Insurance Company (The Hartford Financial Services Group, Inc.)
• Original Assignee: The Evergreen Group, Incorporated
• Inventors: Gans, Noah F., Ryan, Raymond B.
• Primary Examiner(s): Weinhardt, Robert A.
• Assistant Examiner(s): Thomas, Joseph
• Application Number:
  US07/961,774
• Time in Patent Office: 2,148 Days
• Field of Search: 364/400, 364/401, 364/402, 364/406, 364/408, 705/31, 705/36, 705/1, 705/10, 705/4
• US Class Current: 705/36.00R
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis
• CPC Class Codes: G06Q 40/08 Insurance
• CPC Class Codes: G06Q 40/10 Tax strategies
• CPC Class Codes: G06Q 40/123 Tax preparation or submission

Abstract

A computer system, and a method for using the system, for computing financial data, the computer system including a digital computer connected to receive information representing a description of a taxable trust and a description of life insurance contracts from data input means, to output computed data to a data presentation means, and to save said output data to a means for electronically storing output data; and means for automatically controlling the computer to compute the data from the information, the data representing a financial projection of a prefunding program for Other Postretirement Employee Benefits under FASB Statement 106.

Claims

1. A digital electrical computer and data processing system comprising:

a digital electrical computer, an input device for inputting data electrically connected to the digital electrical computer, and an output device electrically connected to the digital electrical computer, wherein the digital electrical computer is controlled by a computer program to form a programmed digital electrical computer for processing input electrical signals, the input electrical signals being produced in response to information entered at the input device, the information including a description of a taxable trust, a description of life insurance contracts, and respective projections for expenses, liabilities, and cash flows for corporate benefits defined by Statement 106, the processing including modifying the input electrical signals into output electrical signals representing a projection of a prefunding program for Other Postretirement Employee Benefits under the Statement 106, the output electrical signals being communicated to the output device which, in response to the output electrical signals, generates a depiction of the projection.

2. The programmed digital electrical computer of claim 1, wherein the output electrical signals representing a projection includes output electrical signals representing a projection of cash flow.

3. The programmed digital electrical computer of claim 1, wherein the output electrical signals representing a projection includes output electrical signals representing a projection of earnings.

4. The programmed digital electrical computer of claim 1, wherein the output electrical signals representing a projection includes output electrical signals representing a projection of liabilities.

5. The digital electrical computer and data processing system of any one of claims 2-4 or 8, wherein the description of a taxable trust entered at the input device is a description of a taxable Voluntary Employee Beneficiary Association trust.

6. The programmed digital electrical computer of claim 1, wherein

the description of a taxable trust entered at the input device is a description of a taxable Voluntary Employee Beneficiary Association trust and the Information entered at the input device includes a projection of a qualified asset account limit.

7. A method for using a digital electrical computer and data processing system, the method comprising the steps of:

providing a digital electrical computer and data processing system comprising a digital electrical computer electrically connected to an input device for inputting data and to an output device;

programming the digital electrical computer to receive input electrical signals produced in response to information entered at the input device, the information including a description of a taxable trust, a description of life insurance contracts, and respective projections for expenses, liabilities, and cash flows for corporate benefits defined by Statement 106, to process the input electrical signals into modified electrical signals representing a projection of a prefunding program for Other Postretirement Employee Benefits under the Statement 106, and to output the modified electrical signals to the output device so that a depiction of the projection is produced at the output device; and

entering the information at the input device, processing the input electrical signals with the programmed digital electrical computer, and producing the depiction.