System for benefits processing
First Claim
1. In a data processing system for transaction processing and recordkeeping with respect to a benefits plan:
- means for storing a list of available investments, each of said investments having a unique identifier, said identifier being selected from a set of identifiers, all having a similar format, said format being encoded as a two-byte binary code indicative of one of said available investments; and
means for converting and displaying said two-byte binary code as a value indicative of said available investment in a manner intelligible to a user of said data processing system.
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Accused Products
Abstract
A benefits processing system is provided in which a central benefits processor is interconnected with continually updated databases containing such information as available investments, pricing information, commission schedules, and dividend information. To make all investments available to participants, the system uses a unique two-byte binary code for each investment. Through the use of dollar cost averaging, whole or part shares of any investment traded on any exchange or over-the-counter may be purchased as part of the plan. Various system modules for automatically handling support tasks are provided, in addition to modules created to handle new tasks previously unavailable in such benefits plans.
138 Citations
16 Claims
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1. In a data processing system for transaction processing and recordkeeping with respect to a benefits plan:
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means for storing a list of available investments, each of said investments having a unique identifier, said identifier being selected from a set of identifiers, all having a similar format, said format being encoded as a two-byte binary code indicative of one of said available investments; and means for converting and displaying said two-byte binary code as a value indicative of said available investment in a manner intelligible to a user of said data processing system. - View Dependent Claims (2, 3, 4)
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5. In a data processing system for transaction processing and recordkeeping with respect to a benefits plan having participants invested in a plurality of investments, said investments being of various types, the improvement comprising:
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means for storing the settlement periods for investments within said plan; means for analyzing a transaction to determine a first investment to be sold and a second investment to be bought; means for retrieving the settlement period for said combination of first and second investments from said means for storing; means for automatically delaying said second investment from being bought until the end of the settlement period for said first investment if said settlement period is longer than a predetermined duration. - View Dependent Claims (6, 7, 8)
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9. In a data processing system for transaction processing and recordkeeping with respect to a benefits plan having participants invested in a plurality of investments, the improvement comprising:
means for filtering a requested transaction on a particular day, said transaction involving multiple investments, said means for filtering including means for parsing said transaction into at least two transactions if any of said multiple investments is not trading on said particular day, one of said two transactions including said non-trading investment and being delayed until said investment is traded.
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10. A system for transaction processing and recordkeeping with respect to a benefits plan, comprising:
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computer data processing means for processing data; data storage means for storage and retrieval of data; means for storing in said data storage means a list of available investments, each of said investments having a unique identifier, said identifier being selected from a set of identifiers, all having a similar format, said format being encoded as a two-byte binary code, and means for converting said and displaying said two-byte binary code as a value indicative of said available investment in a manner intelligible to a user of said data processing system.
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11. A system for transaction processing and recordkeeping with respect to a benefits plan having participants invested in a plurality of investments, said investments being of various types, comprising:
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computer data processing means for processing data; data storage means for storage and retrieval of data; means for storing the settlement periods in said data storage means for investments within said plan; said computer data processing means analyzing a transaction to determine a first investment to be sold and a second investment to be bought; means for retrieving the settlement period from said data storage means for said combination of first and second investments from said data storage means; means for automatically delaying said second investment from being bought until the end of the settlement period for said first investment if said settlement period is longer than a predetermined duration.
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12. A system for managing a plurality of individual benefits accounts wherein each account corresponds to a participant, the system comprising:
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a means for storing a list of investments available to participants; a price table, said price table being updated periodically and containing the latest trading price for the investments available to participants; a means for purchasing an investment and automatically adding the investment to a participant'"'"'s plan upon request of a participant; and a means for calculating the commission price for investments purchased by a participant. - View Dependent Claims (13, 14, 15, 16)
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Specification