401K user software

• US 6,041,313 A
• Filed: 06/29/1998
• Issued: 03/21/2000
• Est. Priority Date: 06/29/1998
• Status: Expired due to Fees

• Current Assignee: 401K Pro Incorporated
• Original Assignee: James A. Gilbert
• Inventors: Gilbert, James A., Gupta, Manish
• Primary Examiner(s): Voeltz, Emanuel Todd
• Assistant Examiner(s): GROUTT, PHILLIP J
• Application Number:
  US09/106,009
• Time in Patent Office: 631 Days
• Field of Search: 705/36
• US Class Current: 705/36.00R
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

A computer-based 401(k) plan offers unlimited access to virtually all SEC-regulated investment options--with no restrictions on the number of mutual fund families or their investments that a company can choose for its plan. The system and method provide an end-user computer-based system with individualized accountability as opposed to prior art pooled systems.

Claims

1. A computer-based retirement plan comprising:

a menu-based data input interface;

a plurality of main menu selections including any of;

mutual fund information, management reports or employer information;

said mutual fund information including at least group and portfolio administration;

said management reports including at least one of;

client list or commission administration;

said employer information including at least one of;

report compilations, employee information, mutual fund choices, vesting schedules or monthly processing;

said employer information further comprising individual account number allocation per employee for each separate mutual fund choice, and

wherein said individual account number allocation enables one or more of;

adding individual mutual fund choices separate from other employee choices, producing monthly reports for each individual without direct interaction with other employee accounts;

producing direct access to mutual fund balances for an individual employee based only on the individual account number, or adding new mutual fund choices for individual employees without modification of other employee fund choices.

2. A computer-based retirement plan as per claim 1, wherein said retirement plan further comprises automatic rollovers based on the collection of each of said individual account numbers allocated for an individual employee and subsequent conversion thereafter.

3. A computer-based retirement plan as per claim 2, wherein said automatic rollover further allows each employee to maintain investment choices and existing investment strategy despite separation from the existing retirement plan.

4. A computer-based retirement plan as per claim 3, wherein said maintenance of investment choices despite separation from the existing retirement plan enables transference directly into a new employer plan of the present invention without modification, loss or conversion of said existing investment choices.

5. A computer-based retirement plan as per claim 1, wherein said plan may be implemented locally or remotely on one or more computer-based systems, across networks or existing communication mediums.

6. A computer-based retirement plan as per claim 5, wherein said across networks element comprises any of LANs, WANs, cellular, Internet or Web based networks.

7. A computer-based retirement plan as per claim 1, wherein said retirement plan comprises a 401(k) plan.

8. A computer-based retirement plan as per claim 1, wherein said employees can verify their current account balances by contacting mutual fund companies directly and requesting the required information using said individual account numbers.

9. A computer-based system implementing a retirement plan wherein an employer can change from in-house investment selection-administration pairings chosen at the plan'"'"'s outset without affecting existing accounts comprising:

a menu-based data input interface;

a plurality of main menu selections including any of;

mutual fund information, management reports or employer information;

said employer information comprising at least individual account number allocation per employee for each separate mutual fund choice, and

wherein said individual account number allocation enables adding individual mutual fund choices separate from other employee choices thereby eliminating a required modification of existing plan mutual fund choices.

10. A computer-based system implementing a retirement plan as per claim 9, wherein said retirement plan further comprises automatic rollovers based on the collection of each of said individual account numbers allocated for an individual employee and subsequent conversion thereafter.

11. A computer-based system implementing a retirement plan as per claim 10, wherein said automatic rollover further allows each employee to maintain investment choices and existing investment strategy despite separation from the existing retirement plan.

12. A computer-based system implementing a retirement plan as per claim 11, wherein said maintenance of investment choices despite separation from the existing retirement plan enables transference directly into a new employer plan of the present invention without modification, loss or conversion of said existing investment choices.

13. A computer-based system implementing a retirement plan as per claim 9, wherein said across networks element comprises any of LANs, WANs, cellular, Internet or Web based networks.

14. A computer media product implementing a retirement plan as per claim 13, wherein said maintenance of investment choices despite separation from the existing retirement plan enables transference directly into a new employer plan of the present invention without modification, loss or conversion of said existing investment choices.

15. A computer media product implementing a retirement plan as per claim 14, wherein said employees can verify their current account balances by contacting mutual fund companies directly and requesting the required information using said individual account numbers.

16. A computer-based system implementing a retirement plan as per claim 9, wherein said retirement plan comprises a 401(k) plan.

17. A computer-based system implementing a retirement plan as per claim 9, wherein said employees can verify their current account balances by contacting mutual fund companies directly and requesting the required information using said individual account numbers.

18. A computer-based system implementing a retirement plan as per claim 9, wherein said plan may be implemented locally or remotely on one or more computer-based systems, across networks or existing communication mediums.

19. A computer media product implementing a retirement plan with:

access to multiple SEC-regulated investment options, without restrictions on;

the number of mutual fund families, investments that a company can choose for its plan, or addition of new funds to an existing in-house investment selection-administration pairings chosen at the plan'"'"'s outset without modifying existing accounts, comprising computer programmable code implementing;

a menu-based data input interface;

main menu selections including a plurality of retirement plan administrative selections;

allocation and tracking of individual account numbers per employee for each separate mutual fund choice, and

wherein said allocation and tracking of individual account numbers per employee for each separate mutual fund choice enables;

addition of individual mutual fund choices separate from other employee choices;

production of monthly reports for each individual without direct interaction with other employee accounts;

production of direct access to mutual fund balances for an individual employee based only on the individual account number, and

addition of new mutual fund choices for individual employees outside of existing choices without modification of other employee fund choices or existing plan structure, thereby creating unlimited investment options and tracking thereof, without modification of remaining member accounts.

20. A computer media product implementing a retirement plan as per claim 19, wherein said retirement plan further comprises automatic rollovers based on the collection of each of said individual account numbers allocated for an individual employee and subsequent conversion thereafter.

21. A computer media product implementing a retirement plan as per claim 20, wherein said automatic rollover further allows each employee to maintain investment choices and existing investment strategy despite separation from the existing retirement plan.

22. A computer-based retirement plan as per claim 19, wherein said plan may be implemented locally or remotely on one or more computer-based systems, across networks or existing communication mediums.

23. A computer-based retirement plan as per claim 22, wherein said across networks element comprises any of LANs, WANs, cellular, Internet or Web based networks.

24. A computer media product implementing a retirement plan as per claim 19, wherein said retirement plan comprises a 401(k) plan.

25. A computer-based retirement plan including:

a plurality of employee accounts, mutual fund selections and employee choices thereof, employer information and monthly reporting comprising;

a menu-based data input interface;

employer information comprising individual account number allocation per employee for each separate mutual fund choice, and

wherein said individual account number allocation enables one or more of;

adding individual mutual fund choices separate from other employee choices, producing monthly reports for each individual without direct interaction with other employee accounts;

producing direct access to mutual fund balances for an individual employee based only on the individual account number, or adding new mutual fund choices for individual employees without modification of other employee fund choices.

26. A computer-based retirement plan as per claim 25, wherein said plan may be implemented locally or remotely on one or more computer-based systems, across networks or existing communication mediums.

27. A computer-based retirement plan as per claim 26, wherein said across networks element comprises any of LANs, WANs, cellular, Internet or Web based networks.

28. A computer-based retirement plan as per claim 25, wherein said retirement plan comprises a 401(k) plan.

29. A computer-based retirement plan as per claim 25, wherein encryption is embedded within said employer information.

30. A computer-based retirement plan as per claim 25, wherein an electronic summary of employee accounts and modifications is automatically generated.

31. A computer-based retirement plan as per claim 25, further comprising ADP testing including a what-if pre-processing grid.