Systems and methods for providing a benefit product with periodic guaranteed minimum income
First Claim
1. A system implementing a benefit product for a participant with a guaranteed minimum income, the system comprising:
- an income recordkeeper interfacing with a plurality of savings recordkeepers, the income recordkeeper in the form of a processing machine, the income recordkeeper including;
an income recordkeeper interface portion that inputs attributes to the benefit product funded by payments from a plan associated with the benefit product;
an income recordkeeper record keeping system that implements the benefit product, the income recordkeeper record keeping system being in communication with the income recordkeeper interface portion, the income recordkeeper record keeping system;
monitoring transactions to and from the benefit product; and
determining, based on the transactions, a guaranteed minimum income associated with participation in the benefit product, the guaranteed minimum income being an amount that may be paid from the benefit product beginning on a future start date, wherein payment into the benefit product securing the guaranteed minimum income for a payout phase of the benefit product following an accumulation phase of the benefit product, andthe determining, based on transactions, the guaranteed minimum income that is paid beginning on a future start date includes;
determining a guaranteed income factor based on age of the participant; and
the income recordkeeper record keeping system using the guaranteed income factor to transform dollar transactions to the benefit product so as to determine the guaranteed minimum income that may be paid on the future start date; and
the plurality of savings recordkeepers, wherein each of the savings recordkeepers includes a savings recordkeeper record keeping system, the savings recordkeeper record keeping system outputting the attributes of the benefit product to the income recordkeeper interface portion, so as to be input to the income recordkeeper record keeping system, the records of the plan being maintained by the savings recordkeeper, the records containing the attributes; and
wherein each of the savings recordkeepers are unaffiliated third parties with respect to their relationship with the income recordkeeper.
2 Assignments
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Accused Products
Abstract
The invention provides systems, and methods of using the systems, for implementing a benefit product with a guaranteed minimum income. Payment into the benefit product secures the guaranteed minimum income for a payout phase following an accumulation phase of the benefit product. The system comprises an income recordkeeper interfacing with a plurality of savings recordkeepers. The income recordkeeper includes (1) an income recordkeeper interface portion that inputs attributes to the benefit product funded by payments from a plan associated with the benefit product; and (2) an income recordkeeper record keeping system that implements the benefit product. The income recordkeeper record keeping system: (a) monitors transactions to or from the benefit product; and (b) determines, based on the transactions, a guaranteed minimum income associated with participation in the benefit product, the guaranteed minimum income being an amount that may be paid from the benefit product beginning on a future start date.
330 Citations
27 Claims
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1. A system implementing a benefit product for a participant with a guaranteed minimum income, the system comprising:
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an income recordkeeper interfacing with a plurality of savings recordkeepers, the income recordkeeper in the form of a processing machine, the income recordkeeper including; an income recordkeeper interface portion that inputs attributes to the benefit product funded by payments from a plan associated with the benefit product; an income recordkeeper record keeping system that implements the benefit product, the income recordkeeper record keeping system being in communication with the income recordkeeper interface portion, the income recordkeeper record keeping system; monitoring transactions to and from the benefit product; and determining, based on the transactions, a guaranteed minimum income associated with participation in the benefit product, the guaranteed minimum income being an amount that may be paid from the benefit product beginning on a future start date, wherein payment into the benefit product securing the guaranteed minimum income for a payout phase of the benefit product following an accumulation phase of the benefit product, and the determining, based on transactions, the guaranteed minimum income that is paid beginning on a future start date includes; determining a guaranteed income factor based on age of the participant; and the income recordkeeper record keeping system using the guaranteed income factor to transform dollar transactions to the benefit product so as to determine the guaranteed minimum income that may be paid on the future start date; and the plurality of savings recordkeepers, wherein each of the savings recordkeepers includes a savings recordkeeper record keeping system, the savings recordkeeper record keeping system outputting the attributes of the benefit product to the income recordkeeper interface portion, so as to be input to the income recordkeeper record keeping system, the records of the plan being maintained by the savings recordkeeper, the records containing the attributes; and wherein each of the savings recordkeepers are unaffiliated third parties with respect to their relationship with the income recordkeeper. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21)
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22. A system implementing a benefit product having a guaranteed minimum income feature, the system comprising:
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a single insuring entity; a plurality of savings recordkeepers each interacting with the single insuring entity, and each savings recordkeeper maintaining a savings recordkeeper record keeping system for respective plans associated with the benefit product, the benefit product being offered by the insuring entity, each of the savings recordkeeper record keeping systems in the form of a processing machine; and the record keeping system of each of the plurality of savings recordkeepers outputting select data to the insuring entity to effect processing relating to the benefit product; and the benefit product including a guaranteed minimum income feature; and wherein each of the savings recordkeepers are unaffiliated third parties with respect to their relationship with the single insuring entity; and wherein payment into the benefit product securing the guaranteed minimum income feature for a payout phase of the benefit product following an accumulation phase of the benefit product; and wherein the insuring entity system includes; an income recordkeeper interface portion that inputs attributes relating to the benefit product from the plurality of the savings recordkeepers who each administer plans associated with the benefit product; and an income recordkeeper record keeping system that implements the benefit product for the plurality of savings recordkeepers, the income recordkeeper record keeping system being in communication with the income recordkeeper interface portion, the income recordkeeper record keeping system; monitoring transactions to and from the benefit product for each participant; and determining based on the transactions, the guaranteed minimum income associated with participation in the benefit product, the guaranteed minimum income being an amount that is paid from the benefit product beginning on a future start date; and the determining, based on transactions, the guaranteed minimum income that is paid beginning on a future start date includes; determining a guaranteed income factor based on age of the participant; and the income recordkeeper record keeping system using the guaranteed income factor to transform dollar transactions to the benefit product so as to determine the guaranteed minimum income that may be paid on the future start date. - View Dependent Claims (23, 24, 25)
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26. A method of implementing a benefit product with a guaranteed minimum income, wherein payment into the benefit product securing the guaranteed minimum income for a payout phase of the benefit product following an accumulation phase of the benefit product, the method comprising:
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maintaining an income recordkeeper system interfacing with a plurality of savings recordkeepers, the income recordkeeper system including; an income recordkeeper interface portion that inputs attributes to the benefit product funded by payments from a plan associated with the benefit product; an income recordkeeper record keeping system that implements the benefit product, the income recordkeeper record keeping system being in communication with the income recordkeeper interface portion, the income recordkeeper record keeping system in the form of a processing machine, the income recordkeeper record keeping system; monitoring transactions to the benefit product and from the benefit product; and determining, based on applying a guaranteed income factor to the transactions, a guaranteed minimum income associated with participation in the benefit product, the guaranteed minimum income being an amount that is paid from the benefit product beginning on a future start date, the transactions including payment into the benefit product that secure the guaranteed minimum income for a payout phase of the benefit product following an accumulation phase of the benefit product, the determining the guaranteed minimum income based on such payment into the benefit product; and the determining, based on applying a guaranteed income factor to the transactions, the guaranteed minimum income that is paid beginning on a future start date includes; determining a guaranteed income factor based on age of the participant; and the income recordkeeper record keeping system using the guaranteed income factor to transform dollar transactions to the benefit product so as to determine the guaranteed minimum income that may be paid on the future start date; and interfacing, by the income recordkeeper, with the plurality of savings recordkeepers, wherein each of the savings recordkeepers includes a savings recordkeeper record keeping system, the savings recordkeeper record keeping system outputting the attributes to the benefit product, to the income recordkeeper interface portion, so as to be input by the income recordkeeper record keeping system; wherein the benefit product is funded by payments from the plan, the plan being administered by the savings recordkeeper; and wherein each of the savings recordkeepers are unaffiliated third parties with respect to their relationship with the income recordkeeper. - View Dependent Claims (27)
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Specification