Method and system for providing employer-sponsored retirement plan
First Claim
Patent Images
1. The computer-implemented method for use with a computer of the type used to administer an employer-sponsored, defined contribution retirement plan having participant account balances, comprising the steps of:
- providing options to a plan participant to elect a lifetime payout funded by at least a portion of the participant'"'"'s account balance, said options including an option to elect lifetime payments paid through the plan, and an option to elect lifetime payments paid through a Plan Distributed Annuity (“
PDA”
);
providing funding and administration of benefit payments under the lifetime payout outside of an annuity contract during a first specified period; and
using the computer;
inputting a lifetime payout election by a participant, said election including either said election for lifetime payments paid through the plan, or for lifetime payments paid through the PDA;
for each plan participant electing a lifetime payout, importing and storing participant data from the plan, said data including data representative of said portion of the participant'"'"'s account balance funding the lifetime payout;
creating and storing a lifetime payout record for said participant;
using said portion of the participant'"'"'s account balance, computing an amount of a periodic benefit payment under the elected lifetime payout; and
if a PDA is elected by the plan participant or administrator;
generating an instruction to withdraw said portion of the participant'"'"'s account balance to purchase a PDA; and
generating an instruction to modify the participant'"'"'s payout record to reflect purchase of the PDA; and
if a PDA is not elected;
establishing an account within the plan for paying periodic distributions to the participant in response to the election of a lifetime payout;
periodically retrieving the plan participant'"'"'s lifetime payout record from storage;
generating an instruction to pay the lifetime payout benefit payment from the account established within the plan; and
recording the payment in the participant'"'"'s lifetime payout record and re-storing said record.
1 Assignment
0 Petitions
Accused Products
Abstract
A computer-implemented method of administering income distributions from an employer-sponsored retirement plan having a participant account value provides an option to a plan participant to elect a lifetime payout funded by at least a portion of the participant'"'"'s account value. The lifetime payout may be funded by a Plan Distributed Annuity (“PDA”) or through the plan. An access period may be provided in the latter case, during which a participant maintains access to, and control over, the account.
-
Citations
24 Claims
-
1. The computer-implemented method for use with a computer of the type used to administer an employer-sponsored, defined contribution retirement plan having participant account balances, comprising the steps of:
-
providing options to a plan participant to elect a lifetime payout funded by at least a portion of the participant'"'"'s account balance, said options including an option to elect lifetime payments paid through the plan, and an option to elect lifetime payments paid through a Plan Distributed Annuity (“
PDA”
);providing funding and administration of benefit payments under the lifetime payout outside of an annuity contract during a first specified period; and using the computer; inputting a lifetime payout election by a participant, said election including either said election for lifetime payments paid through the plan, or for lifetime payments paid through the PDA; for each plan participant electing a lifetime payout, importing and storing participant data from the plan, said data including data representative of said portion of the participant'"'"'s account balance funding the lifetime payout; creating and storing a lifetime payout record for said participant; using said portion of the participant'"'"'s account balance, computing an amount of a periodic benefit payment under the elected lifetime payout; and if a PDA is elected by the plan participant or administrator; generating an instruction to withdraw said portion of the participant'"'"'s account balance to purchase a PDA; and generating an instruction to modify the participant'"'"'s payout record to reflect purchase of the PDA; and if a PDA is not elected; establishing an account within the plan for paying periodic distributions to the participant in response to the election of a lifetime payout; periodically retrieving the plan participant'"'"'s lifetime payout record from storage; generating an instruction to pay the lifetime payout benefit payment from the account established within the plan; and recording the payment in the participant'"'"'s lifetime payout record and re-storing said record. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24)
-
Specification