Method and apparatus for providing retirement income benefits
First Claim
1. A data processing method for administering an unannuitized annuity account having a systematic withdrawal program associated with a guaranteed payment feature, comprising the steps of:
- a. storing data in the computer relating to the annuity account, including data relating to an account value, a predetermined maximum withdrawal percentage rate and a guaranteed withdrawal payment;
b. periodically determining a maximum guaranteed withdrawal payment amount for a prescribed period using the computer;
c. periodically determining the account value using the computer;
d. monitoring, with the computer, the account value and any withdrawal payments made to an account owner;
e. periodically comparing, using the computer, withdrawal payments with the maximum guaranteed withdrawal payment amount to identify withdrawal payments in excess of the maximum guaranteed withdrawal payment amount; and
f. periodically making guaranteed withdrawal payments with the aid of the computer so long as;
1) withdrawal payments for the prescribed period do not exceed the maximum guaranteed withdrawal payment amount, or2) the account value is greater than the guaranteed withdrawal payment.
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Accused Products
Abstract
A computerized method and system for administering an unannuitized annuity plan having a guaranteed minimum withdrawal payment feature associated with a systematic withdrawal program includes the steps of and system for storing data, determining an amount of a maximum guaranteed withdrawal payment for a prescribed period (e.g., one year), periodically determining the account value, monitoring for an unscheduled withdrawal made under the plan and adjusting the amount of the maximum guaranteed withdrawal payment in response to the unscheduled withdrawal. Guaranteed withdrawal payments are periodically made to the account owner so long as withdrawals do not exceed the maximum guaranteed amount for the period, or the account value is greater than the payment.
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Citations
11 Claims
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1. A data processing method for administering an unannuitized annuity account having a systematic withdrawal program associated with a guaranteed payment feature, comprising the steps of:
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a. storing data in the computer relating to the annuity account, including data relating to an account value, a predetermined maximum withdrawal percentage rate and a guaranteed withdrawal payment; b. periodically determining a maximum guaranteed withdrawal payment amount for a prescribed period using the computer; c. periodically determining the account value using the computer; d. monitoring, with the computer, the account value and any withdrawal payments made to an account owner; e. periodically comparing, using the computer, withdrawal payments with the maximum guaranteed withdrawal payment amount to identify withdrawal payments in excess of the maximum guaranteed withdrawal payment amount; and f. periodically making guaranteed withdrawal payments with the aid of the computer so long as; 1) withdrawal payments for the prescribed period do not exceed the maximum guaranteed withdrawal payment amount, or 2) the account value is greater than the guaranteed withdrawal payment. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11)
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Specification