Systems and methods for providing loan management from cash or deferred income arrangements
First Claim
1. A computer system for facilitating provision of loans to a plurality of participants of one or more employee benefit plans associated with one or more record keepers, said computer system comprising:
- one or more computers; and
one or more computer-readable storage media operatively connected to one or more processors in the one or more computers, comprising computer program instructions configured for causing, when executed, the one or more computers to perform steps comprising;
accessing, using the one or more computers, in the performance of one or more of the following steps, one or more electronic databases comprising;
(1) aggregated investment account information for a first plurality of aggregated investment accounts, each different aggregated investment account associated with a respective one or more of the employee benefit plans and comprising funds of a plurality of individual participant asset-funded loan fund accounts, each of the individual participant asset-funded loan fund accounts being associated with one or more of the employee benefit plans, each of the different aggregated investment accounts associated with a different one or more cash-equivalent investment vehicles;
(2) participant asset-funded loan fund account information for a plurality of participants, the participant asset-funded loan fund account information for a respective one of the participant asset-funded loan fund accounts comprising one or more participant loan fund amounts held in one or more of the aggregated investment accounts, wherein the individual participant asset-funded loan fund account is defined as an account which is separate from a core investment account of the participant'"'"'s benefit plan account and is funded by assets segregated by the asset-funded loan fund account from the core investment account of the participant'"'"'s benefit plan account; and
for each of multiple of the individual participants, performing the steps;
receiving or obtaining, using the one or more computers, a selection from a selecting entity on behalf of the participant, of one or more of the aggregated investment accounts from among the first plurality of aggregated investment accounts;
creating or maintaining, using the one or more computers, a respective one of the individual participant asset-funded loan fund accounts for each of the one or more aggregated investment accounts selected by or for the individual participant;
generating investment data for respective of the individual participants, using the one or more computers, for a respective one of the individual participants, to move funds from the core investment account of the respective individual participant'"'"'s employee benefit plan account to fund or maintain funds in the one or more respective individual participant asset-funded loan fund accounts of the respective individual participant to be held in the one or more of the aggregated investment accounts selected by or on behalf of the respective one individual participant;
funding each of the one or more respective individual participant asset-funded loan fund accounts of the respective individual participant with assets of the individual participant segregated from the core investment account of the individual participant based at least in art on the investment data generated for the respective individual participant;
receiving redemption data and payment data for one or more of the individual participants;
generating transfer data, using the one or more computers, for transferring one or more amounts of funds associated with the one or more individual participants having the redemption data, from one or more of their respective asset-funded loan fund accounts to service the one or more redemptions, wherein the funds of the respective asset-funded loan fund accounts are held in one or more of said aggregated investment accounts; and
determining at least for each of the one or more individual participants for which redemption data and/or payment data was received, using the one or more computers, an update of the one or more balances for the one or more asset-funded loan fund accounts of the respective individual participants based at least in part on the transfer data and/or the payment data associated with the respective individual participant.
3 Assignments
0 Petitions
Accused Products
Abstract
A method, system and program product implemented at least in part by computer for facilitating provision of loans to a plurality of participants of one or more benefit plan accounts associated with one or more record keepers, each participant having participant assets in one or more of the benefit plan accounts, each of the benefit plan accounts comprising a plurality of investment vehicles, each of the one or more record keepers providing record keeping services for at least one of the benefit plan accounts, the method comprising: administering a first plurality of loan fund accounts; maintaining an association of each different one of the first plurality of loan fund accounts with a different investment vehicle that is part of the respective one or more benefit plan accounts; receiving a selection from a selecting entity of one or more of the loan fund accounts from among the first plurality of loan fund accounts; investing or having invested or maintaining loan fund assets comprising participant assets associated with the selecting entity in the one or more respective different investment vehicles associated with the one or more selected loan fund accounts; associating a respective loan accounting process with each of the selected one or more loan fund accounts; receiving a loan-request; initiating transfer of an amount of funds requested; and updating by computer said account information for said loan fund account to reflect said loan-request amount of funds transferred from said loan fund account using the associated respective accounting process.
71 Citations
38 Claims
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1. A computer system for facilitating provision of loans to a plurality of participants of one or more employee benefit plans associated with one or more record keepers, said computer system comprising:
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one or more computers; and one or more computer-readable storage media operatively connected to one or more processors in the one or more computers, comprising computer program instructions configured for causing, when executed, the one or more computers to perform steps comprising; accessing, using the one or more computers, in the performance of one or more of the following steps, one or more electronic databases comprising; (1) aggregated investment account information for a first plurality of aggregated investment accounts, each different aggregated investment account associated with a respective one or more of the employee benefit plans and comprising funds of a plurality of individual participant asset-funded loan fund accounts, each of the individual participant asset-funded loan fund accounts being associated with one or more of the employee benefit plans, each of the different aggregated investment accounts associated with a different one or more cash-equivalent investment vehicles; (2) participant asset-funded loan fund account information for a plurality of participants, the participant asset-funded loan fund account information for a respective one of the participant asset-funded loan fund accounts comprising one or more participant loan fund amounts held in one or more of the aggregated investment accounts, wherein the individual participant asset-funded loan fund account is defined as an account which is separate from a core investment account of the participant'"'"'s benefit plan account and is funded by assets segregated by the asset-funded loan fund account from the core investment account of the participant'"'"'s benefit plan account; and for each of multiple of the individual participants, performing the steps; receiving or obtaining, using the one or more computers, a selection from a selecting entity on behalf of the participant, of one or more of the aggregated investment accounts from among the first plurality of aggregated investment accounts; creating or maintaining, using the one or more computers, a respective one of the individual participant asset-funded loan fund accounts for each of the one or more aggregated investment accounts selected by or for the individual participant; generating investment data for respective of the individual participants, using the one or more computers, for a respective one of the individual participants, to move funds from the core investment account of the respective individual participant'"'"'s employee benefit plan account to fund or maintain funds in the one or more respective individual participant asset-funded loan fund accounts of the respective individual participant to be held in the one or more of the aggregated investment accounts selected by or on behalf of the respective one individual participant; funding each of the one or more respective individual participant asset-funded loan fund accounts of the respective individual participant with assets of the individual participant segregated from the core investment account of the individual participant based at least in art on the investment data generated for the respective individual participant; receiving redemption data and payment data for one or more of the individual participants; generating transfer data, using the one or more computers, for transferring one or more amounts of funds associated with the one or more individual participants having the redemption data, from one or more of their respective asset-funded loan fund accounts to service the one or more redemptions, wherein the funds of the respective asset-funded loan fund accounts are held in one or more of said aggregated investment accounts; and determining at least for each of the one or more individual participants for which redemption data and/or payment data was received, using the one or more computers, an update of the one or more balances for the one or more asset-funded loan fund accounts of the respective individual participants based at least in part on the transfer data and/or the payment data associated with the respective individual participant. - 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 method for facilitating provision of loans to a plurality of participants of one or more employee benefit plans associated with one or more record keepers, said computer system comprising:
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accessing, using one or more computers, in the performance of one or more of the following steps, one or more electronic databases comprising; (1) aggregated investment account information for a first plurality of aggregated investment accounts, each different aggregated investment account associated with a respective one or more of the employee benefit plans and comprising funds of a plurality of individual participant asset-funded loan fund accounts, each of the different aggregated investment accounts associated with a different one or more cash-equivalent investment vehicles; (2) participant asset-funded loan fund account information for a plurality of participants, the participant asset-funded loan fund account information for a respective one of the individual participants comprising a respective balance for each of one or more asset-funded loan funds accounts associated with a respective one or more of the aggregated investment accounts selected by or for the respective individual participant, wherein the respective one of the individual participant asset-funded loan fund accounts is defined as an account which is separate from a core investment account of the participant'"'"'s employee benefit plan account and is funded by assets segregated by the asset-funded loan fund account from the core investment account of the individual participant'"'"'s employee benefit plan account and is associated with one of the aggregated investment accounts; and for each of multiple of the individual participants, performing the steps; receiving or obtaining at the one or more computers, a selection made by a selecting entity by or on behalf of the individual participant, of one or more of the aggregated investment accounts from among the first plurality of aggregated investment accounts; creating or maintaining, using the one or more computers, a respective one of the individual participant asset-funded loan fund accounts for each of the one or more aggregated investment accounts selected by or for the individual participant; generating investment data for respective of the individual participants, using the one or more computers, for a respective one of the individual participants, to move funds from the core investment account of the respective individual participant'"'"'s employee benefit plan account to fund or maintain funds in the one or more respective individual participant asset-funded loan fund accounts of the respective individual participant to be held in the one or more of the aggregated investment accounts selected by or on behalf of the respective one individual participant; funding each of the one or more respective individual participant asset-funded loan fund accounts of the respective individual participant with assets of the individual participant segregated from the core investment account of the individual participant based at least in part on the investment data generated for the respective individual participant; receiving redemption data and payment data for one or more of the individual participants; generating transfer data, using the one or more computers, for transferring one or more amounts of funds associated with the one or more individual participants having the redemption data, from one or more of their respective asset-funded loan fund accounts to service the one or more redemptions, wherein the funds of the respective asset-funded loan fund accounts are held in one or more of said aggregated investment accounts; and determining at least for each of the one or more individual participants for which redemption data and/or payment data was received, using the one or more computers, an update of the one or more balances for the one or more asset-funded loan fund accounts of the respective individual participants based at least in part on the transfer data and/or the payment data associated with the respective individual participant. - View Dependent Claims (23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33)
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34. A program product comprising:
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one or more computer readable storage media having encoded program instructions capable of, when executed, causing a computer to perform a method for facilitating provision of loans to a plurality of participants of one or more benefit plans associated with one or more record keepers, each of the one or more record keepers providing record keeping services for at least one of the benefit plans, comprising; computer program instructions stored on the one or more computer-readable storage media for accessing, using one or more computers, in the performance of one or more of the following steps, one or more electronic databases comprising; (1) aggregated investment account information for a first plurality of aggregated investment accounts, each different aggregated investment account associated with a respective one or more of the employee benefit plans and comprising funds of a plurality of individual participant asset-funded loan fund accounts, each of the individual participant asset-funded loan fund accounts being associated with one or more of the employee benefit plans, each of the different aggregated investment accounts associated with a different one or more cash-equivalent investment vehicles; (2) participant asset-funded loan fund account information for a plurality of participants, the participant asset-funded loan fund account information for a respective one of the participant asset-funded loan fund accounts comprising one or more participant loan fund amounts held in one or more of the aggregated investment accounts, wherein the individual participant asset-funded loan fund account is defined as an account which is separate from a core investment account of the participant'"'"'s benefit plan account and is funded by assets segregated by the asset-funded loan fund account from the core investment account of the participant'"'"'s benefit plan account; and computer program instructions stored on the one or more computer-readable storage media for receiving or obtaining, using the one or more computers, a selection from a selecting entity on behalf of the participant, of one or more of the aggregated investment accounts from among the first plurality of aggregated investment accounts; computer program instructions stored on the one or more computer-readable storage media for creating or maintaining, using the one or more computers, a respective one of the individual participant asset-funded loan fund accounts for each of the one or more aggregated investment accounts selected by or for the individual participant; computer program instructions stored on the one or more computer-readable storage media for generating investment data for respective of the individual participants, using the one or more computers, for a respective one of the individual participants, to move funds from the core investment account of the respective individual participant'"'"'s employee benefit plan account to fund or maintain funds in the one or more respective individual participant asset-funded loan fund accounts of the respective individual participant to be held in the one or more of the aggregated investment accounts selected by or on behalf of the respective one individual participant; computer program instructions stored on the one or more computer-readable storage media for funding each of the one or more respective individual participant asset-funded loan fund accounts of the respective individual participant with assets of the individual participant segregated from the core investment account of the individual participant based at least in part on the investment data generated for the respective individual participant; computer program instructions stored on the one or more computer-readable storage media for receiving redemption data and payment data for one or more of the individual participants; computer program instructions stored on the one or more computer-readable storage media for generating transfer data, using the one or more computers, for transferring one or more amounts of funds associated with the one or more individual participants having the redemption data, from one or more of their respective asset-funded loan fund accounts to service the one or more redemptions, wherein the funds of the respective asset-funded loan fund accounts are held in one or more of said aggregated investment accounts; and computer program instructions stored on the one or more computer-readable storage media for determining at least for each of the one or more individual participants for which redemption data and/or payment data was received, using the one or more computers, an update of the one or more balances for the one or more asset-funded loan fund accounts of the respective individual participants based at least in part on the transfer data and/or the payment data associated with the respective individual participant. - View Dependent Claims (35, 36, 37, 38)
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Specification