System and method for guaranteeing minimum periodic retirement income payments using an adjustment account
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United States of America Patent
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Jul 15, 2014
Grant Date -
Dec 19, 2002
app pub date -
Feb 27, 2002
filing date -
Jun 8, 2001
priority date (Note) -
In Force
status (Latency Note)
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Abstract
A system and method for providing a user with a plurality of guaranteed minimum retirement income payments is disclosed. The system comprises a variable immediate annuity module to receive an income generating payment and to output a guaranteed minimum retirement income payment amount wherein the periodic retirement income payment amount is greater than, equal to, or less than a guaranteed minimum periodic retirement income payment amount if the income generating payments received are received according to a predetermined payment schedule, and wherein the predetermined guaranteed minimum periodic retirement income payment amount is defined by the user. The system also includes an adjustment module for comparing the periodic retirement income payment amount and the guaranteed minimum periodic retirement income payment amount, and for outputting to the user at least the guaranteed minimum periodic retirement income payment amount, the adjustment module storing a balance in an adjustment account if the periodic retirement income payment amount is less than the guaranteed minimum periodic retirement income payment amount.
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