System and method for imbedding a defined benefit in a defined contribution plan
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United States of America Patent
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Aug 5, 2014
Grant Date -
Mar 22, 2012
app pub date -
Sep 16, 2011
filing date -
Jun 8, 2001
priority date (Note) -
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status (Latency Note)
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Abstract
A system and method comprises a defined contribution module for periodically receiving contributions and for accumulating value over a period of time by investing at least one of the contributions, the accumulated value being capable of: (1) being withdrawn at any time and reinvested, and (2) being paid out after a predetermined period of time; and wherein select investment options comprises investment products and at least one designated defined benefit investment option module for: (1) receiving at least one investment payment from the defined contribution module, the investment payment comprising at least one of the contributions and/or the accumulated value, (2) for paying out a guaranteed minimum income payment for life, after the predetermined period of time, based on a retirement income formula, and (3) increasing the income payment for life for excess performance over the formula.
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