METHOD AND SYSTEM FOR PROVIDING EMPLOYER- SPONSORED RETIREMENT PLAN
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United States of America Patent
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app pub date -
Feb 28, 2013
filing date -
Jul 18, 2006
priority date (Note) -
Abandoned
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Abstract
A method of administering income distributions from an employer-sponsored retirement plan having a participant account value comprises providing an option to a plan participant to elect lifetime payout funded by at least a portion of the participant's account value; providing an option to the participant to elect an excess period during which a participant maintains control over the portion of the account value; transferring the portion of the participant's account value into a group annuity contract; determining an initial benefit payment under the terms of the group annuity contract; determining a subsequent benefit payment; and paying the initial and subsequent payments to the participant. Other embodiments include one or more of these, and the step of determining a charge to be paid by the participant for the guaranteed lifetime payout.
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