System and method for managing and administering a lifetime income share plan
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United States of America Patent
Stats
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Jul 12, 2011
Grant Date -
Jan 20, 2011
app pub date -
Sep 27, 2010
filing date -
Mar 23, 2006
priority date (Note) -
In Force
status (Latency Note)
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Abstract
The present invention provides a system and method for administering an investment option known as a lifetime income share. Lifetime income shares mitigate survival risk, the risk that an individual will outlive his or her assets. More specifically, the purchase of a plurality of lifetime income shares certifies that an individual is entitled to receive a predetermined, periodic income payment for the life of the purchaser. Additionally, the lifetime income shares of the present invention may be purchased and distributed to participants by a third party (e.g. commingled fund). The third party wishing to provide the lifetime income shares of the present invention to participants may purchase a predetermined amount of shares of an annuity from the underwriting organization and distribute it to the participants. This plan has an investment phase, a distribution phase, and a payout phase. Once the payout phase begins, the stream of monthly income commences at a specified age or date.
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