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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Sep 20, 2011
Grant Date -
Apr 20, 2006
app pub date -
Sep 30, 2005
filing date -
Jun 8, 2001
priority date (Note) -
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status (Latency Note)
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Abstract
A system and method for providing a user with a portable benefit based on a formula the result of which indicates the exact guaranteed minimum periodic income that the user will receive no matter how long the user lives and the potential for an increase in the periodic income. The system comprises a defined contribution module for periodically receiving at least one of a sponsor contribution and a participant contribution and for accumulating value over a period of time by investing at least one of the sponsor contribution and the participant contribution or any portion(s) thereof in any number of select investment options, the accumulated value being capable of being withdrawn at any time and reinvested in any other select investment options being paid out after a predetermined period of time The guaranteed minimum income payment may be based on a retirement income formula.
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