Method and apparatus for providing retirement income benefits
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United States of America Patent
Stats
-
Jan 10, 2012
Grant Date -
Jun 2, 2011
app pub date -
Nov 30, 2010
filing date -
Sep 25, 1998
priority date (Note) -
In Force
status (Latency Note)
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Abstract
A computerized method and system for administering an unannuitized variable annuity plan having a guaranteed minimum withdrawal payment feature associated with a systematic withdrawal program includes the steps of and system for storing data, determining an amount of a scheduled payment, periodically determining the account value, making the scheduled payment by withdrawing that amount from the account value, monitoring for an unscheduled withdrawal made under the plan and adjusting the amount of the scheduled payment in response to the unscheduled withdrawal. Scheduled payments will be made to the owner under the plan for the period of benefit payments, even if it is determined by the computerized method and system that the account value is or will be exhausted before all payments have been made. Payments made before such determination are made with the aid of the computer, and payments made thereafter may be made with or without the aid of the computer.
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Family
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