System and method for processing and administering flexible guaranteed income payments
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United States of America Patent
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Feb 28, 2012
Issued Date -
N/A
app pub date -
Dec 16, 2008
filing date -
Mar 2, 2006
priority date (Note) -
In Force
status (Latency Note)
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Abstract
A system is provided for administering fixed income immediate and deferred payments in any of a plurality of different payout schemes selected by a purchaser to accommodate varying retirement income needs. The system can be configured to administer an immediate income annuity where payments start within one year and the system can also administer a deferred payout annuity through a single dual natured payout contract. Additional options available for administration by the system include options to permit the contract owner to change the annuity commencement date and the ability to commute future period certain periodic payments into a single lump sum payment.
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