US 2003/0120508 A1 · Method and system for managing defined contribution accounts

Abstract

Method and system for providing a web-based software platform which allows multiple financial institutions to administer retirement savings programs within and across multiple countries, contend with disparate national rules and regulations, offer plan sponsors the opportunity to monitor retirement benefit programs across national boundaries, and enable employees to enjoy self-service of their accounts worldwide is disclosed. More specifically, a shared infrastructure that provides combined participant recordkeeping and trust administration with custody at the participant level for retirement saving plans including Individual Retirement Account (IRA) Rollovers is disclosed. The web-based platform is configured to accommodate simple to complex plan provisions and be compliant with relevant rules and regulations, and further, to include a global multi-manager platform for subscribing financial institutions on an applications service provider basis.

Claims12

Dependent claims

A system for providing a shared data communication infrastructure, comprising:

a data network;
one or more network members configured to operatively communicate via the data network;
and
a service provider configured to operatively communicate with said one or more network members via said data network;
a plan sponsor configured to operatively communicate with said one or more network members and the service provider;
and
a participant configured to operatively communicate via said data network with the one or more network members, the service provider, and the plan sponsor.

4 more elements

Dependencies are inferred from the claim text.

Method and system for managing defined contribution accounts

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Method and system for managing defined contribution accounts

Life of this patent

Abstract

Claims12