Computer based method for preventing financial loss due to disability for participants
AssigneePension Advisory Group
InventorPaul Hinson
Life of this patent
Estimating the term…
Abstract
A system and method for preventing financial loss due to disability of participants in a retirement plan according to an insurance contract. One or more computers are programmed within a network to collate data from one or more databases according to the terms of an insurance contract. The insurance contract pays benefits into the retirement plan trust upon the disability of a plan participant. The benefits are treated as income or gain under the plan and are allocated to the participant's account. Benefits are distributable only upon attainment of the participant's normal retirement age. The administration of a retirement plan is carried out according to a computer based method and within a computer based system.
Claims3
A computer implemented method for preventing financial loss, the computer implemented method comprising:
- maintaining, on a processor, a disability insurance contract that is owned by a retirement plan trust, exists for benefit of retirement plan participants, and which insures a participant under the disability insurance contract against the inability to continue retirement plan contributions due to disability, and protects a fiduciary from liability due to lost retirement benefits;
- and
- receiving, on the processor, at least the following information:
- the participant's account information;
- the participant's employment information;
- and
- the participant's pay data;
- and
- based on said information, outputting, by the processor, to a computer data base and a computer display communicatively coupled to said processor:
- a disability benefit amount under the disability insurance contract;
- and
- a scheduling of benefits paid into the trust according to the disability insurance contract;
- wherein:
- premiums due under the disability insurance contract are paid from funds in the trust;
- benefits paid under the disability insurance contract are paid into the trust and further allocated to participants' accounts;
- and
- distributing benefits to the participant when the participant is eligible to receive plan distributions as a result of attaining normal retirement age as defined in the disability insurance contract.
Dependencies are inferred from the claim text.