# US 2014/0207706 A1 · Computer Implemented System and Method for Aggregating, Analyzing and Distributing Information Corresponding to Retirement Plans

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- Number: US 2014/0207706 A1
- Document ID: US20140207706A1
- Status: Published application
- Kind: A1
- Application number: 14/194,921
- Filed: 2014-03-03
- Published: 2014-07-24
- Earliest claimed: 2011-02-17
- Assignees: Congruent Solutions PVT. LTD.
- Applicants: Congruent Solutions PVT. LTD.
- Inventors: Rajagopal Sitaram
- Web page: https://patentgrep.com/patent/US20140207706A1

## CPC

- G06Q 10/1057: Benefits or employee welfare, e.g. insurance, holiday or retirement packages
- G06Q 40/02: Banking, e.g. interest calculation or account maintenance (credit or loans G06Q40/03)
- G06Q: INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR

## Abstract

A computer implemented system and method for aggregating, analyzing, and distributing information corresponding to retirement plans offered to users have been disclosed. The system includes a database adapted to store at least authentication credentials and payroll information corresponding to users. The system includes a configuration sub-system adapted to configure the retirement plans based on pre-defined rules. The retirement plans are offered to users subsequent to determining, based on the payroll information corresponding to users, whether the users are eligible for a retirement plan. The users who have been identified as eligible are automatically enrolled onto the retirement plan via an enrollment module. The system also enables the users to initiate investment transfers between various plans, reallocation of investments within the same plan and rebalancing of investments within the same plan. The system also allows the plan sponsor/administrator to timely rectify exceptions if any using a user interface.

## Claims

### Claim 1

A computer implemented system for managing information related to users and corresponding retirement plans offered to users, said system comprising:
a database adapted to store the information corresponding to different users and retirement plans available, wherein the information includes at least authentication credentials, payroll information, predefined rules related to different retirement plans and predefined validation rule;
configuration sub-system adapted to assign a retirement plan to a user based on payroll information for said user and predefined rules associated with said retirement plans;
payroll module adapted to generate data by creating a profile corresponding to each user, wherein profile corresponding to each user is created by extracting payroll information corresponding to each user and information regarding a retirement plan assigned to each user from said database, said payroll module further adapted to utilize customizable validation rules for validating each profile created corresponding to each user;
an eligibility module having customizable eligibility rules for identifying and listing users eligible for being enrolled in at least one retirement plan, said eligibility module further adapted to automatically send a notification to listed eligible users inviting them to get enrolled into said retirement plan;
an enrollment module adapted to automatically enroll the eligible users into at least one retirement plan;
a verification sub-system adapted to verify profiles of said data generated by said payroll module based on said validation rules;
a exception-management sub-system adapted to identify exceptions in the data generated by said payroll module, wherein said exceptions include profiles having erroneous entries and which deviate from said validation rules;
a data-segregation sub-system adapted to segregate a portion of said data having said exceptions from said data without exceptions, wherein said data without exceptions proceeds for further processing;
a correction sub-system adapted to correct said data having exceptions and direct rectified data to said exception-management sub-system;
a processing engine adapted to update the data at the payroll module, so that all profiles are free of exceptions, said processing engine further adapted to direct data for end use;
a transfer sub-system adapted to enable said users to initiate investment transfer selected from the group of transfer of investments between various plans, reallocation of investments within the same plan and, rebalancing of investments within the same plan.

### Claim 2 (depends on 1)

The system as claimed in claim 1, wherein said system further includes updating means adapted to periodically update the payroll profiles corresponding to said users, said updating means further adapted to facilitate at least one modification in the beneficiary list(s) of the retirement plans corresponding to the user's payroll profile.

### Claim 3 (depends on 1)

The system as claimed in claim 1, wherein said database is further adapted to store at least said pre-defined configuration rules, eligibility rules, list of eligible users, employee details and user investment details.

### Claim 4 (depends on 1)

The system as claimed in claim 1, wherein said eligibility module is further adapted to generate summary reports having at least the payroll details corresponding to eligible users, and detailed reports, said eligibility module further adapted to interlink said summary reports with said detailed reports.

### Claim 5 (depends on 1)

The system as claimed in claim 1, wherein said enrollment module is adapted to automatically transmit a personalized enrollment confirmation to the users enrolled into said retirement plans.

### Claim 6 (depends on 1)

The system as claimed in claim 1, wherein said system includes a user interface adapted to display the items selected from the group of items consisting of at least payroll profiles, beneficiary lists, user information, user account summary, investment details, transaction history, retirement plan details, contribution details, retirement plan wise investment details and performance of the investment for a particular plan.

### Claim 7 (depends on 1)

The system as claimed in claim 1, wherein said system further includes authentication means communicating with said database and having pre-defined authentication rules and adapted to perform certificate based authentication to verify authentication credentials of the users.

### Claim 8

A computer implemented method for aggregating, analyzing, distributing information corresponding to retirement plans offered to users, said method comprising the following steps:
a) storing the information corresponding to users, wherein said information includes at least authentication credentials and payroll information corresponding to said users;
b) associating pre-defined rules with said retirement plans and configuring said retirement plans in accordance with said pre-defined rules;
c) verifying profiles of said data generated by said payroll module based on said validation rules;
d) identifying exceptions, said exceptions include said data which fail said validation rules;
e) segregating said data which carry said exceptions from those that do not carry said exceptions;
f) correcting said data which carry said exceptions;
g) re-validating said payroll information with corrected exceptions;
h) repeating steps c to g until the exceptions are corrected;
i) forwarding said data for further processing;
j) identifying and listing, based on customizable eligibility rules, users eligible for being enrolled to at least one retirement plan and automatically sending a notification to the listed eligible users inviting them to get enrolled into said retirement plan;
k) automatically enrolling the eligible users into at least one retirement plan; and
l) enabling said users to initiate investment transfer selected from the group of investment transfers consisting of transfer of investments between various plans, reallocation of investments within the same plan and rebalancing of investments within the same plan.

### Claim 9 (depends on 8)

The method as claimed in claim 8, wherein the step of storing the information corresponding to users in an encrypted format further includes the step of storing at least pre-defined configuration rules, eligibility rules, list of eligible users, user information and user investment details.

### Claim 10 (depends on 8)

The method as claimed in claim 8, wherein the step of receiving the payroll information further includes the step of creating payroll profiles corresponding to each of said users.

### Claim 11 (depends on 8)

The method as claimed in claim 8, wherein the step of identifying and listing, based on customizable eligibility rules, users eligible for being enrolled to at least one retirement plan further includes the step of generating interlinked summary reports and detailed reports corresponding to said users.

### Claim 12 (depends on 8)

The method as claimed in claim 8, wherein the step of automatically enrolling the eligible users further includes the step of automatically transmitting a personalized enrollment confirmation to the users enrolled onto said retirement plan.

### Claim 13 (depends on 8)

The method as claimed in claim 8, wherein the method further includes the steps of optionally updating the payroll profiles corresponding to the users and optionally modifying the beneficiary lists corresponding to said retirement plans enrolled onto said users.

### Claim 14 (depends on 8)

The method as claimed in claim 8, wherein the method includes the step of performing certificate based authentication credentials of said user.

### Claim 15

A computer program product, comprising a computer usable medium having a computer readable program code embodied therein, said computer readable program code adapted to be executed to implement a method for generating a report, said method comprising:
a) storing the information corresponding to users, wherein said information includes at least authentication credentials and payroll information corresponding to said users;
b) associating pre-defined rules with said retirement plans and configuring said retirement plans in accordance with said pre-defined rules;
c) verifying profiles of said data generated by said payroll module based on said validation rules;
d) identifying exceptions, said exceptions include said data which fail said validation rules;
e) segregating said data which carry said exceptions from those that do not carry said exceptions;
f) correcting said data which carry said exceptions;
g) re-validating said payroll information with corrected exceptions;
h) repeating steps c to g until the exceptions are corrected;
i) forwarding said data for further processing;
j) identifying and listing, based on customizable eligibility rules, users eligible for being enrolled to at least one retirement plan and automatically sending a notification to the listed eligible users inviting them to get enrolled into said retirement plan;
k) automatically enrolling the eligible users into at least one retirement plan; and
l) enabling said users to initiate investment transfer selected from the group of investment transfers consisting of transfer of investments between various plans, reallocation of investments Within the same plan and rebalancing of investments within the same plan.