Pay plan system and method for mitigating risk and improving employee compensation
OwnerThomas Wayne Cookinventor
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Abstract
Some embodiments of the invention include a novel pay plan system and method for mitigating risk and improving employee compensation. In some embodiments, the method converts a single pay raise into an employer contribution to a 401a Plan, thereby causing the effect of this pay raise to become significantly larger in its monetary amount. In some embodiments, the method transforms 401a matching plans to fully serve public schools by combining both a retirement supplement plan and a compensation enhancement plan into a single plan.
Claims11
A non-transitory computer readable medium storing a program which when executed by at least one processing unit of a computing device manages investment risk and improves compensation for an employee, said program comprising sets of instructions for:
- receiving an amount of money designated for a single annual pay raise of an employee;
- converting the money designated for the single annual pay raise of the employee into a monetary contribution into an investment plan sponsored by the employer;
- and
- investing the monetary contribution in a set of investment options offered through the investment plan.
A method of converting an existing pay plan system into a risk management and compensation improvement pay plan system, the method comprising:
- determining whether the existing pay plan system is ineffective;
- demonstrating the effect of converting a single annual pay raise into an annual contribution in an employer matching pay plan;
- creating a set of investment plan accounts corresponding to a set of employees, wherein each investment plan is tailored to a set of specific needs of the corresponding employee;
- analyzing current and future predicted values of investments held in the set of investment plan accounts;
- and
- generating report cards for the employer matching pay plan to improve employee morale, wherein the report cards comprise investment performance data of the investments held in the set of investment plan accounts.
A risk management and employee compensation system that mitigates risk and improves employee morale, said system comprising:
- an input module that receives a set of user inputs comprising background information of an employee, a set of payroll add-on costs, and a set of take home deductions;
- a user input data repository that stores a set of user input data received from the input module after the input module receives the set of user inputs;
- a pay plan module that retrieves a particular set of stored user input data associated with an employee and calculates a value associated with an annual pay raise amount;
- and
- an employer matching pay plan maintenance module that generates (i) a first set of formatted output data associated with the annual cost of the pay raise to the employer, (ii) a second set of formatted output data associated with the annual benefit value of the pay raise to the employee, and (iii) a third set of formatted output data associated with a cost-benefit analysis based on the employer cost and the employee benefit value.
Dependencies are inferred from the claim text.