Methods for validating participants in a pension insurance program
AssigneePentech, LLC
InventorJohn A. Martin
Life of this patent
Estimating the term…
Abstract
A method for ensuring valid participation of a plan participant in a defined contribution pension plan provides data query for identifying the plan participant. A pension debt coverage policy protects an outstanding balance of a defined contribution plan loan secured by participant's plan assets, eliminating adverse tax consequences to the plan beneficiary in the event of the death or disability of the participant and ensuring that the full plan account balance passes intact to beneficiary in such event.
Claims57
A computer-implemented method for ensuring valid participation of a plan participant in a defined contribution pension plan, the method comprising:
- establishing a pension debt mitigation coverage covering a balance of a loan from a retirement account of the plan participant,
- wherein the debt mitigation coverage protects assets in the retirement account of the plan participant in the defined contribution pension plan from default due to a risk event;
- wherein the assets in the retirement account serve as collateral for the loan to the participant;
- configuring, utilizing a computer, a premium of the loan for the plan participant;
- and
- in the occurrence of the risk event, paying to a policy holder the balance of the loan from the debt mitigation coverage.
A computer-implemented method for ensuring valid participation of a plan participant in a defined contribution plan, the method comprising:
- establishing a group insurance policy covering a balance of a loan from a retirement account of the plan participant,
- wherein the group insurance policy protects assets in the retirement account of the plan participant in the defined contribution plan from default due to death or disability of the plan participant;
- wherein the assets in the retirement account serve as collateral for the loan to the participant;
- configuring, utilizing a computer, a premium of the loan for the plan participant;
- and in the occurrence of the risk event, paying to a policy holder the balance of the loan from the group insurance policy.
A computer-implemented method for ensuring valid participation of a plan participant in a defined contribution plan, the method comprising:
- establishing a debt protection product covering a balance of a loan from a retirement account of the plan participant, unless the plan participant or a beneficiary elects to receive a loan without protection against death or disability;
- wherein the protects assets in the retirement account of the plan participant in the defined contribution plan from default due to death or disability of the plan participant;
- wherein the assets in the retirement account serve as collateral for the loan to the participant;
- configuring, utilizing a computer, a premium of the loan for the plan participant;
- and
- in the occurrence of the risk event, paying to a policy holder the balance of the loan from the debt protection product.
Dependencies are inferred from the claim text.