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US 8,249,901 B1Granted
Pension insurance program methods and systems
AssigneePentech, LLC
InventorJohn A. Martin
Life of this patent
Estimating the term…
Abstract
A pension insurance plan system and method protect the 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.
Claims24
A computer-implemented method for administering a premium, the method comprising:
- providing a debt protection program for a retirement plan,
- wherein a participant of the retirement plan takes a loan from the assets of a retirement account in the retirement plan and the loan is collateralized by the remaining assets in the retirement account, and
- wherein the debt protection program insures the loan against nonrepayment in the event of occurrence of a risk event subjecting the loan to potential default for non-repayment;
- calculating, utilizing a computer, the consideration for the debt protection program based upon the outstanding balance of the plan loan;
- and
- determining a repayment schedule for the loan.
3 more elements
A system for administering a pension plan program, the system comprising:
- means for providing coverage for protecting assets in a retirement account of a participant in the pension plan program,
- wherein assets of the retirement account serve as collateral for a loan to the participant from the retirement account, and
- wherein the insurance policy protects against a risk event subjecting the loan to potential non-repayment default;
- means for ensuring that the participant secures a policy as a condition to receiving the loan;
- and
- means for administering an account for receiving premiums due in connection with the coverage.
3 more elements
A computer-implemented method for administering a plan, the method comprising:
- providing an insurance policy for protecting assets in an account of a plan participant in the plan,
- wherein a plan, a plan sponsor, a plan trust, or a trustee is a holder of the insurance policy, and
- wherein the insurance policy protects against a risk event subjecting the plan loan to potential non-payment default;
- and
- administering, utilizing a computer, an account for billing and receiving premiums due in connection with the insurance policy;
- and
- verifying that the plan is covered by the insurance policy.
4 more elements
Dependencies are inferred from the claim text.