Program for alternative funding of employee and retiree benefits
AssigneeSpring Consulting Group, LLC
InventorKarin Landry
Life of this patent
Estimating the term…
Abstract
An investment program for funding benefits by maintaining assets in the investment program that includes an employer owned trust account and at least one life, disability, health or annuity contract (including a terminal annuity) obtained directly or indirectly from a partially or wholly owned or non-owned captive insurance company. The insurance contract is purchased with assets from the trust account and the partially or wholly owned or non-owned captive insurance company is a least partially, wholly or non-owned by the employer. When paying or reimbursing benefits, the employer or the trust may pay the benefit and if the employer pays the benefit, the trust may reimburse the employer.
Claims22
A computer implemented method for funding benefits, said computer implemented method comprising:
- electronically accepting, by a computer, inputs related to specific employer information;
- electronically determining, by a computer, an amount of funding to provide to an employer owned trust account;
- electronically calculating, by a computer, what portion of said funding to use to purchase at least one annuity contract;
- electronically determining, by a computer, whether to purchase said at least one annuity contract from a non-captive or captive insurance company, wherein said at least one annuity contact is purchased from said non-captive insurance company;
- and
- electronically determining, by a computer, what portion of said at least one annuity contract should be reinsured by said captive insurance company;
- wherein said captive insurance company is an insurance company that insures a risk of an employer who is not solely in the business of insurance.
A system for funding benefits, said system comprising:
- at least one computer;
- wherein said system is configured to perform at least the following:
- provide funding to a trust account, said amount of funding having been determined by said at least one computer;
- instruct said trust account as to what portion of said funding to use to purchase at least one annuity contract, said portion being determined by said at least one computer;
- instructing said trust account as to whether to purchase said at least one annuity contract from a non-captive insurance company or a captive insurance company, wherein said at least one annuity contact is purchased from said non-captive insurance company;
- and
- instructing said trust account as to what portion of said at least one annuity contract should be reinsured by said captive insurance company;
- wherein said captive insurance company is an insurance company that insures a risk of an employer who is not solely in the business of insurance.
A method for funding benefits, said method comprising:
- funding an employer or employee owned trust account, wherein the amount of funding is electronically determined by a computer based on employer information;
- purchasing at least one annuity contract with at least a portion of said funding from a captive insurance company or a non-captive insurance company, wherein the amount of the at least a portion of said funding is electronically determined by the computer, and wherein said at least one annuity contact is purchased from said non-captive insurance company;
- and
- reinsuring at least a portion of said at least one annuity contract by said captive insurance company;
- wherein said captive insurance company is an insurance company that insures a risk of an employer who is not solely in the business of insurance.
Dependencies are inferred from the claim text.