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US 8,452,622 B1Granted
Methods for administering claims in a pension benefit insurance program
AssigneePentech, LLC
InventorJohn A. Martin
Life of this patent
Estimating the term…
Abstract
A pension insurance plan method involves administering claims made against a pension debt coverage policy provided in the plan. The 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.
Claims55
A computer-implemented method for administering a loan from assets in a retirement account, the method comprising:
- calculating, using a computer, a coverage against a risk event during repayment of a loan taken from a retirement plan account of a participant,
- wherein the coverage is based upon a balance of the loan and the remaining assets in the retirement plan account;
- establishing, using a computer, a database that stores a record for the participant and the coverage for the participant;
- receiving notification, utilizing a computer, of occurrence of a risk event subjecting the loan to potential non-payment default and triggering payment of a benefit under the coverage;
- upon receipt of the notification, causing, utilizing a computer, a claim to be presented to a coverage provider;
- receiving, from the coverage provider, value equal to the balance of the loan in response to the claim;
- and
- updating a record in a database to reflect the received value.
5 more elements
A computer-implemented method for administering a loan from assets in a retirement account, the method comprising:
- establishing, utilizing a computer, a debt mitigation coverage to protect assets in a retirement account of a participant from loan default,
- wherein the pension debt mitigation coverage protects an unpaid balance of the loan upon an occurrence of a risk event;
- establishing, utilizing a computer, a database that stores a record for the participant and the debt mitigation coverage for the participant;
- receiving notification, utilizing a computer, of occurrence of a risk event subjecting the loan to potential non-payment default and triggering payment of a benefit under the debt mitigation coverage;
- upon receipt of the notification, causing, utilizing a computer, a claim to be presented to a provider of the debt mitigation coverage;
- receiving, from the provider, value equal to the balance of the loan in response to the claim;
- and
- updating a record in a database to reflect the received value.
5 more elements
A computer-implemented method for administering a claim, the method comprising:
- establishing, using a computer, a debt mitigation strategy for a balance of a loan to a participant from assets accumulated in a retirement account of the participant,
- wherein the loan is collateralized by the assets accumulated in the retirement account;
- tracking, using the computer, the status of the debt mitigation strategy;
- receiving, using the computer, information relating to an occurrence of an event subjecting the loan to potential non-payment default;
- and
- presenting, using the computer, a claim for the balance of the loan.
3 more elements
A computer-implemented method for adjudicating a claim for a payment to a retirement plan, the method comprising:
- establishing, utilizing a computer, a record for a participant participating in the retirement plan;
- receiving, utilizing the computer, a request for the participant to take a loan from an investment vehicle of the retirement plan;
- establishing, utilizing the computer, a debt mitigation strategy providing coverage for a balance of the loan in the occurrence of a risk event subjecting the loan to potential default;
- tracking, utilizing the computer, the existence of the debt mitigation strategy;
- tracking, utilizing the computer, the adequacy of the debt mitigation strategy;
- receiving, utilizing the computer, a notification of the occurrence of the risk event subjecting the loan to potential default;
- presenting, utilizing the computer, a claim for payment of the balance of the loan;
- and
- receiving, utilizing the computer, a payment to apply to the balance of the loan.
6 more elements
A program on a non-transient computer-readable medium of a computer, the program configured to execute a method comprising:
- calculating, using a computer, a coverage against a risk event during repayment of a loan taken from a retirement plan account of a participant,
- wherein the coverage is based upon a balance of the loan and the remaining assets in the retirement plan account;
- establishing, using a computer, a database that stores a record for the participant and the coverage for the participant;
- receiving notification, utilizing a computer, of occurrence of a risk event subjecting the loan to potential non-payment default and triggering payment of a benefit under the coverage;
- upon receipt of the notification, causing, utilizing a computer, a claim to be presented to a coverage provider;
- receiving, from the coverage provider, value equal to the balance of the loan in response to the claim;
- and
- updating a record in a database to reflect the received value.
5 more elements
A system for administering a loan from assets in a retirement account, the system comprising:
- a computer configured to:
- calculate a coverage against a risk event during repayment of a loan taken from a retirement plan account of a participant,
- wherein the coverage is based upon a balance of the loan and the remaining assets in the retirement plan account;
- receive notification of occurrence of a risk event subjecting the loan to potential non-payment default and trigger payment of a benefit under the coverage;
- cause a claim to be presented to a coverage provider;
- and
- receive a value equal to the balance of the loan in response to the claim;
- and
- a database communicatively coupled to the computer, the database configured to:
- store a record for the participant and the coverage for the participant;
- and
- update the record to reflect the received value.
9 more elements
A program on a non-transient computer-readable medium of a computer, the program configured to execute a method comprising:
- establishing, utilizing a computer, a debt mitigation coverage to protect assets in a retirement account of a participant from loan default,
- wherein the pension debt mitigation coverage protects an unpaid balance of the loan upon an occurrence of a risk event;
- establishing, utilizing a computer, a database that stores a record for the participant and the debt mitigation coverage for the participant;
- receiving notification, utilizing a computer, of occurrence of a risk event subjecting the loan to potential non-payment default and triggering payment of a benefit under the debt mitigation coverage;
- upon receipt of the notification, causing, utilizing a computer, a claim to be presented to a provider of the debt mitigation coverage;
- receiving, from the provider, value equal to the balance of the loan in response to the claim;
- and
- updating a record in a database to reflect the received value.
5 more elements
A system for administering a loan from assets in a retirement account, the system comprising:
- a computer configured to:
- establish a debt mitigation coverage to protect assets in a retirement account of a participant from loan default,
- wherein the pension debt mitigation coverage protects an unpaid balance of the loan upon an occurrence of a risk event;
- receive a notification of an occurrence of a risk event subjecting the loan to potential non-payment default and trigger payment of a benefit under the debt mitigation coverage;
- upon receipt of the notification, cause a claim to be presented to a provider of the debt mitigation coverage;
- and
- receive a value equal to the balance of the loan in response to the claim;
- and
- a database configured to:
- store a record for the participant and the debt mitigation coverage for the participant;
- and
- update the record in a database to reflect the received value.
9 more elements
A program on a non-transient computer-readable medium of a computer, the program configured to execute a method comprising:
- establishing, using a computer, a debt mitigation strategy for a balance of a loan to a participant from assets accumulated in a retirement account of the participant,
- wherein the loan is collateralized by the assets accumulated in the retirement account;
- tracking, using the computer, the status of the debt mitigation strategy;
- receiving, using the computer, information relating to an occurrence of an event subjecting the loan to potential non-payment default;
- and
- presenting, using the computer, a claim for the balance of the loan.
3 more elements
A system for administering a loan from assets in a retirement account, the system comprising:
- a computer configured to:
- establish a debt mitigation strategy for a balance of a loan to a participant from assets accumulated in a retirement account of the participant,
- wherein the loan is collateralized by the assets accumulated in the retirement account;
- track the status of the debt mitigation strategy;
- receive information relating to an occurrence of an event subjecting the loan to potential non-payment default;
- and
- present a claim for the balance of the loan.
4 more elements
A program on a non-transient computer-readable medium of a computer, the program configured to execute a method comprising:
- establishing, utilizing a computer, a record for a participant participating in the retirement plan;
- receiving, utilizing the computer, a request for the participant to take a loan from an investment vehicle of the retirement plan;
- establishing, utilizing the computer, a debt mitigation strategy providing coverage for a balance of the loan in the occurrence of a risk event subjecting the loan to potential default;
- tracking, utilizing the computer, the existence of the debt mitigation strategy;
- tracking, utilizing the computer, the adequacy of the debt mitigation strategy;
- receiving, utilizing the computer, a notification of the occurrence of the risk event subjecting the loan to potential default;
- presenting, utilizing the computer, a claim for payment of the balance of the loan;
- and
- receiving, utilizing the computer, a payment to apply to the balance of the loan.
6 more elements
A system for administering a loan from assets in a retirement account, the system comprising:
- a computer configured to:
- establish a record for a participant participating in the retirement plan;
- receive a request for the participant to take a loan from an investment vehicle of the retirement plan;
- establish a debt mitigation strategy providing coverage for a balance of the loan in the occurrence of a risk event subjecting the loan to potential default;
- track the existence of the debt mitigation strategy;
- track the adequacy of the debt mitigation strategy;
- receive a notification of the occurrence of the risk event subjecting the loan to potential default;
- present a claim for payment of the balance of the loan;
- and
- receive a payment to apply to the balance of the loan.
7 more elements
Dependencies are inferred from the claim text.