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US 8,554,590 B1Granted
Methods for administering loan premiums in a pension insurance program
AssigneePentech, LLC
InventorJohn A. Martin
Life of this patent
Estimating the term…
Abstract
A pension insurance plan method governs the establishing and administering of a loan premium towards a 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 borrower-participant and ensures that the full plan account balance passes intact to beneficiary in such event.
Claims41
A computer-implemented method for administering a claim, the method comprising:
- establishing, using a computer, a debt protection policy 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 a computer, the status of the debt protection policy;
- calculating, using a computer, a periodic payment for coverage by the debt protection policy against a risk event during repayment of the balance of the loan taken from assets accumulated in the retirement account of a participant,
- wherein the periodic payment is based upon the balance of the loan;
- establishing, using a computer, a database that stores a record for the participant along with the payment owed by the participant and a log of payments made by the participant;
- and electronically collecting funds as payment by the participant for the coverage.
4 more elements
A computer-implemented method for administering a loan from assets in a retirement account, the method comprising:
- calculating, using a computer, a periodic payment for coverage against a risk event during repayment of a loan taken from a retirement plan account of a participant,
- wherein the periodic payment is based upon a balance of the loan;
- establishing, using a computer, a database that stores a record for the participant along with the payment owed by the participant and a log of payments made by the participant;
- electronically collecting funds as payment by the participant for the coverage;
- and
- transferring the funds to an account of the administrator.
3 more elements
A computer-implemented method for administering a loan from assets in a retirement account, the method comprising:
- establishing, using a computer, a pension 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;
- receiving, using a computer, a bill for a payment for the pension debt mitigation coverage based on the unpaid balance of the loan;
- instructing, using a computer, a transfer of funds for the payment for the pension debt mitigation coverage.
1 more element
A computer-implemented method for administering a loan from assets in a retirement account, the method comprising:
- establishing, using a computer, a protection program for a participant or beneficiary,
- wherein the participant receives a loan from a retirement plan,
- wherein the protection program protects against default of repayment of the loan by the participant in an event of death or disability of the participant, and
- wherein in the event of death or disability of the participant, the protection program causes a payment in the amount of an outstanding balance of the loan;
- and
- computing, using a computer, the outstanding balance of the loan;
- computing, using a computer, a premium for the protection program to be paid by the participant or beneficiary based upon the outstanding balance of the loan.
4 more elements
A computer-implemented method for administering a loan from assets in a retirement account, the method comprising:
- issuing, using a computer, a group insurance policy for a participant or beneficiary,
- wherein the participant receives a loan from a retirement plan,
- wherein the group insurance policy protects against default of repayment of the loan by the participant in an event of death or disability of the participant, and
- wherein in the event of death or disability of the participant, the group insurance policy causes a payment in the amount of an outstanding balance of the loan;
- and
- computing, using a computer, the outstanding balance of the loan;
- computing, using a computer, a premium for the group insurance policy to be paid by the participant or beneficiary based upon the outstanding balance of the loan.
4 more elements
A computer-implemented method for administering a loan from assets in a retirement account, the method comprising:
- establishing, using a computer, a debt protection product for a participant or beneficiary,
- wherein the participant receives a loan from a retirement plan,
- wherein the debt protection product protects against default of repayment of the loan by the participant in an event of death or disability of the participant, and
- wherein in the event of death, disability, or unemployment of the participant, the debt protection product causes a payment in the amount of an outstanding balance of the loan;
- and
- computing, using a computer, the outstanding balance of the loan;
- and
- computing, using a computer, a premium for the debt protection product to be paid by the participant or beneficiary based upon the outstanding balance of the loan.
5 more elements
A computer-implemented method for administering a loan from assets in a retirement account, the method comprising:
- establishing, using a computer, a liability insurance product for a participant or beneficiary,
- wherein the participant receives a loan from a retirement plan,
- wherein the liability insurance product protects against default of repayment of the loan by the participant in an event of death, disability, or unemployment of the participant, and
- wherein in the event of death or disability of the participant, the liability insurance product causes a payment in the amount of an outstanding balance of the loan;
- and
- computing, using a computer, the outstanding balance of the loan;
- computing, using a computer, a premium for the liability insurance product to be paid by the participant or beneficiary based upon the outstanding balance of the loan.
4 more elements
Dependencies are inferred from the claim text.