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.
Claims26
A computer-implemented method for protecting a participant or a beneficiary in a retirement plan, the method comprising:
- establishing, utilizing a computer, a record for the participant or beneficiary regarding enrollment of the participant or beneficiary in a protection program for coverage of a balance of a loan from an account in the retirement plan,
- wherein the protection program protects remaining assets in the account of the retirement plan from default of repayment of the loan in an event of death, disability, or unemployment;
- receiving, utilizing a computer, an election from the participant or beneficiary regarding acceptance of the protection program;
- entering, utilizing a computer, into the record an indicator indicating whether the participant or beneficiary has a coverage in the protection program or separate coverage not associated with the protection program;
- configuring, utilizing a computer, a premium of the coverage in the protection program based upon the indicator in the record and the balance of the loan;
- and
- collecting, utilizing a computer, the premium for coverage from the participant or beneficiary.
A computer-implemented method for protecting a participant or a beneficiary in a retirement plan, the method comprising:
- establishing, utilizing a computer, a record for the participant or beneficiary regarding enrollment of the participant or beneficiary in a protection program for coverage of a balance of a loan from assets accumulated in an account in the retirement plan,
- wherein the protection program protects remaining assets in the account of the retirement plan from default of repayment of the loan in an event of death, disability, or unemployment;
- receiving, utilizing a computer, an election from the participant or beneficiary regarding acceptance of the protection program;
- entering, utilizing a computer, into the record an indicator indicating whether the participant or beneficiary has a coverage in the protection program or separate coverage not associated with the protection program;
- configuring, utilizing a computer, a premium of the coverage in the protection program based upon the indicator in the record and the balance of the loan;
- collecting, utilizing a computer, the premium for coverage from the participant or beneficiary;
- and
- when a claim is presented based upon the occurrence of the event of death, disability, or unemployment, receiving a payment to apply to the balance of the loan.
Dependencies are inferred from the claim text.