Systems and methods for providing a benefit product with periodic guaranteed minimum income

US10055795B2 · kind B2 · utility

Assignee

• Genworth Holdings, Inc. · US

Inventors

• Geoffrey Stiff · Richmond, US
• David Edward Thomas · Dublin, US
• John C. Eza · Nellysford, US
• Vickey Root · Richmond, US

Key dates

• Filing date: Aug 10, 2015
• Grant date: Aug 21, 2018
• Expiry date: Nov 26, 2036

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q40/06
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

The invention provides systems, and methods of using the systems, implementing a benefit product with a guaranteed minimum income, wherein payment into the benefit product securing the guaranteed minimum income. The system comprises an income recordkeeper interfacing with a plurality of savings recordkeepers, the income recordkeeper including (1) an income recordkeeper interface portion that inputs attributes to the benefit product funded by payments from a plan associated with the benefit product; and (2) an income recordkeeper record keeping system that implements the benefit product, the income recordkeeper record keeping system being in communication with the income recordkeeper interface portion, the income recordkeeper record keeping system: (a) monitoring transactions to the benefit product; and (b) determining, based on the transactions, a guaranteed minimum income associated with participation in the benefit product.