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

US8370242B2 · kind B2 · utility

Assignee

• Genworth Financial, 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: Feb 25, 2005
• Grant date: Feb 5, 2013
• Expiry date: Mar 13, 2026

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, for implementing a benefit product with a guaranteed minimum income. Payment into the benefit product secures the guaranteed minimum income for a payout phase following an accumulation phase of the benefit product. The system comprises an income recordkeeper interfacing with a plurality of savings recordkeepers. The income recordkeeper includes (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: (a) monitors transactions to or from the benefit product; and (b) determines, based on the transactions, a guaranteed minimum income associated with participation in the benefit product, the guaranteed minimum income being an amount that may be paid from the benefit product beginning on a future start date.