Systems and methods for administering self-service mutual fund and IRA distributions to participants

US8732057B1 · kind B1 · utility

Assignee

• United Services Automobile Association (USAA) · US

Inventors

• Devin Michael Becker · San Antonio, US
• Aaron David Bend · San Antonio, US
• Dennis Michael Berry, Jr. · San Antonio, US
• John Richard Camacho · Helotes, US
• Steven Wayne Meier, Jr. · San Antonio, US
• Brent Myron Merryman · Victoria, US
• Donna Ray Molinar · San Antonio, US
• Marcus David Saenz · San Antonio, US
• Christopher Michael Stegge · San Antonio, US

Key dates

• Filing date: Apr 22, 2009
• Grant date: May 20, 2014
• Expiry date: Oct 14, 2030

Classification

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

Abstract

A self-service distribution system and method to request a withdrawal of funds from tax-deferred accounts (i.e., a distribution), such as individual retirement accounts (IRAs). The system may retrieve information about a participant's age and type of account from which a distribution is requested. A series of checks defined by rules and regulations that apply to tax-deferred accounts may be run against participant and account information retrieved by the system. A sequence of user interfaces may present information and warnings, such as tax consequences of the distribution, to the guide the participant. The participant may request distributions having a certain frequency, amount, and timing through the presented user interfaces. After all of the information is entered to initiate the distribution, a verification page is presented such that the participant may confirm the enter information is correct. Upon submitting the request, a confirmation is presented.