Data processing: financial – business practice – management – or co – Automated electrical financial or business practice or... – Finance
Reexamination Certificate
2008-05-20
2008-05-20
Kramer, James A. (Department: 3693)
Data processing: financial, business practice, management, or co
Automated electrical financial or business practice or...
Finance
C705S035000
Reexamination Certificate
active
07376608
ABSTRACT:
A computerized method of administering an annuity product having a withdrawal feature and a guarantee comprises the steps of establishing an annuity account from which withdrawals can be made, inputting data relating to the annuity account, paying withdrawals to the account owner, and providing a guarantee. Inputted data relating to the account includes a maximum withdrawal rate for a given withdrawal frequency. The guarantee provides that, even if the account value is exhausted before the end of a specified time period, amounts up to the maximum withdrawal will continue to be paid for the specified period, provided that withdrawals before the account value is exhausted do not exceed the maximum rate. The specified time period may be a lifetime period, a period of years or months chosen by the account owner when the account is established, or a period during which withdrawals at least equal a specified percentage of the account value, or a highest account value achieved, as of a specified date. The method may further include the step of establishing a charge to pay for the guarantee.
REFERENCES:
patent: 4055757 (1977-10-01), Tillman et al.
patent: 4742457 (1988-05-01), Leon et al.
patent: 5291398 (1994-03-01), Hagan
patent: 5631828 (1997-05-01), Hagan
patent: 5644727 (1997-07-01), Atkins
patent: 5704045 (1997-12-01), King et al.
patent: 5752236 (1998-05-01), Sexton et al.
patent: 5754980 (1998-05-01), Anderson et al.
patent: 5761441 (1998-06-01), Bennett
patent: 5839118 (1998-11-01), Ryan et al.
patent: 5864828 (1999-01-01), Atkins
patent: 5893071 (1999-04-01), Cooperstein
patent: 5926792 (1999-07-01), Koppes et al.
patent: 5930760 (1999-07-01), Anderton et al.
patent: 5933815 (1999-08-01), Golden
patent: 5940810 (1999-08-01), Traub et al.
patent: 6058377 (2000-05-01), Traub et al.
patent: 6061661 (2000-05-01), Hagan
patent: 6064969 (2000-05-01), Haskins
patent: 6064983 (2000-05-01), Koehler
patent: 6064986 (2000-05-01), Edelman
patent: 6076072 (2000-06-01), Libman
patent: 6085174 (2000-07-01), Edelman
patent: 6105865 (2000-08-01), Hardesty
patent: 6148293 (2000-11-01), King
patent: 6253192 (2001-06-01), Corlett et al.
patent: 6275807 (2001-08-01), Schirripa
A. Mody, D. Patro, Methods of Loan Guarantee Valuation and Accounting, 1995, Sitesources.worldbank.org, pp. 4-5 and 8-9.
AnnuiSHARE™ Consumer Brochure, Version 1.20, Apr. 6, 1999; Cover:AnnuiSHARE™ Lifetime Income Annunity; SHAREways to an enhanced and secure future in retirement; (see inside cover, pp. 3-6, inside back cover and back cover).
The Mechanics of Variable Annunitization; by Jeffrey K. Dellinger, FSA, MAAA; Sep. 1994; Published in VARDS “Executive Series”.
Internal Revenue Service Private Letter Ruling 9237030, Jun. 16, 1992 [Code Sec. 72].
Retirement Contribution Analyzer User Guide; Ernst & Young, LLP; Oct. 24, 1997; 19 pages.
Annuity Market News, “VA Patent Skirmishes in the Making?” Sep. 2005.
Sutherland, Asbill, & Brennan, LLP, p. 4 of an article discussing Minnesota Mutual Life Insurance Company's Guaranteed Minimum Annuity Payment Amount, undated.
Memorandum from Ron Ziegler RE: Minnesota Mutual's Adjustable Income Annuity/Product Idea, Jan. 14, 1997.
Steve McDonnell, “VA Guaranteed Payout Floor Riders Stress the Annuitized Approach” Sep. 20, 2005.
Kerry Geurkink, “Creativity in the Annuity Payout Phase” (PowerPoint Presentation), Jun. 11, 1998.
Deanne Osgood, “Industry Research: VA Guaranteed Living Benefits” (PowerPoint Presentation) Jun. 11-12, 1998.
Tillinghast-Towers Perrin, “The Variable Immediate Annuity Marketplace;” handout dated Aug. 25, 1998.
Christine Ong, “Hartford Readies For-Life Withdrawal Benefits” (online article found at http://www.ignites.com; Sep. 29, 2005.
PR Newswire Online Article, “The Hartford Launches Innovative Benefit To Gaurantee Principal of Variable Annuity Investors” Jul. 26, 2002.
PR Newswire Online Article, “Fortis First to Market With an Unmatched Income Benefit,” Sep. 28, 1999, found at: www.prnewswire.com.
Dellinger Jeffrey K.
Lewis Stephen H.
Rickard Jason H.
Schwartz Denis G.
Barnes & Thornburg LLP
Greimel Jocelyn W.
Kramer James A.
Lincoln National Life Insurance Company
LandOfFree
Method and system for providing retirement income benefits does not yet have a rating. At this time, there are no reviews or comments for this patent.
If you have personal experience with Method and system for providing retirement income benefits, we encourage you to share that experience with our LandOfFree.com community. Your opinion is very important and Method and system for providing retirement income benefits will most certainly appreciate the feedback.
Profile ID: LFUS-PAI-O-2807383