Abstract: A system and method for providing insurance protection against loss of contributions to tax favored defined contribution plans should an active employee/participant become disabled. The invention manages the administration of a disability insurance policy held inside the plan that continues contributions to the plan during a period of disability, where the coverage amount for each participant is determined by the level of contributions made by, or for, each participant.
Type:
Application
Filed:
August 24, 2006
Publication date:
January 4, 2007
Applicant:
Corporate Compensation Plans, Inc. of Connecticut
Inventors:
Philip Davis, Janet McCune, Hubert Forcier
Abstract: A system and method for providing insurance protection against loss of contributions to tax favored defined contribution plans should an active employee/participant become disabled. The invention manages the administration of a disability insurance policy held inside the plan that continues contributions to the plan during a period of disability, where the coverage amount for each participant is determined by the level of contributions made by or for each participant.
Type:
Grant
Filed:
June 9, 1999
Date of Patent:
September 26, 2006
Assignee:
Corporate Compensation Plans, Inc. of Connecticut
Inventors:
Philip T. Davis, Janet M. McCune, Hubert V. Forcier
Abstract: A method for providing deferred compensation to an employee's beneficiary is disclosed, whereby the benefit takes the form of insurance policy proceeds payable to an employee's beneficiary, and wherein the deferred compensation is paid to the beneficiary in an income and estate tax free manner.