Abstract: A method of administering income distributions from an employer-sponsored retirement plan having a participant account value comprises providing an option to a plan participant to elect lifetime payout funded by at least a portion of the participant's account value; providing an option to the participant to elect an excess period during which a participant maintains control over the portion of the account value; transferring the portion of the participant's account value into a group annuity contract; determining an initial benefit payment under the terms of the group annuity contract; determining a subsequent benefit payment; and paying the initial and subsequent payments to the participant. Other embodiments include one or more of these, and the step of determining a charge to be paid by the participant for the guaranteed lifetime payout.

Abstract: A computerized method and system for administering an unannuitized annuity plan having a guaranteed minimum withdrawal payment feature associated with a systematic withdrawal program includes the steps of and system for storing data, determining an amount of a maximum guaranteed withdrawal payment for a prescribed period (e.g., one year), periodically determining the account value, monitoring for an unscheduled withdrawal made under the plan and adjusting the amount of the maximum guaranteed withdrawal payment in response to the unscheduled withdrawal. Guaranteed withdrawal payments are periodically made to the account owner so long as withdrawals do not exceed the maximum guaranteed amount for the period, or the account value is greater than the payment.

Abstract: A computer-implemented method of administering income distributions from an employer-sponsored retirement plan having a participant account value provides an option to a plan participant to elect a lifetime payout funded by at least a portion of the participant's account value. The lifetime payout may be funded by a Plan Distributed Annuity (“PDA”) or through the plan. An access period may be provided in the latter case, during which a participant maintains access to, and control over, the account.

Abstract: A computerized method of administering a benefit plan providing systematic withdrawal payments during a liquidity period and annuity payments when the systematic withdrawal payments cease. The method includes steps of storing data relating to the plan, and performing a sequence of steps during the liquidity period to determine an account value, and initial and current benefit payments. The method further includes the steps of determining the account value to be annuitized at the end of the liquidity period, and determining and paying initial and current annuity payments during the annuity period. The method may be used when the benefit plan is a straight life annuity benefit plan, or a life annuity benefit plan having either a death benefit, a surrender benefit, or both.

Abstract: A method and system of administering a financial product having a volatility reduction feature comprises providing a life insurance policy having a cash surrender value, creating at least one subaccount associated with the policy, storing a number of accumulation units associated with the subaccount, storing a plurality of accumulation unit values, calculating an average of stored accumulation unit values and using the average to determine a target unit value. The surrender value of the subaccount is periodically determined by multiplying the number of accumulation units by the target unit value. The surrender value of the subaccount is used to periodically determine the cash surrender value of the insurance policy.

Abstract: A computerized method and system for administering an unannuitized variable annuity plan having a guaranteed minimum withdrawal payment feature associated with a systematic withdrawal program includes the steps of and system for storing data, determining an amount of a scheduled payment, periodically determining the account value, making the scheduled payment by withdrawing that amount from the account value, monitoring for an unscheduled withdrawal made under the plan and adjusting the amount of the scheduled payment in response to the unscheduled withdrawal. Scheduled payments will be made to the owner under the plan for the period of benefit payments, even if it is determined by the computerized method and system that the account value is or will be exhausted before all payments have been made. Payments made before such determination are made with the aid of the computer, and payments made thereafter may be made with or without the aid of the computer.

Abstract: Systems and processes are provided for projecting, tracking and assessing the performance of and relative interests of the parties to one or more cooperatively-funded insurance policies, such as split-dollar or jointly-owned life insurance policies. Certain embodiments can also optimize the structure and function of existing insurance policies. Input data regarding actual and potential parties to an insurance contract, regulatory considerations, as well as the objectives that the parties intend to achieve, is used to propose, create, track, maintain, and implement an insurance policy or a group insurance plan. The input data is communicated to an enterprise platform via a web server. The enterprise platform includes applications which process the data. Data processing functions performed include proposal and policy generation, policy reevaluation and re-proposal, policy conversion, and report generation.

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.

Abstract: Computerized methods for administering variable annuity plans are disclosed. In certain embodiments, minimum payment features and mechanisms for adjusting current payments in response to cumulative payment totals are provided. Other embodiments provide withdrawal features under which certain guarantees are provided if withdrawals do not exceed predetermined withdrawal rates.