Patent ID: 7885837
Filing Date: 2011-02-08
Classification: G06Q

Abstract:
1. A computer-implemented method for administering a premium, the method comprising: providing a debt mitigation strategy to a plan sponsor or a plan administrator of a retirement plan, calculating, by the computer, a repayment schedule for the loan, wherein the repayment schedule reflects the consideration to be charged on a periodic basis to a payroll account of the participant or a participant's retirement account, based upon a choice by the plan sponsor or the plan administrator; billing, by a computer, periodically until the plan loan is repaid in full; and collecting, by a computer, the consideration from the participant and maintaining on a computer a data structure regarding the collection of the consideration for insurance, self insurance, or debt cancellation agreements through the debt mitigation strategy, wherein, in the event of a risk event, the assets in the retirement account are preserved for the benefit of a beneficiary of the retirement account for rollover into another tax deferred retirement account or distribution to the beneficiary.