Patent ID: 8108298
Filing Date: 2012-01-31
Classification: G06Q

Abstract:
1. A data processing system for processing data associated with a deferred variable annuity contract during the accumulation phase, including data indicative of a payment base value, a withdrawal factor value, a contract value, and an amount of benefit payments available on a periodic basis in accordance with a guarantee of minimum periodic withdrawals available for a term, calculated employing the payment base value and the withdrawal factor value, said system comprising: a storage device storing data relating to the annuity contract, the stored data comprising data indicative of a present payment base value, a present contract value, one or more contract values previously attained at periodic time intervals, a maximum increase in the payment base value and the withdrawal factor value; a processor in communication with the storage device, the processor configured to: compare the present contract value to a highest of the previously attained contract values as determined at periodic time intervals; responsive to determining that the present contract value is greater than the highest of the previously attained contract values as determined at periodic time intervals, determine a stepped-up payment base value, the stepped-up payment base value being a lesser of the present contract value and the present payment base value increased by the maximum increase, the maximum increase being greater than zero; store data indicative of the stepped-up payment base value in the storage device; and determine a benefit payment amount available for withdrawal without reducing the payment base value employing the stepped-up payment base value and the withdrawal factor value.