Patent ID: 7848989
Filing Date: 2010-12-07
Classification: G06Q

Abstract:
1. A data processing system for administering a deferred variable annuity contract during the accumulation phase, the annuity contract having a payment base value, a contract value, and a step-up provision, said system comprising: a storage device; a processor coupled to the storage device, the storage device storing modules utilized by the processor, for determining if a step-up in the present payment base value is applicable and for determining a present payment base value and a contract base value for said annuity contract; wherein the step-up is applicable if the present contract value is greater than the previous period's payment base value; and if the step-up is applicable, determining a step-up, wherein the step-up is not more than a predetermined percentage of the present payment base value, and increasing the present payment base value by the step-up; and further for multiplying the increased payment base value by a withdrawal percent to determine a benefit payment amount available for withdrawal without reducing the present payment base value wherein said step-up is greater than zero.