Patent ID: 7840469
Filing Date: 2010-11-23
Classification: G06Q

Abstract:
1. A method for administering an income share plan having an accumulation phase and a deferment/disbursement of benefits phase, the method comprising the steps of: administering the accumulation phase by a record keeper platform having a processor and a memory, the record keeper platform maintaining data comprising data relating to an account of a plan participant and data indicative of a number of lifetime income shares purchased by the plan participant through multiple contributions, each of said lifetime income shares being a unit of guaranteed lifetime income for an individual, each of the units representing an obligation to pay the individual a fixed amount, at fixed intervals commencing at a fixed income start date corresponding to a fixed future age of the individual, the fixed amount being a precise and invariable amount set at the times of the contributions, the data maintained by the record keeper platform further comprising amounts of contributions, fixed income start dates, fixed amounts and fixed intervals; and communicating by the record keeper platform records relating to the lifetime income shares, the records including data indicative of the fixed amounts, the fixed intervals and the fixed income start dates, to an annuity platform having a processor and a memory for administration of the deferment/disbursement of benefits phase.