Patent ID: 7890402
Filing Date: 2011-02-15
Classification: G06Q

Abstract:
1. A data processing system for administering a deferred variable annuity contract during the accumulation phase, the annuity contract including a payment base, a contract value, and lifetime benefit payments for a relevant life, said system comprising: a storage device including data relating to: a processor operatively coupled to the storage device to read said data, the storage device storing modules utilized by the processor for: calculating wherein a maximum available lifetime benefit payment is calculated using the following formula: wherein the adjustment factor is at least 1 and is determinable at a time of a lifetime benefit payment withdrawal request based on (1) a period of deferral from a time the lifetime benefit payment withdrawal was first available until a first lifetime benefit payment withdrawal request; and (2) a period of time since the first lifetime benefit payment withdrawal request; wherein withdrawals do not decrease the payment base when the withdrawals during a year are not more than the maximum available lifetime benefit payment.