Patent ID: 7698201

Claim:
A data processing system for managing an annuity account, the data processing system comprising: one or more processors; and one or more memory devices storing: data indicating whether an option has been elected; data indicating an account balance of the annuity account; an identifier for the annuity account; and logic, operable when executed by the one or more processors to: calculate one or more fees for: a first provision entitling a beneficiary to monetary transfers for a duration of time extending for at least the life of a first designated party; and a second provision granting an option to modify the duration of time to extend for at least the longer of the life of the first designated party and the life of a second designated party; wherein each monetary transfer is either due to a withdrawal from the annuity account or due to a benefit payment made to the beneficiary; and wherein the periodic annuity payments vary in amount if the withdrawals from the annuity account exceed a particular limit; determine whether the option has been elected; and based at least in part on the determination, process one or more of the monetary transfers to the beneficiary during the duration of time extending for at least the longer of the life of the first designated party and the life of a second designated party.