Patent ID: 8095398

Claim:
A computerized method for administering an unannuitized variable annuity plan having a guaranteed minimum payment feature associated with a systematic withdrawal program, and for periodically determining an amount of a scheduled payment to be made to the owner under the plan, comprising the steps of: a) using a computer, storing data relating to a variable annuity account, including data relating to an account value, a withdrawal rate, and a period of benefit payments; b) using the computer, determining an amount of the scheduled payment; c) using the computer, periodically determining the account value associated with the plan and making the scheduled payment by withdrawing that amount from the account value; d) using the computer, monitoring for an unscheduled withdrawal made under the plan and adjusting the amount of the scheduled payment in response to said unscheduled withdrawal; and e) periodically paying the scheduled payment to the owner for the period of benefit payments, even if the account value is exhausted before all payments have been made, wherein scheduled payments made after the account value is exhausted can be made without the aid of the computer.