Patent ID: 8126746

Claim:
A computer system for administering a guaranteed income annuity having immediate and deferred payout options in a single guaranteed income product comprising: a communications port adapted to receive information relating to the immediate and deferred payout options in the single product, wherein the information includes at least a contract issue date, an annuity commencement date and an amount of an initial premium; a processor coupled to the communications port, the processor adapted to process the information including at least the contract issue date, the annuity commencement date and the amount of the initial premium; a memory in communication with the processor, the memory adapted to store the contract issue date, the commencement date and the amount of the initial premium; the processor further adapted to determine one or more payment amounts based on the stored contract issue date, commencement date and the amount of the initial premium; the memory further adapted to store the determined payment amounts; and the processor further adapted to provide an output signal indicative of instructions for one or more payments to be made based on the stored payment amounts, wherein the payments have immediate or deferred payout options arising out of the single guaranteed income product expressed as an immediate base contract form and a deferred rider coupled to the immediate base contract form.