Patent ID: 8224673

Claim:
A computer system for administering an product that includes an accumulation annuity and a guaranteed income annuity, comprising: a processor; a memory in communication with the processor; the processor configured to: store in the memory an amount of an initial funding payment, an interest rate formula, and a term for the accumulation annuity; store in the memory at least a deferral period of the guaranteed income annuity, wherein the deferral period is greater than or equal to the term of the accumulation annuity; if the current time is during the term, calculate an amount of interest earned on the accumulation annuity; credit all of the calculated amount of interest earned on the accumulation annuity to the guaranteed income annuity, wherein a funding of the guaranteed income annuity is provided by the calculated amount of interest earned on the accumulation annuity only; determine whether the current time is after the accumulation annuity term, and if the current time is after the accumulation annuity term, provide an output signal indicative of an instruction to provide a notice of expiration; determine whether the current time is after an expiration of the deferral period, and, if the current time is after the expiration of the deferral period, calculate a guaranteed income annuity payment amount from the guaranteed income annuity; and provide an output signal indicative of instructions for a payment to be made to an annuitant based on the guaranteed income annuity payment amount; and a payment fulfillment system configured to, in accordance with data in the output signal indicative of the instructions for the payment to be made to the annuitant based on the guaranteed income annuity payment amount, effect the payment to the annuitant based on the guaranteed income annuity amount; wherein an asset value of the accumulation annuity is independent of a value of a security or an index.