Patent ID: 8370242

Claim:
A system implementing a benefit product for a participant with a guaranteed minimum income, the system comprising: an income recordkeeper interfacing with a plurality of savings recordkeepers, the income recordkeeper in the form of a processing machine, the income recordkeeper including: an income recordkeeper interface portion that inputs attributes to the benefit product funded by payments from a plan associated with the benefit product; an income recordkeeper record keeping system that implements the benefit product, the income recordkeeper record keeping system being in communication with the income recordkeeper interface portion, the income recordkeeper record keeping system: monitoring transactions to and from the benefit product; and determining, based on the transactions, a guaranteed minimum income associated with participation in the benefit product, the guaranteed minimum income being an amount that may be paid from the benefit product beginning on a future start date, wherein payment into the benefit product securing the guaranteed minimum income for a payout phase of the benefit product following an accumulation phase of the benefit product, and the determining, based on transactions, the guaranteed minimum income that is paid beginning on a future start date includes: determining a guaranteed income factor based on age of the participant; and the income recordkeeper record keeping system using the guaranteed income factor to transform dollar transactions to the benefit product so as to determine the guaranteed minimum income that may be paid on the future start date; and the plurality of savings recordkeepers, wherein each of the savings recordkeepers includes a savings recordkeeper record keeping system, the savings recordkeeper record keeping system outputting the attributes of the benefit product to the income recordkeeper interface portion, so as to be input to the income recordkeeper record keeping system, the records of the plan being maintained by the savings recordkeeper, the records containing the attributes; and wherein each of the savings recordkeepers are unaffiliated third parties with respect to their relationship with the income recordkeeper.