Patent ID: 8756084

Claim:
A data processing system for administering an unannuitized annuity account having a systematic withdrawal program associated with a guaranteed payment feature, the data processing system comprising: a data storage unit having stored therein information about the annuity account, including data relating to an account value, a predetermined maximum withdrawal percentage rate and a guaranteed withdrawal payment; and a computer, coupled to the data storage unit, that is configured to: (a) periodically determine a maximum guaranteed withdrawal payment amount for a prescribed period; (b) periodically determine the account value; (c) monitor the account value and any withdrawal payments made to an account owner; (d) periodically compare withdrawal payments with the maximum guaranteed withdrawal payment amount to identify withdrawal payments in excess of the maximum guaranteed withdrawal payment amount; and (e) periodically make guaranteed withdrawal payments so long as: (1) withdrawal payments for the prescribed period do not exceed the maximum guaranteed withdrawal payment amount, or (2) the account value is greater than the guaranteed withdrawal payment.