System and method for providing flexible and predictable income

Details System and method for providing flexible and predictable income System and method for providing flexible and predictable income

G - Physics

06

Q

G06Q 40/00 (2012.01)

Patent

CA 2699131

A computer system for administering a retirement income guarantee contract includes a communications module for receiving and transmitting data, and an administration module. The administration module has: an account initiation module for storing contract data including: an initial premium amount paid on which an accumulation balance is initially based; a target payout commencement date and a payout commencement date range including the target payout commencement date; payout rates fixed at the time of payment of the initial premium amount for determining income payments for payouts commencing at dates within the range; and one or more crediting rates fixed at the time of payment of the initial premium amount for determining increases in accumulation balance until the payout date. A payout administration module determines a payout amount based on the accumulation balance at the payout date and the fixed payout rate applicable to the payout date.

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