Genworth Holdings, Inc.

Genworth Financial, Inc.

Geoffrey S Stiff

Matthew Sharpe

Vickey L Root

Paul Haley

Landis William Atkinson, Iii

David E Thomas

John C Eza

William S White

Mary Fay

James C Templeman

Kevin G Smith

Kristi Leighton

Holly R Snyder

Joel A Prough

Brian E Springer

A method and system for performing a cash value adjustment to an insurance policy issued by an insurer and owned by a policy owner, the method performed by a computer processing system. The method may include (1) inputting parameters of an insurance policy, the parameters including controlling parameters, and the controlling parameters including: (i) a constraint dictated parameter of the insurance policy; and (ii) a driven parameter of the insurance policy. The method may further include analyzing the relationship between the constraint dictated parameter and the driven parameter; and performing a re-underwriting of the insurance policy using the parameters of the insurance policy and a set of re-underwriting criteria. The method may further include generating re-underwritten policy data to constitute a re-underwritten policy. The method may include providing an annuity.

Systems and methods for providing a cash value adjustment to a life insurance policy

The invention provides systems, and methods of using the systems, implementing a benefit product with a guaranteed minimum income, wherein payment into the benefit product securing the guaranteed minimum income. The system comprises an income recordkeeper interfacing with a plurality of savings recordkeepers, the income recordkeeper including (1) an income recordkeeper interface portion that inputs attributes to the benefit product funded by payments from a plan associated with the benefit product; and (2) 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: (a) monitoring transactions to the benefit product; and (b) determining, based on the transactions, a guaranteed minimum income associated with participation in the benefit product.

Systems and methods for providing a benefit product with periodic guaranteed minimum income

A computer implemented method and system that implements a benefit product that provides a guaranteed income amount for a participant, the benefit product generates the guaranteed income amount by participating in a plurality of guaranteed income products (GI products). The system may comprise: (1) an income aggregator portion; (2) a savings recordkeeper portion that maintains an investment account associated with the benefit product, the investment account into which the payments to the benefit product pass; and (3) at least one income recordkeeper portion, each income recordkeeper portion administering one or more GI products, each income recordkeeper portion: determining, based on an attributable allocation to a particular GI product, a guaranteed income associated with such particular GI product, each guaranteed income being an amount, attributable to the particular GI product, that is payable to a participant. The income aggregator performs allocation processing, the allocation processing being performed based on funds transfer data, the funds transfer data including (1) first funds transfer data that reflects activity of the investment account and benefit product associated therewith, and (2) second funds transfer data that reflects activity of a respective GI product.

Systems and methods for providing a benefit product with periodic guaranteed income

A system and method comprises a defined contribution module for periodically receiving contributions and for accumulating value over a period of time by investing at least one of the contributions, the accumulated value being capable of: (1) being withdrawn at any time and reinvested, and (2) being paid out after a predetermined period of time; and wherein select investment options comprises investment products and at least one designated defined benefit investment option module for: (1) receiving at least one investment payment from the defined contribution module, the investment payment comprising at least one of the contributions and/or the accumulated value, (2) for paying out a guaranteed minimum income payment for life, after the predetermined period of time, based on a retirement income formula, and (3) increasing the income payment for life for excess performance over the formula.

System and method for imbedding a defined benefit in a defined contribution plan

A system and method for providing a user with a plurality of guaranteed minimum retirement income payments is disclosed. The system comprises a variable immediate annuity module to receive an income generating payment and to output a guaranteed minimum retirement income payment amount wherein the periodic retirement income payment amount is greater than, equal to, or less than a guaranteed minimum periodic retirement income payment amount if the income generating payments received are received according to a predetermined payment schedule, and wherein the predetermined guaranteed minimum periodic retirement income payment amount is defined by the user. The system also includes an adjustment module for comparing the periodic retirement income payment amount and the guaranteed minimum periodic retirement income payment amount, and for outputting to the user at least the guaranteed minimum periodic retirement income payment amount, the adjustment module storing a balance in an adjustment account if the periodic retirement income payment amount is less than the guaranteed minimum periodic retirement income payment amount.

System and method for guaranteeing minimum periodic retirement income payments using an adjustment account

A method and system for performing a cash value adjustment to a life insurance policy issued by an insurer and owned by a policy owner, the method performed by a computer processing system. The method may include () inputting parameters of a life insurance policy, the parameters including controlling parameters, and the controlling parameters including: (i) a constraint dictated parameter of the life insurance policy; and (ii) a driven parameter of the life insurance policy. The method may further include analyzing the relationship between the constraint dictated parameter and the driven parameter; and performing a re-underwriting of the life insurance policy using the parameters of the life insurance policy and a set of re-underwriting criteria. The method may further include generating re-underwritten policy data to constitute a re-underwritten policy. The method may include providing an annuity.

The present invention provides a method for providing an annuity structure and a system for processing an annuity structure. The annuity structure may include a base portion segment, where the base portion segment is a functional annuity having a first annuity schedule; and a secondary portion segment, where the secondary portion segment is a functional annuity having a second annuity schedule. In the invention, the base portion segment and the secondary portion segment each operate as its own annuity. Also, the base portion segment and the secondary portion segment are each included in a single contract, i.e., under the umbrella of one contract.

System and process for providing multiple income start dates for annuities

The invention provides systems, and methods of using the systems, for implementing a benefit product with a guaranteed minimum income. Payment into the benefit product secures the guaranteed minimum income for a payout phase following an accumulation phase of the benefit product. The system comprises an income recordkeeper interfacing with a plurality of savings recordkeepers. The income recordkeeper includes (1) an income recordkeeper interface portion that inputs attributes to the benefit product funded by payments from a plan associated with the benefit product; and (2) an income recordkeeper record keeping system that implements the benefit product. The income recordkeeper record keeping system: (a) monitors transactions to or from the benefit product; and (b) determines, 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.

A system and method for providing a user with a portable benefit based on a formula the result of which indicates the exact guaranteed minimum periodic income that the user will receive no matter how long the user lives and the potential for an increase in the periodic income. The system comprises a defined contribution module for periodically receiving at least one of a sponsor contribution and a participant contribution and for accumulating value over a period of time by investing at least one of the sponsor contribution and the participant contribution or any portion(s) thereof in any number of select investment options, the accumulated value being capable of being withdrawn at any time and reinvested in any other select investment options being paid out after a predetermined period of time The guaranteed minimum income payment may be based on a retirement income formula.

A process and a system for providing a user with a plurality of periodic retirement income payments is disclosed. The process comprises the steps of receiving an input including two of a retirement date, a minimum retirement income amount and a defined premium payment amount for payment over a plurality of preset payment intervals. The process also includes the steps of calculating the other one of the retirement date, the minimum retirement income amount and the defined premium payment amount for an accumulation period defined by the retirement date and a current age of the user; receiving a premium payment amount from the user during the accumulation period; investing the received premium payment amount in an account in a manner consistent with one or more predefined objectives during the accumulation period to realize a retirement income amount. The process further includes the step of transmitting the retirement income amount to at least one of the user and a designated receiver at a designated time after the end of the accumulation period. The retirement income amount includes a predetermined guaranteed minimum retirement income if the received premium payments are received according to a preset premium payment schedule.

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Richmond, VA, United States of America

Geoffrey S Stiff