Genworth Holdings, Inc.

Genworth Financial, Inc.

Vickey L Root

Geoffrey S Stiff

David E Thomas

John C Eza

Matthew Sharpe

Paul Haley

Mary Fay

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 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

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 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

Vickey L Root