A retirement plan financial product includes a long-term disability insurance policy or contract as a component of the assets of the trust underlying the plan. The insurance contract pays benefits into the plan upon the disability of a plan participant. The benefits are treated as income or gain under the plan and are allocated to the participant's account. Benefits are distributable only upon attainment of the participant's normal retirement age.
The disclosure relates to certain insurance procedures, methodology and implementation. More specifically, the procedures and methodology relate to insurance or policies which allow for retirement plan contribution when an individual is disabled and is no longer able to receive pay from an employer.
- Richmond TX, US Paul D. Hinson - Sugarland TX, US
Assignee:
Pension Advisory Group - Richmond TX
International Classification:
G06Q 40/06 G06Q 20/10
US Classification:
705 4
Abstract:
The disclosure relates to certain insurance procedures, methodology and implementation. More specifically, the procedures and methodology relate to insurance or policies which allow for retirement plan contribution when an individual is disabled and is no longer able to receive pay from an employer.
Computer Based Method For Preventing Financial Loss Due To Disability For Participants
- Richmond TX, US Paul D. Hinson - Sugarland TX, US
Assignee:
Pension Advisory Group - Richmond TX
International Classification:
G06Q 20/02
US Classification:
705 4
Abstract:
A system and method for preventing financial loss due to disability of participants in a retirement plan according to an insurance contract. One or more computers are programmed within a network to collate data from one or more databases according to the terms of an insurance contract. The insurance contract pays benefits into the retirement plan trust upon the disability of a plan participant. The benefits are treated as income or gain under the plan and are allocated to the participant's account. Benefits are distributable only upon attainment of the participant's normal retirement age. The administration of a retirement plan is carried out according to a computer based method and within a computer based system.
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Paul Hinson
Work:
Coldwell Banker Naples Florida - Commercial Real Estate Specialist
About:
Paul Hinson SW Florida Real Estate Specialist  A commercial specialist offering clients the experience of more than twenty years of involvement in commercial development and acquisitions. Specializin...