Patent №
US 8,024,248
Granted
2011-09-20
Filed 2005
Owner
GENWORTH FINANCIAL, INC.
Lab
—
AI components
1
planning
Assignment
Recorded
Dataset
AIPD
2023_r1 edition
Application
11239485
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or any portion(s) thereof in any number of select investment options, the accumulated value being capable of being withdrawn at any time and reinvested in any other select investment options being paid out after a predetermined period of time The guaranteed minimum income payment may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.
AI classification
Ownership
GENWORTH FINANCIAL, INC.
assignment · 171700001
Assignors
STIFF, GEOFFREY, SHARPE, MATTHEW, ATKINSON III, LANDIS WILLIAM
On an employer assignment, the assignors are typically the inventors.