Improved pension benefits system

Claim 2

A pension benefits system for administering at least one subscriber employer account on behalf of each subscriber employer's enrolled employees each of whom are to receive periodic benefits payments, said system comprising: a master trust; and a life insurer; said master trust including: subscriber employer contribution computing means for computing and receiving each said subscriber employer's particular periodic contribution; life insurance procurement means for procuring from said life insurer with a portion of each said subscriber employer contribution a predetermined life insurance policy for each said enrolled employee's life, each said life insurance policy retained by, and naming as its beneficiary, said master trust; life insurance proceeds collecting means for receiving and retaining from said life insurer all said life insurance policy proceeds upon each enrolled employee's death; benefits calculating means for determining each said enrolled employee's periodic benefits; investment means for procuring, with another portion of each said subscriber employer contribution, investments having expected rates of return and degrees of investment security and receiving and retaining all proceeds from said investments; periodic benefits payment means for disbursing payable periodic benefits from said life insurance policy proceeds, said investments' proceeds and said subscriber employer contributions.

Claim 3

A pension benefits system as set forth in Claim 1, further comprising: tabularized means for predetermining all payable and future projected employee periodic benefits.

Claim 4

A pension benefits system as set forth in Claim 2, wherein said tubular means includes: factor indicia which is to be multiplied with each enrolled employee's monthly earnings to predetermine said periodic benefits.

Claim 5

A pension benefits system as set forth in Claim 3, wherein: said factor indicia means is equal to about 40% of a unit of earnings increased by the addition to said unit of earnings by a predetermined fixed inflation factor as a percentage of said unit once yearly for each enrolled employee between 65 and each enrolled employee's age at time of enrollment.

Claim 6

A pension benefits system as set forth in Claim 1, wherein said pension benefits include: periodic retirement benefits payments; periodic death benefits payments; and periodic disability benefits payments.

Claim 7

A pension benefit system as set forth in Claim 5, wherein: said employee death, disability, and retirement benefits payments vest and are fully portable between different subscriber employers in said system after a predetermined period of continuous enrollment.

Claim 8

A pension benefit system as set forth in Claim 1, wherein said subscriber employer periodic contribution computing means includes: average age computing means for determining the average age of each enrolled employee; life insurance cost computing means for determining periodic cost of said life insurance for all enrolled employees of said subscriber employer; administrative cost computing means for estimating all administrative, legal, trustee and P.B.G.C. premium yearly expenses for said subscriber employer; first mathematical component for estimating minimum number of years of benefits liability to said master trust for each said subscriber employer including reducing the minimum expected age for each enrolled employer to receive benefits by said average age of enrolled employees for each subscriber employer; second mathematical component for estimating the future value of all life insurance proceeds from each said subscriber employers enrolled employees; third mathematical component for estimating the immediate future assets of all life insurance policies issued for all enrolled employees for each said subscriber employer; fourth mathematical component for estimating a cash reserve to fund contingent disability benefits; first mathematical product means for computing predividend component of each subscriber employer's contribution for said procuring of a life insurance policy for each enrolled employee including reducing said second mathematical component by said third mathematical component divided by said first mathematical to produce a first dividend which is then divided by said subscriber employer's periodic payroll; second mathematical product means for computing said subscriber employer's said periodic contribution including summing said first mathematical product means, said fourth mathematical component, said periodic cost of said life insurance, and said expenses.

Claim 9

A pension benefits system as set forth in Claim 1, wherein each said life insurance policy includes: a whole life policy and a progressive one year term divided rider coupled with said whole life policy on each enrolled employee's life.

Claim 10

A pension benefits system as set forth in Claim 8, wherein: each said whole life policy has a face amount generally equal to 30 times the enrolled employee's monthly earnings at time of enrollment; each said progressive term dividend rider is generally equal to the enrolled employee's monthly earnings at the time of enrollment.

Claim 11

A pension benefits system as set forth in Claim 8, wherein: each said whole life policy is maintained by said life insurer in full force and effect until the death of each said enrolled employee, whether working or retired; each said rider is maintained by said life insurer in full force and effect until a predetermined retirement age or earlier death of each said enrolled employee.

Claim 12

A pension benefits system as set forth in Claim 8, wherein: each said whole life policy produces dividends which are accumulated and retained by said life insurer; said dividends accumulate sufficiently after a predetermined number of years of participation by each said enrolled employee and designated to automatically pay for all subsequent life insurance policy premiums whereupon each said portion of each said subscriber employer's contribution for procuring each said life insurance policy is retained within said master trust.

Claim 13

A pension benefits system as set forth in Claim 8, wherein: each said rider yearly increases said insurance policy proceeds a predetermined amount until said predetermined retirement age or earlier death of each said enrolled employee.

Claim 14

A pension benefits system for administering at least one subscriber employer account on behalf of each subscriber employer to provide periodic benefits payments for enrolled employee beginning at the earliest death, disability or retirement of each enrolled employee, said system comprising: a master trust; and a life insurer; said master trust including: subscriber employer contribution computing means for computing and receiving each said subscriber employer's particular periodic contribution; life insurance procurement means for procuring from said life insurer with a portion of each said subscriber employer contribution a predetermined life insurance policy against each enrolled employee's life, each said life insurance policy retained by, and naming as its beneficiary, said master trust, each said life insurance policy including a whole life policy and a progressive one year term dividend rider coupled with said whole life policy for each said enrolled employee's life; life insurance proceeds collecting means for receiving and retaining from said life insurer all said life insurance policy proceeds upon each said enrolled employee's death; benefits calculating means for determining each said enrolled employee's periodic benefits; investment means for procuring, with another portion of each said subscriber employer contribution, investments having expected rates of return and degrees of investment security and receiving and retaining all proceeds from said investments; periodic benefits payment means for disbursing payable said periodic benefits from said life insurance policy proceeds, said investments' proceeds and said subscriber employer contributions.

Claim 15

A pension benefits system for administering at least one subscriber employer account on behalf of each subscriber employer to provide periodic benefits payments for enrolled employee beginning at the earliest death, disability or retirement of each enrolled employee, said system comprising: a master trust; and a life insurer; said master trust including: subscriber employer contribution computing means for computing and receiving each said subscriber employer's particular periodic contribution; life insurance procurement means for procuring from said life insurer with a portion of each said subscriber employer contribution a predetermined life insurance policy against each enrolled employee's life, each said life insurance policy retained by, and naming as its beneficiary, said master trust, each said life insurance policy including a whole life policy and a progressive one year term dividend rider coupled with said whole life policy for each said enrolled employee's life; life insurance proceeds collecting means for receiving and retaining from said life insurer all said life insurance policy proceeds upon each said enrolled employee's death; benefits calculating means for determining each said enrolled employee's periodic benefits; investment means for procuring, with another portion of each said subscriber employer contribution, investments having expected rates of return and degrees of investment security and receiving and retaining all proceeds from said investments; periodic benefits payment means for disbursing payable said periodic benefits from said life insurance policy proceeds, said investments' proceeds and said subscriber employer contributions.

Claim 16

A pension benefits system as set forth in Claim 13, wherein: each said whole life policy is maintained by said life insurer in full force and effect until the death of each said enrolled employee, whether working or retired; each said rider is maintained by said life insurer in full force and effect until a predetermined retirement age or earlier death of each said enrolled employee.

Claim 17

A pension benefits system as set forth in Claim 13, wherein: each said whole life policy produces dividends which are accumulated and retained by said life insurer; said dividends accumulate sufficiently after a predetermined number of years of participation by each said enrolled employee and designated to automatically pay for all subsequent life insurance policy premiums whereupon each said portion of each said subscriber employer's contribution for procuring each said life insurancepolicy is retained within said master trust.

Claim 18

A pension benefits system as set forth in Claim 13, wherein: each said rider yearly increases said insurance policy proceeds a predetermined amount until said predetermined retirement age or earlier death of each said enrolled employee.

Claim 19

A pension benefits system as set forth in Claim 13, wherein said subscriber employer periodic contribution computing means includes: average age computing means for determining the average age of each enrolled employee; life insurance cost computing means for determining periodic cost of said life insurance for all enrolled employees of said subscriber employer; administrative cost computing means for estimating all administrative, legal, trustee, and P.B.G.C. premium yearly expenses for said subscriber employer; first mathematical component for estimating minimum number of years of benefits liability to said master trust for each said subscriber employer including reducing the minimum expected age for each enrolled employer to receive benefits by said average age of enrolled employees for each subscriber employer; second mathematical component for estimating the future value of all life insurance proceeds from each said subscriber employers enrolled employees; third mathematical component for estimating the immediate future assets of all life insurance policies issued for all enrolled employees for each said subscriber employer; fourth mathematical component for estimating a cash reserve to fund contingent disability benefits; first mathematical product means for computing predividend component of each subscriber employer's contribution for said procuring of a life insurance policy for each enrolled employee including reducing said second mathematical component by said third mathematical component divided by said first mathematical to produce a first dividend which is then divided by said subscriber employer's periodic payroll; second mathematical product means for computing said subscriber employer's said periodic contribution including summing said first mathematical product means, said fourth mathematical component, said periodic cost of said life insurance, and said expenses.

Claim 20

A pension benefits system to be implemented by a life insurer for administering at least one subscriber employer account on behalf of each subscriber employer's enrolled employees each of whom are to receive periodic benefits payments, said system comprising: subscriber employer contribution computing means for computing and receiving each subscriber employer's particular periodic contribution; life insurance providing means for issuing by said life insurer with a portion of each said subscriber employer contribution a predetermined life insurance policy against each enrolled employee's life, each said life insurance policy retained by, and naming as its beneficiary, said master trust, each said life insurance policy including a whole life policy and a progressive one year term dividend rider coupled with said whole life policy for each enrolled employee's life; life insurance proceeds collecting means for receiving and retaining from said life insurer all said life insurance policy proceeds upon each enrolled employee's death; benefits calculating means for determining each enrolled employee's periodic benefits; investment means for procuring, with another portion of each said subscriber employer contribution, investments having expected rates of return and degrees of investment securing and for receiving and retaining all proceeds from said investments; periodic benefits payment means for disbursing payable periodic benefits from said life insurance policy proceeds, said securities' proceeds and said subscriber employer contributions.

Claim 21

A pension benefits system to be implemented by a life insurer for administering at least one subscriber employer account on behalf of each subscriber employer's enrolled employees each of whom are to receive periodic benefits payments, said system comprising: subscriber employer contribution computing means for computing and receiving each subscriber employer's particular periodic contribution; life insurance providing means for issuing by said life insurer with a portion of each said subscriber employer contribution a predetermined life insurance policy against each enrolled employee's life, each said life insurance policy retained by, and naming as its beneficiary, said master trust, each said life insurance policy including a whole life policy and a progressive one year term dividend rider coupled with said whole life policy for each enrolled employee's life; life insurance proceeds collecting means for receiving and retaining from said life insurer all said life insurance policy proceeds upon each enrolled employee's death; benefits calculating means for determining each enrolled employee's periodic benefits; investment means for procuring, with another portion of each said subscriber employer contribution, investments having expected rates of return and degrees of investment securing and for receiving and retaining all proceeds from said investments; periodic benefits payment means for disbursing payable periodic benefits from said life insurance policy proceeds, said securities' proceeds and said subscriber employer contributions.

Claim 22

A pension benefits system to be implemented by an employer on behalf of each employer's enrolled employees each of whom are to receive periodic benefits payments, said system comprising: a master trust; and a life insurer; said master trust including: employer contribution computing means for computing and receiving each employer's particular periodic contribution; life insurance procurement means for procuring from said life insurer with a portion of each said employer contribution a predetermined life insurance policy against each enrolled employee's life, each said life insurance policy retained by, and naming as its beneficiary, said master trust, each said life insurance policy including a whole life policy and a progressive one year term dividend rider coupled with said whole life policy for each said enrolled employee's life; life insurance proceeds collecting means for receiving and retaining from said life insurer all said life insurance policy proceeds upon each said enrolled employee's death; benefits calculating means for determining each enrolled employee's periodic benefits; investment means for procuring, with another portion of each said subscriber employer contribution, investments having expected rates of return and degrees of investment security and for receiving and retaining all proceeds from said investments; periodic benefits payment means for disbursing payable periodic benefits from said life insurance policy proceeds, said securities' proceeds and said employer contributions.

Claim 23

A pension benefits system to be implemented by an employer on behalf of each employer's enrolled employees each of whom are to receive periodic benefits payments, said system comprising: a master trust; and a life insurer; said master trust including: employer contribution computing means for computing and receiving each employer's particular periodic contribution; life insurance procurement means for procuring from said life insurer with a portion of each said employer contribution a predetermined life insurance policy against each enrolled employee's life, each said life insurance policy retained by, and naming as its beneficiary, said master trust, each said life insurance policy including a whole life policy and a progressive one year term dividend rider coupled with said whole life policy for each said enrolled employee's life; life insurance proceeds collecting means for receiving and retaining from said life insurer all said life insurance policy proceeds upon each said enrolled employee's death; benefits calculating means for determining each enrolled employee's periodic benefits; investment means for procuring, with another portion of each said subscriber employer contribution, investments having expected rates of return and degrees of investment security and for receiving and retaining all proceeds from said investments; periodic benefits payment means for disbursing payable periodic benefits from said life insurance policy proceeds, said securities' proceeds and said employer contributions.