Patent US5903879A successfully refreshed from Google Patents.
US5903879A
Expired / Lapsed
US
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Method of managing a loan for funding a pension
Assignee: Individual
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Filing: 1996-10-29
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Granted: 1999-05-11
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Expires: 2016-10-29
Abstract
Abstract An employee eligible to participate in a pension plan is loaned up to the full employee contribution to the plan, thereby encouraging participation in the pension plan. This "Participation Loan" includes periodic payments to the employee until employment ceases, the employee retires, or the loan terminates. Data on the Loan, the pension plan assets, the employer, and the employee is kept by the lender. The employee must provide current information to the lender to prevent termination of the loan, at which point the loaned amount, plus interest, is due. Failure to provide current information causes an alarm that can lead to termination of the Loan. At termination, the loaned amount, plus interest, is preferably re-paid in a single payment. The Participation Loan can be secured or unsecured. The secured variant can use traditional assets for collateral or an existing balance in the defined contribution pension.
Inventors
- 👤 Clark Alan Mitchell
Bibliographic Details
Application Number
—
Jurisdiction
US
Data Source
google_patents
Last Synchronized
2026-11-09 19:18
CPC Classifications
G; G06; G06Q; G06Q40/00; G06Q40/02; G06Q20/00; G06Q20/08; G06Q20/10; G06Q40/04; G06Q40/06; G06Q40/10
Claims Analysis
Total Claims: 9
Claim 1
Independent Claim
144 words
A method for computerized management of a plurality of loans wherein each loan includes a series of payments to a borrower, the borrower invests the payments in a pension fund, and the borrower repays the loan upon termination of the loan, said method comprising the steps of: (a) storing data on the pension fund and on the borrower in at least one database in a computer; (b) using the computer to determine the amount of the series of payments from the data; (c) using the computer to make at least a first of the series of payments; (d) using the computer to compare the status of the fund with the stored data; and (e) if predetermined criteria are met then using the computer to make another payment in the series, else using the computer to provide an indication that the loan should be terminated.
Claim 2
Independent Claim
144 words
A method for computerized management of a plurality of loans wherein each loan includes a series of payments to a borrower, the borrower invests the payments in a pension fund, and the borrower repays the loan upon termination of the loan, said method comprising the steps of: (a) storing data on the pension fund and on the borrower in at least one database in a computer; (b) using the computer to determine the amount of the series of payments from the data; (c) using the computer to make at least a first of the series of payments; (d) using the computer to compare the status of the fund with the stored data; and (e) if predetermined criteria are met then using the computer to make another payment in the series, else using the computer to provide an indication that the loan should be terminated.
Claim 3
Dependent Claim
44 words
The method as set forth in claim 1 wherein said step of continuing to make payments includes the step of using the computer to provide a statement of account including the sum of the payments made and the accrued interest, dividends, or other appreciation.
Claim 4
Dependent Claim
16 words
The method as set forth in claim 1 wherein the series of payments is made periodically.
Claim 5
Dependent Claim
47 words
The method as set forth in claim 1 wherein said determining step includes the steps of: using the computer to estimate the date upon which the borrower achieves maximum net present value under the loan; and storing the date in the computer as a preferred termination date.
Claim 6
Dependent Claim
32 words
The method as set forth in claim 1 wherein the pension fund is operated by an employer of the borrower and one of the criteria evaluated in step (e) is continued employment.
Claim 7
Dependent Claim
16 words
The method as set forth in claim 1 wherein steps (d) and (e) are repeated periodically.
Claim 8
Dependent Claim
18 words
The method as set forth in claim 1 wherein steps (b), (c), (d), and (e) are repeated periodically.
Claim 9
Dependent Claim
18 words
The method as set forth in claim 1 wherein the computer determines the amount of each payment individually.
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USPTO Annuity & Maintenance Windows
| Annuity Stage | Window Opens | Payment Deadline | Surcharge Period Until | Estimated Fee | Status |
|---|---|---|---|---|---|
| 3.5 Years (Year 4) | 2002-05-10 | 2002-11-09 | 2003-05-11 | $2000.00 | Window Closed / Lapsed |
| 7.5 Years (Year 8) | 2006-05-10 | 2006-11-09 | 2007-05-11 | $3760.00 | Window Closed / Lapsed |
| 11.5 Years (Year 12) | 2010-05-10 | 2010-11-09 | 2011-05-11 | $7700.00 | Window Closed / Lapsed |