Apparatus and method for creating a retirement medical program through a profit sharing plan and a pension plan retiree health account

Abstract

An employee benefit administration system and transform method for creating a defined contribution health care benefit. The system comprising: a Dual-Purpose Profit Sharing Plan; means for processing employee records for each of a plurality of employees, and for manipulating employee demographic data, personal data, employment data, payroll data, enrollment data, transaction data with employer plan data to account for plan activity over a predetermined time and to report compliance with relevant IRS Tax Code provisions; and means for storing the employee records and the manipulated data. The transform method implementing a definite predetermined formula to administer a payment mechanism that is a dual purpose profit sharing plan and at least one additional payment mechanism where such definite predetermined formula: calculates an allocation of contributions; calculates at least one disbursement of accumulated funds upon at least one predetermined event; and calculates distributions from at least one additional payment mechanism.

What is claimed: 
     
         1 . A medium communicated process for a system that incorporates multiple payment mechanisms where such process implements a definite predetermined formula to allocate a value of a life insurance contract owned by one or more parties to support a payment mechanism owned by each party where such definite predetermined formula takes at least one input to calculate:
 a value for such life insurance contract and an ownership allocation for such life insurance contract;   where such calculations are executed by means that reads program code from a non-transitory storage medium;   where at least one of the owned payment mechanisms is not a dual purpose profit sharing plan; and   where the calculated ownership allocation to such dual purpose profit sharing plan such that distributions used for an at least one of accident and health benefits and where the employee never has right to receive cash in lieu of the at least one benefit.   
     
     
         2 . The medium communicated process of  claim 1 , where at least one of the owned payment mechanisms is a dual purpose profit sharing plan. 
     
     
         3 . The medium communicated process of  claim 2 , where the at least one of the owned payment mechanisms is not for an employee benefit. 
     
     
         4 . The medium communicated process according to  claim 1 , wherein the definite predetermined formula computes an ownership allocation that is actuarially equivalent. 
     
     
         5 . The medium communicated process according to  claim 1 , wherein the at least one input includes a health risk adjuster. 
     
     
         6 . The medium communicated process according to  claim 1 , wherein the at least one input includes a claim request. 
     
     
         7 . The medium communicated process according to  claim 1 , wherein the at least one input includes a health expectancy. 
     
     
         8 . A non-transitory storage medium storing program code which when executed utilizes a definite predetermined formula to allocate a value of a life insurance contract owned by one or more parties to support a payment mechanism owned by each party where such definite predetermined formula takes at least one input to calculate:
 a value for such life insurance contract and   an ownership allocation for such life insurance contract.