System and method for developing a defined pension plan logic and framework
View Patent ↗The present invention is a universal pension administration system that allows multiple companies use the same system for valuation report generation, benefit calculation, database administration, and trust payment direction. Plan Actuaries define a pension plan by answering questions related to the plan. A Developer Actuary uses tools to develop a pension plan framework that defines plan questions and logic and calculations to support the plan definition. A first tool is used to define the logic for pension plan definition, calculation sequencing, and report generation. In the calculation sequencing, rules are defined to refer to spreadsheets in which complex calculations related to the plan are performed. A second tool is used to design discrete calculation objects using a standard client-based spreadsheet. The spreadsheets are sequenced on a server in any manner as dictated by expert system code generated from the calculation-sequencing tool. Plan Participants access an online account to obtain information regarding benefits.
1. A computerized system for designing pension plan logic and calculations for use by a computer user to create a defined benefit pension plan comprising:
a plan definition component configured to receive data for questions used in querying said computer user to define provisions of said defined benefit pension plan and for presentation conditions for presenting said questions to said computer user;
a calculation designer component configured to receive in a plurality of spreadsheets a plurality of actuarial formulas for performing calculations suitable to implement said provisions for said defined benefit pension plan;
a calculation sequencing component configured to receive data for a calculation sequence to select said spreadsheets and execute said actuarial formulas in said spreadsheets, said data comprising:
(a) rules for selecting said spreadsheets and executing said actuarial formulas; and
(b) plan conditions associating responses to said questions from said plan definition component with said spreadsheets;
a spreadsheet component configured to store said plurality of spreadsheets for execution according to said calculation sequence;
a first database for storing said questions, said presentation conditions, and said data for said calculation sequence to select said spreadsheets and execute said actuarial formulas; and
a code generation component for generating executable code for presenting said questions in accordance with said presentation conditions, providing the responses to said questions to said spreadsheets in accordance with said plan conditions, causing said spreadsheets to be selected and to execute said actuarial formulas in accordance with said rules for selecting said spreadsheets and executing said actuarial formulas and the responses to said questions provided by said computer user, thereby defining the provisions of the defined benefit plan consistent with designed pension plan logic.
2. The system of claim 1 wherein said code generation component is further for generating executable code for populating said actuarial formulas with plan participant data.
3. The system of claim 1 further comprising a valuation report paragraph component configured to receive data for defining text of valuation report paragraphs, defining rules for selecting calculation calculation sequences for said valuation report, and defining rules for selecting said valuation report paragraphs.
4. The system of claim 3 wherein said code generation component is further for generating executable code for generating a valuation report using said provisions of said defined benefit pension plan, said valuation report paragraphs, said selected calculation sequences for said valuation report, and said rules for selecting said valuation report paragraphs.
5. The system of claim 1 wherein said code generating component is further for generating executable code for accessing data for a plurality of plan participants and performing benefit calculations comprising benefit summaries and benefit scenarios for the plurality of plan participants.
6. A computerized method for designing pension plan logic and calculations for use by a computer user to create a defined benefit pension plan comprising:
receiving by a computer questions for use in querying said computer user to define provisions of said defined benefit pension plan and for
receiving by said computer presentation conditions for presenting said questions to said computer user;
receiving by the computer in a plurality of spreadsheets a plurality of actuarial formulas for performing calculations suitable to implement said provisions of said defined benefit pension plan;
receiving by said computer data for a calculation sequence to select said spreadsheets and execute said actuarial formulas in said spreadsheets, said data comprising:
(a) rules for selecting said spreadsheets and executing said actuarial formulas; and
(b) plan conditions associating responses to said questions with said spreadsheets;
storing in a first database said defined benefit pension plan questions, said presentation conditions, said spreadsheets comprising said actuarial formulas, and said calculation sequences for selecting said spreadsheets; and
generating executable code for presenting said questions in accordance with said presentation conditions, providing the responses to said questions to said spreadsheets in accordance with said plan conditions, causing said spreadsheets to be selected and to execute said actuarial formulas in accordance with said rules for selecting said spreadsheets and executing said actuarial formulas and the responses to said questions provided by said computer user, thereby defining the provisions of the defined benefit plan consistent with designed pension plan logic.
7. The method of claim 6 wherein said generating executable code further comprises generating executable code for populating said actuarial formulas with plan participant data.
8. The method of claim 6 wherein said generating executable code further comprises generating executable code for populating at least one actuarial formula with results from another actuarial formula.
9. The method of claim 6 wherein said generating executable code further comprises generating code for completing benefit summaries and benefit scenarios for a plurality of plan participants.
10. A computerized system for designing pension plan logic and calculations for use by a computer user to create a defined benefit pension plan comprising:
a calculation designer configured to receive in a plurality of spreadsheets a plurality of actuarial formulas for performing calculations suitable to implement provisions for said defined benefit plan;
a rulebench component configured to receive data for:
a) questions used in querying said computer user to define provisions of said defined benefit pension plan and presentation conditions for presenting said questions to said computer user;
b) a calculation sequence to select said spreadsheets and execute said actuarial formulas in said spreadsheet;
c) plan conditions associating responses to said questions with said spreadsheets
a spreadsheet component configured to store said plurality of spreadsheets for execution according to said calculation sequence;
a database for storing said questions, said presentation conditions, and said calculation sequence to select said spreadsheets and execute said actuarial formulas; and
a code generation component for generating executable code for presenting said questions in accordance with said presentation conditions, providing the responses to said questions to said spreadsheets in accordance with said plan conditions, causing said spreadsheets to be selected and to execute said actuarial formulas in accordance with said rules for selecting said spreadsheets and executing said actuarial formulas and the responses to said questions provided by said computer user, thereby defining the provisions of the defined benefit plan consistent with designed pension plan logic.
11. The system of claim 10 wherein said code generation component is further for generating executable code for populating said actuarial formulas with plan participant data.
12. The system of claim 10 wherein said code generation component is further for generating executable code for benefits calculations comprising benefit summaries and benefit scenarios for at least one plan participant.
13. The system of claim 10 wherein said code generation component is further for generating executable code for populating at least one actuarial formula with results from another actuarial formula.
14. The system of claim 10 wherein said questions and calculation sequences in said rulebench component are organized in a folder hierarchy.
15. The system of claim 10 wherein said provisions for said defined benefit plan are selected from the group consisting of plan participation, service, vesting, normal retirement, early retirement, disability retirement, delayed retirement, salary, benefits, valuation date, first day of plan year, actuarial method change, fiscal year end, measuring of plan amendments, and rounding rules.
16. The system of claim 1 wherein said code generation component is further for generating executable code for populating at least one actuarial formula with results from another formula.
17. The system of claim 1 wherein said provisions for said defined benefit plan are selected from the group consisting of plan participation, service, vesting, normal retirement, early retirement, disability retirement, delayed retirement, salary, benefits, valuation date, first day of plan year, actuarial method change, fiscal year end, measuring of plan amendments, and rounding rules.
18. The method of claim 6 wherein said provisions for said defined benefit plan are selected from the group consisting of plan participation, service, vesting, normal retirement, early retirement, disability retirement, delayed retirement, salary, benefits, valuation date, first day of plan year, actuarial method change, fiscal year end, measuring of plan amendments, and rounding rules.