DATA AGGREGATION FOR PROCESSING AND ANALYZING 529 PLAN DATA
Enhanced tools and techniques are provided for collecting, processing, and analyzing 529 plan data. In one embodiment, the process includes a computer-based method for identifying related 529 plan accounts from a plurality of 529 plan accounts, including identifying 529 plan accounts having a common beneficiary or identifying 529 plan accounts having a common owner/beneficiary combination; and, aggregating the information for related 529 plan accounts in a computer implemented aggregation database.
1 . A method for processing 529 plan data, the method comprising:
identifying, using a computing device comprising at least one processor, related 529 plan accounts from a plurality of 529 plan accounts, wherein identifying the related 529 plan accounts includes identifying 529 plan accounts having a common beneficiary or identifying 529 plan accounts having a common owner/beneficiary combination;
receiving, with the computing device, information associated with the plurality of 529 plan accounts, including receiving for each 529 plan account:
a state plan identification number,
an owner identification number, and
a beneficiary identification number; and,
aggregating the information for related 529 plan accounts in a computer implemented aggregation database.
2 . The method of claim 1 , further comprising:
determining, with the computing device, an earnings portion (EP) of a distribution from at least one of the related 529 plan accounts as:
EP
=
(
MV
-
(
C
-
ROI
)
MV
)
×
D
,
wherein MV is an aggregate market value of the related 529 plan accounts, C is an aggregate value of contributions to the related 529 plan accounts, ROI is an aggregate value of return of investment of the related 529 plan accounts, and D is an amount of the distribution.
3 . The method of claim 1 , further comprising receiving, in the aggregation database, multiple data feeds communicated from multiple plan providers.
4 . The method of claim 1 , further comprising receiving, in the aggregation database, at least one data communication from a computer system of an earnings shared service.
5 . The method of claim 4 , further comprising calculating, by the computing device, at least one aggregated beneficiary fair market value in response to data received from the earnings shared service.
6 . The method of claim 1 , further comprising identifying, by the computing device, an originating source of at least one plan provider data transmission to facilitate communicate of return files generated by the aggregation database to a correct originating plan provider.
7 . The method of claim 1 , further comprising communicating, by the computing device, to a plan provider only data having a position for a beneficiary associated with data aggregated by the aggregation database.
8 . The method of claim 1 , further comprising generating, by the computing device, a beneficiary contribution limit report based on at least a portion of data stored in the aggregation database.
9 . The method of claim 1 , further comprising generating, by the computing device, an investment change tracking report based on at least a portion of data stored in the aggregation database.
10 . The method of claim 1 , further comprising generating, by the computing device, a distribution activity report based on at least a portion of data stored in the aggregation database.
11 . A system for processing 529 plan data, the system comprising:
a computing device comprising at least one processor, the computing device programmed for:
identifying related 529 plan accounts from a plurality of 529 plan accounts, wherein identifying the related 529 plan accounts includes identifying 529 plan accounts having a common beneficiary or identifying 529 plan accounts having a common owner/beneficiary combination;
receiving information associated with the plurality of 529 plan accounts, including receiving for each 529 plan account:
a state plan identification number,
an owner identification number, and
a beneficiary identification number; and,
aggregating the information for related 529 plan accounts in a computer implemented aggregation database.
12 . The system of claim 11 , further comprising the computing device programmed for:
determining an earnings portion (EP) of a distribution from at least one of the related 529 plan accounts as:
EP
=
(
MV
-
(
C
-
ROI
)
MV
)
×
D
,
wherein MV is an aggregate market value of the related 529 plan accounts, C is an aggregate value of contributions to the related 529 plan accounts, ROI is an aggregate value of return of investment of the related 529 plan accounts, and D is an amount of the distribution.
13 . The system of claim 11 , further comprising the aggregation database programmed for receiving multiple data feeds communicated from multiple plan providers.
14 . The system of claim 11 , further comprising the aggregation database programmed for receiving at least one data communication from a computer system of an earnings shared service.
15 . The system of claim 14 , further comprising the computing device programmed for calculating at least one aggregated beneficiary fair market value in response to data received from the earnings shared service.
16 . The system of claim 11 , further comprising the computing device programmed for identifying an originating source of at least one plan provider data transmission to facilitate communication of return files by the aggregation database to a correct originating plan provider.
17 . The system of claim 11 , further comprising the computing device programmed for communicating data only to a plan provider having a position for a beneficiary associated with data aggregated by the aggregation database.
18 . The system of claim 11 , further comprising the computing device programmed for generating a beneficiary contribution limit report based on at least a portion of data stored in the aggregation database.
19 . The system of claim 11 , further comprising the computing device programmed for generating an investment change tracking report based on at least a portion of data stored in the aggregation database.
20 . The system of claim 11 , further comprising the computing device programmed for generating a distribution activity report based on at least a portion of data stored in the aggregation database.