Spring gains benefits funding patent
Spring Consulting Group has been assigned a patent for a “programme for alternative funding of employee and retiree benefits”.
The patent claims a computer implemented method for funding benefits. It will determine the funding to provide to an employer owned trust account and how much of the funding to spend on at least one annuity contract.
It can then determine whether this should be purchased from a captive and what portion of the annuity contract should be reinsured by the captive.
The US Patent and Trademark Office describes the patent as an investment programme for funding benefits by maintaining assets in the investment programme that includes an employer owned trust account and at least one life, disability, health or annuity contract (including a terminal annuity) obtained from a captive.
“The insurance contract is purchased with assets from the trust account. When paying or reimbursing benefits, the employer or the trust may pay the benefit and if the employer pays the benefit, the trust may reimburse the employer.”
The patent was developed by Karin Landry and filed in 2009.