20240029164. Defined Contribution Plan Performance Tracking Tool simplified abstract (Unknown Organization)
Contents
Defined Contribution Plan Performance Tracking Tool
Organization Name
Inventor(s)
Kulangara Sivadas of Foothill Ranch CA (US)
Defined Contribution Plan Performance Tracking Tool - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240029164 titled 'Defined Contribution Plan Performance Tracking Tool
Simplified Explanation
This invention is a system and method for individuals to collaboratively share performance data of defined contribution plans (DCPs) they participate in. It allows participants to apply subjective scaling factors to their asset positions, which are then converted into meaningful performance indices while keeping their actual wealth information masked. This ensures transparency and trust among participants by enabling the revelation of participant identities in a safe manner.
- Participants can share their performance data of DCPs in a collaborative manner.
- Subjective scaling factors are applied to asset positions to create meaningful performance indices.
- Actual wealth information is masked to protect privacy.
- The invention improves transparency and trust among participants.
- It encourages truthfulness in data-sharing among peers in a close-knit community.
- The tool helps alleviate retirement anxiety by validating the market through self and peer experiences.
- Participants can make realistic retirement savings goals by relying on self and peer experiences rather than solely on provider statements.
Potential applications of this technology:
- Retirement planning and goal-setting tools
- Financial education and literacy programs
- Employee benefit programs
- Investment management platforms
Problems solved by this technology:
- Lack of transparency and trust in sharing performance data of DCPs
- Retirement anxiety and uncertainty among wage earners
- Overreliance on provider statements for retirement planning
Benefits of this technology:
- Improved transparency and trust among participants
- Enhanced retirement planning and goal-setting capabilities
- Validation of the market through self and peer experiences
- Alleviation of retirement anxiety among wage earners
Original Abstract Submitted
this invention concerns systems and methods for individuals to collaboratively share performance data of defined contribution plans (dcps) they participate in. by applying individually subjective scaling factors, asset positions in participants' accounts are pared down to meaningful performance indices, while masking actual wealth information. in other words, the present invention enables and enforces revelation of participant-identities in a safe manner, improving transparency and trust among the participants. as a result, in a close-knit community such as a workplace environment where employees know each other and abide by a common set of values and behaviors, this invention coerces truthfulness in data-sharing among peers. this tool alleviates retirement anxiety among wage earners and help them make realistic retirement savings goals, by constantly validating the market through self & peer experiences and not solely relying on provider statements.
