A data processing system for managing an annuity account associated with a first provision entitling a beneficiary to monetary transfers for a duration of time extending for the life of a first designated party and a second provision granting an option to modify the duration of time. The data processing system includes one or more processors and one or more memory devices storing logic. The logic is operable when executed by the one or more processors to determine whether an option has been elected and, based at least in part on the determination, process one or more monetary transfers to the beneficiary.