Qualified Optional Survivor Annuity. ’ means an annuity—
Qualified Optional Survivor Annuity means (ii) an annuity for the life of the Participant with a survivor annuity for the life of the spouse which is equal to the applicable percentage of the amount of the annuity which is payable during the joint lives of the Participant and the spouse, and (ii) which is the actuarial equivalent of a single annuity for the life of the participant. Such term also includes any annuity in a form having the effect of an annuity described in the preceding sentence. For purposes of this paragraph and definition if the survivor annuity percentage is less than 75 percent, the applicable percentage is 75 percent, and is greater than or equal to 75 percent, the applicable percentage is 50 percent. For purposes of this paragraph and definition, the term “survivor annuity percentage” means the percentage which the survivor annuity under the Plan’s qualified joint and survivor annuity bears to the annuity payable during the joint lives of the Participant and the spouse.
Qualified Optional Survivor Annuity means a joint and survivor annuity that the Participant, subject to the spousal consent rules described in subsection (iv) hereof, may elect and in which the survivor annuity portion of the annuity is equal to 75%.
Examples of Qualified Optional Survivor Annuity in a sentence
If the selected Qualified Joint and Survivor Annuity percentage is less than 75%, the Qualified Optional Survivor Annuity will be 75%.
If the selected percentage is 75% or more, the Qualified Optional Survivor Annuity will be 50%.
For Plan Years beginning after December 31, 2007, if a married Participant elects to waive the Qualified Joint and Survivor Annuity, the Participant may elect the Qualified Optional Survivor Annuity at any time during the applicable election period.
The Qualified Joint and Survivor Annuity percentage will be 50% and the Qualified Optional Survivor Annuity will be 75%.
A Qualified Optional Survivor Annuity is with respect to a married Participant, an immediate annuity for the life of a Participant with a survivor annuity for the life of the Participant’s Spouse which is 75% of the amount paid for the joint lives of the Participant and his or her Spouse if the Qualified Joint and Survivor Annuity percentage is less than 75% or 50% if the Qualified Joint and Survivor Annuity percent is greater than or equal to 75%.
More Definitions of Qualified Optional Survivor Annuity
Qualified Optional Survivor Annuity means a joint and survivor annuity that the Participant, subject to the spousal consent rules described in Section 14.05, may elect and which (1) if the survivor annuity portion of the Plan’s qualified joint and survivor annuity (as defined in (a) above) is less than 75%, then has a survivor annuity portion of 75% or (2) if the survivor annuity portion of the Plan’s qualified joint and survivor annuity (as defined in (a) above) is greater than or equal to 75%, then has a survivor annuity portion of 50%. The “qualified optional survivor annuity” shall be designated in the Forms of Payment Addendum as a joint and survivor annuity.
Qualified Optional Survivor Annuity means a joint and survivor annuity elected under Section 6.2(b) (which is the Actuarial Equivalent of the Participant’s vested Accrued Benefit and as to which the Participant’s spouse is his Beneficiary), payable in monthly installments, which is an immediate annuity for the life of the Participant with a survivor annuity for the life of his spouse which is 75% of the amount of the annuity payable during the joint lives of the Participant and his spouse.”
Qualified Optional Survivor Annuity means an annuity:
Qualified Optional Survivor Annuity or “QOSA” means an annuity for the life of a Participant, with, if the Participant is married to a Spouse on his Retirement Pension Starting Date, a survivor annuity for the life of such Spouse which is three-quarters (3/4) of the amount of the annuity payable during the joint lives of the Participant and such Spouse. Any benefit payable in the form of a Qualified Optional Survivor Annuity shall be the Actuarial Equivalent of the Participant’s Retirement Pension.
Qualified Optional Survivor Annuity means an annuity for the life of the Participant with a survivor annuity for the life of his/her spouse which is three-quarters of the amount of the annuity payable during the joint lives of the Participant and his/her spouse and which is the actuarial equivalent of a single life annuity for the life of the Participant. For purposes of this Appendix D, the following election rules shall apply: The Plan Administrator shall furnish to the Participant a written explanation of:
Qualified Optional Survivor Annuity means, with respect to a married Participant, an immediate annuity for the life of the Participant with a survivor annuity for the life of his or her Spouse which is 75% of the amount paid for the joint lives of his or her Spouse if the Qualified Joint and Survivor Annuity percentage is less than 75% or 50% if the Qualified Joint and Survivor Annuity percent is greater than or equal to 75%. A Qualified Joint and Survivor Annuity shall be the actuarial equivalent of a single life annuity for the life of the Participant. If the Participant elects to waive the Qualified Joint and Survivor Annuity or Qualified Pre-Retirement Survivor Annuity form of benefit, he or she may elect a Qualified Optional Survivor Annuity during the applicable Election Period, and revoke such election at any time during the applicable Election Period. Any waiver of the Qualified Optional Survivor Annuity must satisfy the waiver and notice requirements of paragraph 8.5.
Qualified Optional Survivor Annuity means an immediate annuity for the life of the Participant with a survivor annuity for the life of the Spouse which is seventy-five percent (75%) of the amount of the annuity which is payable during the joint lives of the Participant and the Spouse and which is the amount of benefit which can be purchased with the Participant‟s vested Account balances.