Qualified Joint And Survivor Annuity (QJSA. An immediate annuity for the life of the Participant with a survivor annuity for the life of the Participant’s Spouse which is at least 50% of but not more than 100% of the annuity payable during the joint lives of the Participant and the Participant’s Spouse. The exact amount of the survivor annuity is to be specified by the Employer in the Adoption Agreement. If not designated by the Employer, the survivor annuity will be 50% of the amount paid to the Participant during his or her lifetime. The Qualified Joint and Survivor Annuity will be the amount of benefit which can be provided by the Participant’s Vested Account Balance.
Appears in 3 contracts
Samples: Defined Contribution Plan (Chicopee Bancorp, Inc.), Defined Contribution Plan (Georgetown Bancorp, Inc.), Defined Contribution Plan (Idt Corp)
Qualified Joint And Survivor Annuity (QJSA. An immediate annuity for the life of the Participant with a survivor annuity for the life of the Participant’s 's Spouse which is at least 50% of but not more than 100% of the annuity payable during the joint lives of the Participant and the Participant’s 's Spouse. The exact amount of the survivor annuity is to be specified by the Employer in the Adoption Agreement. If not designated by the Employer, the survivor annuity will be 50% of the amount paid to the Participant during his or her lifetime. The Qualified Joint and Survivor Annuity will be the amount of benefit which can be provided by the Participant’s 's Vested Account Balance.
Appears in 1 contract
Samples: Nonstandardized Adoption Agreement (Banctrust Financial Group Inc)
