Qualified Optional Survivor Annuity. An immediate 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 which is the amount of benefit which can be purchased with the participant’s vested account balance. If the percentage of the survivor annuity is less than 75%, the applicable percentage is 75%. If the percentage of the survivor annuity is greater than or equal to 75%, the applicable percentage is 50%.
Qualified Optional Survivor Annuity. Effective for Plan Years beginning after December 31, 2007 (subject to the effective date applicable in the event that the Plan is maintained pursuant to a collective bargaining agreement under certain circumstances, as described in (C) below), the Plan shall also permit the Participant, subject to the spousal consent rules described in Section 14.05, to elect a qualified optional survivor annuity, which provides for a life annuity payable to the Participant and a survivor annuity payable to the Participant’s beneficiary equal to either 75% or 50% as described in (A) or (B) below, as applicable.
(A) If the survivor annuity portion of the Plan’s qualified joint and survivor annuity (as defined in Section 14.01) is less than 75%, then the survivor annuity portion of the qualified optional survivor annuity shall be 75%.
(B) If the survivor annuity portion of the Plan’s qualified joint and survivor annuity (as defined in Section 14.01) is greater than or equal to 75%, then the survivor annuity portion of the qualified optional survivor annuity shall be 50%.
(C) Notwithstanding the effective date described above in this Article 4, if the Plan is maintained pursuant to one or more collective bargaining agreements between employee representatives and one or more employers ratified on or before August 17, 2006, then this Subsection (4) shall be effective for Plan Years beginning on and after the earlier of (i) the later of January 1, 2008 or the date on which the last of such collective bargaining agreements terminates (determined without regard to any extension thereof after August 17, 2006), or (ii) January 1, 2009.
Qualified Optional Survivor Annuity. 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.
Qualified Optional Survivor Annuity. 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%. A Qualified Joint and Survivor Annuity shall be the actuarial equivalent of a single life annuity for the life of a Participant.
Qualified Optional Survivor Annuity. (QOSA). 1.06(D), 6.04(A)(8)(a)
Qualified Optional Survivor Annuity. (1) The monthly amount of the Qualified Optional Survivor Annuity shall be a percentage of the full monthly amount otherwise payable to the Participant as a Single Life Annuity (after adjustment, if any, for a Reduced Early Retirement Pension, if applicable) as described under this subparagraph (1). The percentage shall be 90.1% plus 0.5% for each full year that the Qualified Spouse is older than the Participant or minus 0.5% for each full year that the Qualified Spouse is younger than the Participant.
(2) A Participant’s election to receive benefits in the Qualified Optional Survivor Annuity may not be revoked by either the Participant or the Qualified Spouse once payments have begun. Further, one payments have begun, the amount of the Qualified Optional Survivor Annuity may not be increased in the even the Participant’s Qualified Spouse predeceases the Participant or the Participant and the Qualified Spouse are subsequently divorced.
Qualified Optional Survivor Annuity. (QOSA) is added to the Plan as a new defined term with the following definition:
Qualified Optional Survivor Annuity. (QOSA). Effective for Plan Years beginning after December 31, 2007, a Participant who elects to waive the QJSA form of benefit is entitled to elect the QOSA at any time during the applicable QJSA election period. The QJSA notice will explain the terms and conditions of the QOSA. The QJSA provisions of Section 6.04(A) apply to a QOSA the Participant elects pursuant to this Section 6.04(A)(8).
Qualified Optional Survivor Annuity. (a) (1) A married participant may, under the conditions set forth in subsection (d) below, by written notice duly filed with the Company, elect to convert the regular pension otherwise payable to the participant under this Agreement upon retirement, into a “net reduced pension”, in accordance with the 75% Qualified Optional Survivor Annuity described as follows: A “net reduced pension” during the participant’s lifetime and after death of the participant his spouse shall receive a lifetime monthly payment equal to 75% of the participant’s “reduced pension.”
Qualified Optional Survivor Annuity. If a married Participant waives the QJSA in accordance with the requirements of this Article 8, the Participant may elect the QOSA. This Section 8.6 is effective for Plan Years beginning on or after January 1, 2008. However, if the Plan is maintained pursuant to one or more collective bargaining agreements between employee representative and one or more employers ratified on or before August 17, 2006, then this Section 8.6 is effective for Plan Years beginning on or after the earlier of (a) January 1, 2009 or (b) the later of January 1, 2008 or the date on which the last such collective bargaining agreement terminates (determined without regard to any extension thereof after August 17, 2006).
