QPSA definition

QPSA. A qualified pre-retirement survivor annuity, meaning that upon the death of a Participant before the Annuity Starting Date, the vested portion of the Participant's Account becomes payable to the surviving spouse as a life annuity, except to the extent of any Loan Account balance, unless Spousal Consent has been given to a different Beneficiary or the surviving spouse chooses a different form of payment.
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QPSA means a qualified preretirement survivor annuity which is purchased with the Participant's or former Participant's Nonforfeitable Interest in his Account balance to provide equal monthly payments for the life of his surviving Spouse.
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QPSA means a qualified preretirement survivor annuity which is purchased with the Member's Account balance as of the date of distribution that will provide equal monthly payments for the life of the surviving Spouse.
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Examples of QPSA in a sentence

  • The Plan does not limit the number of times the Participant may revoke a waiver of the QPSA or make a new waiver during the election period.

  • Q–35: When must a plan provide the written explanation, required by sec- tion 417(a)(3)(B), of the QPSA to a par-ticipant?A–35: (a) General rule.

  • A plan must provide the written explanation of the QPSA to a participant within the ap- plicable period.

  • However, a plan may pro- vide for an earlier waiver (with spousal consent), provided that a written ex- planation of the QPSA is given to the participant and such waiver becomes invalid upon the beginning of the plan year in which the participant’s 35th birthday occurs.

  • A general consent permits the partici- pant to waive a QPSA or QJSA, and change the designated beneficary or the optional form of benefit payment without any requirement of further consent by such spouse.

  • A participant in a plan subject to the sur- vivor annuity requirements of section 401(a)(11) generally may waive the QPSA benefit (with spousal consent) only on or after the first day of the plan year in which the participant at- tains age 35.

  • If there is no new waiver after such date, the partici- pant’s spouse must receive the QPSA benefit upon the participant’s death.Q–34: Must the written explanations required by section 417(a)(3) be pro- vided to nonvested participants?A–34: Such written explantions must be provided to nonvested participants who are employed by an employer maintaining the plan.

  • Prior to the annuity starting date, section 411(a)(3)(A) allows a plan to provide for a forfeiture of a participant’s benefit, except in the case of a QPSA or a spousal benefit described in section 401(a)(11)(B)(iii)(I).

  • For rules regarding the information re- quired to be provided with respect to the election to waive a QJSA or a QPSA, see § 1.417(a)(3)–1.(4) Election is revocable.

  • The election period for waiver of the QPSA ends on the date of the Participant's death.


More Definitions of QPSA

QPSA means a qualified preretirement survivor annuity as provided for in Article 5.
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QPSA means a Qualified Pre-Retirement Survivor Annuity.
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QPSA means an annuity for the life of the surviving spouse, purchased from an insurance company with the participant’s MPPP Account.
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QPSA is an annu- ity purchased for the life of a Participant’s surviving spouse, in accor- dance with Section 8.4.
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QPSA. A qualified pre-retirement survivor annuity, meaning that upon the death of a Participant before the Payment Date of the applicable portion of his vested Accrued Benefit, such benefit will become payable to the surviving Spouse as a life annuity, unless Spousal Consent has been given to a different Beneficiary or the surviving Spouse chooses a different form of payment.
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QPSA is an annuity purchased for the life of a Participant’s surviving Spouse, in accordance with Section 8.4.
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Related to QPSA

  • Qualified Preretirement Survivor Annuity means an annuity which is payable for the life of the Participant's surviving spouse.

  • Qualified Joint and Survivor Annuity means an immediate annuity for the life of a Participant, with a survivor annuity for the life of the spouse which is not less than 50% and not more than 100% 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 that can be purchased with the Participant's Vested Account Balance. The percentage of the survivor annuity under the Plan shall be 50%.

  • Joint and Survivor Annuity means an immediate annuity for the life of a Participant with a survivor annuity for the life of the Participant's Spouse which is not less than fifty percent (50%), nor more than one hundred percent (100%) of the amount of the annuity payable during the joint lives of the Participant and the Participant's Spouse which can be purchased with the Participant's Vested interest in the Plan reduced by any outstanding loan balances pursuant to Section 7.4.

  • Surviving Spouse means the widow or widower, as the case may be, of a Deceased Participant or a Deceased Beneficiary (as applicable).

  • life annuity means an annuity payable under a policy issued to an SRS member for a term ending with, or at a time ascertainable only by reference to, the end of his life;

  • Net death benefit means the amount of the life insurance policy or certificate to be settled less any outstanding debts or liens.

  • Single Life Annuity means an annuity payable for the life of a Participant.

  • Accrued Benefit means the amount standing in a Participant's Account(s) as of any date derived from both Employer contributions and Employee contributions, if any.

  • Death Benefit means the insurance amount payable under the Certificate at death of the Insured, subject to all Certificate provisions dealing with changes in the amount of insurance and reductions or termination for age or retirement. It does not include any amount that is only payable in the event of Accidental Death.

  • Payment Election means an election pursuant to Section 5.1.

  • Qualified Election means a Participant's waiver of a Qualified Joint and Survivor Annuity or a Qualified Pre-Retirement Survivor Annuity. Any such waiver must be consented to in writing by the Participant's Spouse. The Spouse's consent must: designate a specific Beneficiary (including any class of Beneficiaries or any contingent Beneficiaries, which may not be changed without spousal consent) or expressly permits designations by the Participant without any further spousal consent; acknowledge the effect of the election; and be witnessed by a member of the Committee or a Notary Public. Additionally, a Participant's waiver of the Qualified Joint and Survivor Annuity shall not be effective unless the election designates a form of benefit payment which may not be changed without spousal consent (or the Spouse expressly permits designations by the Participant without any further spousal consent). Notwithstanding this consent requirement, if the Participant establishes to the satisfaction of a member of the Committee that there is no Spouse or the Spouse cannot be located, a waiver will be deemed a Qualified Election. Any spousal consent (or deemed spousal consent) obtained under this provision will be valid only with respect to such Spouse. A consent that permits designations by the Participant without further consent by such Spouse must acknowledge that the Spouse has the right to limit consent to a specific Beneficiary and, where applicable, a specific form of benefit, and that the Spouse voluntarily elects to relinquish either or both of such rights. A revocation of a prior waiver may be made by a Participant without the consent of the Spouse at any time before the commencement of benefits. The number of revocations shall not be limited. No consent obtained under this provision shall be valid unless the Participant has received notice as provided in paragraph (b) below.

  • Pre-Retirement Survivor Benefit means the benefit set forth in Article 6.

  • Joint Annuitant means the one person that a retired member who has elected an optional

  • Annuity means a stated sum payable periodically at stated times during life or during a specified or ascertainable period of time under an obligation to make the payments in return for adequate and full consideration in money or money's worth.

  • Plan Benefit means the benefit payable to a Participant as calculated in Article V.

  • Qualified Election Period means the six Plan Year period beginning with the Plan Year in which the Participant first becomes a Qualified Participant.

  • Qualified elector means an individual at least 18 years of age who is a citizen of the United States, a permanent resident of this state, and a resident of the district who registers with the supervisor of elections of a county within which the district lands are located when the registration books are open.

  • Spousal Consent The undersigned spouse of the Seller hereby consents to the listing of the Property herein pursuant to the provisions of the Family Law Act, R.S.O. 1990 and hereby agrees that he/she will execute all necessary or incidental documents to further any transaction provided for herein.

  • Safe Harbor has the meaning set forth in Section 10.2(d).

  • Qualified Plan means a Benefit Arrangement that is intended to be tax-qualified under Section 401(a) of the Internal Revenue Code.

  • QDRO means a qualified domestic relations order as defined in Section 414(p) of the Code or Title I, Section 206(d)(3) of ERISA (to the same extent as if this Plan were subject thereto), or the applicable rules thereunder.

  • SERP Benefit means the benefit described in Section 5.1.

  • Mixed Election has the meaning set forth in Section 3.01(b)(iii).

  • Annuity Starting Date means, with respect to any Participant, the first day of the first period for which an amount is paid as an annuity, or, in the case of a benefit not payable in the form of an annuity, the first day on which all events have occurred which entitles the Participant to such benefit.

  • Starting Date means the date referred to in Clause 3.3 hereof;

  • Qualified Matching Contribution means any employer contribution allocated to an Eligible Employee's account under any plan of an Employer or a Related Company solely on account of "elective contributions" made on his behalf or "employee contributions" made by him that is a qualified matching contribution as defined in regulations issued under Code Section 401(k), is nonforfeitable when made, and is distributable only as permitted in regulations issued under Code Section 401(k).

Most Referenced Clauses

Most Referenced Definitions