Qualified Joint and 50% Survivor Annuity definition

Qualified Joint and 50% Survivor Annuity means the normal form of Plan benefit provided to married Participants, under which payments are made in a set amount over the life of the Participant and then, upon the death of the Participant, 50% of such amount is paid to the Participant’s Surviving Spouse.
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Qualified Joint and 50% Survivor Annuity means an immediate annuity for the life of the Participant with a survivor annuity for the remaining life of the surviving Spouse equal to fifty percent (50%) of the annuity payable during the joint lives of the Participant and his/her Spouse. Such annuity shall be the actuarial equivalent of the balance credited to the Participant's Account at the time the Annuity Contract is purchased.
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Examples of Qualified Joint and 50% Survivor Annuity in a sentence

  • A Qualified Joint and 50% Survivor Annuity provides reduced monthly benefit payments for your lifetime and, after your death, a monthly payment to your spouse equal to 50% of the monthly benefit paid to you while you were alive.

  • By December 2007, another large expansion will have been completed, as well as the construction of two new 1,024-bed prisons.

  • Qualified Joint and 50% Survivor Annuity If you are married on the effective date of your pension, the Plan is legally required to pay your pension in the form of a Qualified Joint and 50% Survivor Annuity, unless you and your spouse (as defined by the Plan) together elect an alternate form of benefit described below.

  • Further, I hereby acknowledge that I have read and understand the explanation of the terms and conditions of the Qualified Joint and 50% Survivor Annuity and further understand that: (1) the effect of my consent may be to forfeit benefits that I would have been entitled to receive upon my spouse’s death: and (2) that my consent is irrevocable unless my spouse revokes the waiver.

  • Unless the Participant elects a lump sum benefit under the Individual Account Plan, no election under this Plan is valid unless such election is also made under the Individual Account Plan, provided, however, that an election of a 100% Pop-Up Pension or 50% Pop-Up Pension under this Plan shall be valid if the Participant elects the Joint and 100% Survivor Pension or Qualified Joint and 50% Survivor Annuity, respectively, under the Individual Account Plan.

  • Such Qualified Joint and 50% Survivor Annuity shall be actuarial equivalent (as determined in Article IV, Section 16) of the Normal, Early, Late or Disability Pension (or the benefit described in Article IV, Section 4(b)), whichever is applicable, and shall commence at the time the applicable Pension (or benefit) would have commenced.

  • A Qualified Joint and 50% Survivor Annuity is an annuity purchased with your vested account balance from an insurance company of your choice or one designated by the Plan.

  • The monthly benefit provided by such Qualified Joint and 50% Survivor Annuity shall be the monthly amount provided by the annuity purchased under Article VI, Section 1.

  • Except as provided in subsection (d) or if the Participant is not required to retire concurrently under the Pension Plan, no election under this Plan is valid unless the same election is made under the Pension Plan, provided, however, that an election of a Joint and 100% Survivor Pension or Qualified Joint and 50% Survivor Annuity under this Plan shall be valid if the Participant elects the 100% Pop-Up Pension or 50% Pop-Up Pension, respectively, under the Pension Plan.

  • Waiver: I, the undersigned Participant, do hereby acknowledge that I have read and understand the explanation of the terms and conditions of the Qualified Joint and 50% Survivor Annuity and Single Life Annuity and the effect of waiving my rights to such forms of distribution.

Related to Qualified Joint and 50% Survivor Annuity

  • Qualified Joint and Survivor Annuity means an annuity for the life of the Participant with a survivor annuity for the life of his Spouse as described in Section 8.2.

  • 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.

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

  • Single Life Annuity means a Participant’s Grandfathered Benefit and/or 409A Benefit, as applicable, payable as an annuity in equal monthly installments over the life of the Participant, commencing as of the Payment Date and terminating in the month in which the Participant dies, with no further payments thereafter.

  • Joint Annuitant means the individual specified as such in the Data Pages. The Joint Annuitant must be the spouse of the Annuitant on the Contract Date.

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

  • 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;

  • Eligible Survivor means the Insured Employee's:

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

  • Survivor s Option' means, where applicable, the right of a holder of a Note to require the Company to repay such Note prior to its Stated Maturity upon the death of the owner of such Note, subject to the provisions hereof relating to such option."

  • Non-Elective Contribution means the Employer contributions to the Plan excluding, however, contributions made pursuant to the Participant's deferral election provided for in Section 4.2 and any Qualified Non-Elective Contribution used in the "Actual Deferral Percentage" tests.

  • 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.

  • 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).

  • Eligible Spouse means a spouse of an Eligible Retiree who satisfies the requirements for eligibility described in the Eligibility section of this document, or an ex-spouse who is an Eligible Spouse with rights to coverage as an Eligible Spouse pursuant to a court order recognized by SHARP. A Spouse must be married to retiree at least one year prior to the effective date of retirement. A Spouse married after the retiree’s effective retirement date is considered a non-eligible spouse for purposes of the Plan. [See “Spouse”]

  • Qualified Non-Elective Contribution means any Employer contributions made pursuant to Section 4.1(c) and Section 4.6(b) and Section 4.8(f). Such contributions shall be considered an Elective Contribution for the purposes of the Plan and may be used to satisfy the "Actual Deferral Percentage" tests or the "Actual Contribution Percentage" tests.

  • 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.

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

  • Domestic Partner means an opposite or a same-sex partner who is at least 18 years of age and has met all of the following requirements for at least 6 months:

  • Spousal equivalent means a cohabitant occupying a relationship generally equivalent to that of a spouse.

  • Elective Contribution means the Employer contributions to the Plan of Deferred Compensation excluding any such amounts distributed as excess “annual additions” pursuant to Section 4.11(a). In addition, any Employer Qualified Non-Elective Contribution made pursuant to Section 4.7(b) which is used to satisfy the “Actual Deferral Percentage” tests shall be considered an Elective Contribution for purposes of the Plan. Any contributions deemed to be Elective Contributions (whether or not used to satisfy the “Actual Deferral Percentage” tests or the “Actual Contribution Percentage” tests) shall be subject to the requirements of Sections 4.2(b) and 4.2(c) and shall further be required to satisfy the nondiscrimination requirements of Regulation 1.401(k)-1(b)(5) and Regulation 1.401(m)-1(b)(5), the provisions of which are specifically incorporated herein by reference.

  • Qualified Matching Contributions means Matching Contributions which are immediately nonforfeitable when made, and which would be nonforfeitable, regardless of the age or service of the Employee or whether the Employee is employed on a certain date, and which may not be distributed, except upon one of the events described under Section 401(k)(2)(B) of the Code and the regulations thereunder.

  • qualifying age for state pension credit means (in accordance with section 1(2)(b) and (6) of the State Pension Credit Act 2002)—

  • 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.

  • retirement annuity contract means a contract or scheme approved under Chapter III of Part XIV of the Income and Corporation Taxes Act 1988;

  • extended reduction (qualifying contributory benefits means a reduction under this scheme for which a person is eligible in accordance with paragraph 88 or 95;