Qualified Optional Survivor Annuity definition

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

• Effective for Plan Years beginning on or after January 1, 2008, a Participant may elect a Qualified Optional Survivor Annuity which is an immediate annuity for the life of the Participant with a survivor annuity for the life of the Participant’s surviving spouse that equals 75% of the amount of the annuity which is payable during the joint lives of the Participant and the Participant’s spouse.

• At the election of the Participant, benefits will be paid in the form of a Qualified Optional Survivor Annuity.

• The Company is not a party to, and has no existing or potential liability under, any tax-sharing or tax-allocation agreement with Seller or any other party.

• A Qualified Optional Survivor Annuity is 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 that is: (1) payable during the joint lives for the Participant and the spouse; and (2) the actuarial equivalent of a single annuity for the life of the Participant.

• The Participant may revoke a waiver of the Qualified Joint and Survivor Annuity, or an elected Qualified Optional Survivor Annuity or make a new waiver at any time during the Applicable Election Period.

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 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:

Qualified Optional Survivor Annuity means an annuity for the life of the Participant with a survivor annuity for the life of the Participant’s Spouse that is 75% of the amount which is payable during the joint lives of the Participant and his or her Spouse, and is the actuarial equivalent of a single annuity for the life of the Participant.

Qualified Optional Survivor Annuity means an annuity purchased with the proceeds of the Participant’s Prior Plan Pension Sub-Account (or portion thereof, in accordance with the provisions of Section 11.5(a)), if any, that provides monthly payments to the Participant for his life, with continuing payments for the life of his surviving Spouse (determined as of the Annuity Starting Date) equal to seventy-five percent (75%) of the amount of the payments made to the Participant, and meets applicable actuarial equivalence requirements under Code Section 417(g).

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.