QJ&SA CONTRACT Sample Clauses
The QJ&SA CONTRACT clause establishes the terms and conditions governing the relationship between the parties involved in a specific agreement, typically related to joint ventures or service arrangements. It outlines the roles, responsibilities, and obligations of each party, as well as procedures for decision-making, dispute resolution, and resource allocation. By clearly defining these aspects, the clause helps prevent misunderstandings and disputes, ensuring that all parties are aligned and that the contract operates smoothly.
QJ&SA CONTRACT. A QJ&SA contract is an immediate annuity contract issued as an individual policy or under a master or group contract which provides for a monthly annuity payable to and for the lifetime of the Participant beginning as of the date of distribution with a survivor annuity payable monthly after the death of the Participant to and for the lifetime of the surviving spouse of the Participant (to whom the Participant was married on the date as of which the first payment is due) in an amount equal to fifty percent (50%) of the amount payable during the joint lives of the Participant and the surviving spouse. The contract shall be a QJ&SA contract only if it is issued on a premium basis which does not discriminate on the basis of the sex of the Participant or the surviving spouse.
QJ&SA CONTRACT. A QJ&SA contract is an immediate, nontransferable annuity contract issued as an individual policy or under a master or group contract which provides for an annual or more frequent annuity payable to and for the lifetime of the Participant beginning as of a date designated by the Participant which is not later than the dates specified in Section 7.2.2, with a survivor annuity payable on an annual or more frequent basis after the death of the Participant to and for the lifetime of the surviving spouse of the Participant (to whom the Participant was married on the Valuation Date as of which such contract is issued) in an amount equal to fifty percent (50%) of the amount payable during the joint lives of the Participant and the surviving spouse. If payments had started to the Participant prior to his death, payments of the survivor annuity shall commence immediately after death. If payments had not started prior to the Participant's death, the surviving spouse shall designate the commencement date which shall not be later than the date the Participant would have attained age seventy and one-half (70-1/2) years. The contract shall be a QJ&SA contract only if it is issued on a premium basis which does not discriminate on the basis of the sex of the Participant or the surviving spouse and if it complies with the requirements of this Plan and section 401(a)(9) of the Internal Revenue Code and the regulations thereunder.
QJ&SA CONTRACT. A QJ&SA contract is an immediate annuity contract issued as an individual policy or under a master or group contract which provides for a monthly annuity payable to and for the lifetime of the Participant beginning as of the Distribution Date as of which it is purchased with a survivor annuity payable monthly after the death of the Participant to and for the lifetime of the surviving spouse of the Participant