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.
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. If the Plan is (a) a money purchase plan, (b) a target benefit plan, (c) a 401(k) Plan in which either the Normal Form of Distribution is a Qualified Joint and Survivor Annuity or an Optional Form of Distribution is annuities, or (d) a profit sharing plan in which either the Normal Form of Distribution is a Qualified Joint and Survivor Annuity or an Optional Form of Distribution is annuities, then this Section is effective as of first day of the first Plan Year beginning after December 31, 2007 and the Plan is to subject to the following rules and provisions:
Qualified Optional Survivor Annuity. The term “Qualified Optional Survivor Annuity” means an annuity (A) for the life of the Participant with a survivor annuity for the life of the Participant’s 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 Participant’s Spouse; and (B) 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 this Section.
Qualified Optional Survivor Annuity. If a participant has a spouse at retirement and revokes the Automatic 50% Spouse Option, the participant may elect the 75% Joint and Survivor Option. The participant will receive a reduced amount during his/her life and after his/her death the spouse will receive an amount equal to 75% of such reduced amount (excluding the $400 increase in pension and the supplements for 30-year and 62/15 retirements if applicable) in addition to any surviving spouse’s benefit to which he or she may be entitled for the remainder of the spouse’s life. However, in the event that the participant’s spouse should die prior to the participant, the participant shall continue to receive reduced pension installments. Election of this option may be made at any time prior to retirement Co-Pensioner Options (50% or 100%) If the participant desires to provide benefits to his or her spouse which are different than those provided under the terms of the Automatic 50% Spouse Option or to provide benefits to a person other than his or her spouse, he or she may do so by making timely election of a 50% or 100% Co-Pensioner Option and receive a reduced amount after his or her retirement. However, if he or she has a spouse at the time of retirement such election will not be effective unless he or she revokes the Automatic 50% Spouse Option. If the co-pensioner is not the participant’s spouse, the spouse must give written consent to the specific co-pensioner election. Subject to the above, any participant who has elected x Co-Pensioner Option under a prior agreement will be considered to have elected the equivalent Co-Pensioner Option under the 2018 Pension Agreement. Payments to a co-pensioner under an elected Co-Pensioner Option do not become payable unless death of the participant occurs after retirement. The required reduction in payments to the participant takes effect immediately upon commencement of pension payments. Election of an option may be made at any time prior to retirement.
Qualified Optional Survivor Annuity. 3.15 (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. Notwithstanding anything to the contrary, for a Plan Year beginning after December 31, 2007 a Plan will have to offer a Participant an election to have the benefits paid in the form of a qualified optional survivor annuity if the Participant elects a waiver of the qualified joint and survivor annuity or the qualified preretirement survivor annuity, as provided in Section 205(d) of ERISA. The Plan Administrator will provide to each married Participant a written explanation of the terms and conditions of the qualified optional survivor annuity, as provided in ERISA.
Qualified Optional Survivor Annuity. (QOSA) is added to the Plan as a new defined term with the following definition: Means an annuity 1) for the life of the Participant with a survivor annuity for the life of the Spouse that is equal to the “applicable percentage” of the amount of the annuity that is payable during the joint lives of the Participant and the Spouse, and 2) that is the actuarial equivalent of a single annuity for the life of the Participant. If the survivor annuity provided by the Qualified Joint and Survivor Annuity is less than 75 percent of the annuity payable during the joint lives of the Participant and the Spouse, the applicable percentage is 75 percent. If the survivor annuity provided by the Qualified Joint and Survivor Annuity is greater than or equal to 75 percent, the applicable percentage is 50 percent.
Qualified Optional Survivor Annuity. Notwithstanding anything herein to the contrary, if Article 8 is applicable to the Plan, then, 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 section 4.1, below) the Plan shall also permit the Participant, subject to the spousal consent rules described in Article 8.1(c), 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 75%.
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).
