QOSA definition

QOSA means an annuity for the life of the participant with a survivor annuity for the life of the spouse of the participant which is equal to 50% of the amount of the annuity that is payable during the joint lives of the participant and his or her spouse.
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QOSA means an immediate annuity for the life of a Participant, with a survivor annuity for the life of the Spouse which is equal to 75 percent 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.
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Examples of QOSA in a sentence

  • Effective for Annuity Starting Dates in the Plan Year beginning after December 31, 2007, if a Participant elects to waive the QJSA, the Participant may elect a QOSA without satisfying the spousal consent requirements of Section 5.

  • The Plan Administrator must direct the Trustee to distribute a married or unmarried Participant's Vested Account Balance in the form of a QJSA (or in the form of a QOSA described in Section 6.04(A)(8)), unless the Participant, and spouse if the Participant is married, waive the QJSA in accordance with this Section 6.04(A) or unless Section 6.04(G) applies.

  • A QOSA is an Annuity Contract: (i) 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.

  • A QOSA also includes any annuity in a form having the effect of an annuity described in the preceding sentence.

  • The Plan Administrator shall, no less than 30 days and no more than 180 days prior to the Annuity Starting Date, provide each Participant a written explanation of: (1) the terms and conditions of the QJSA and the QOSA; (2) the Participant’s right to make, and the effect of an election to waive, the joint and survivor annuity form of benefit; (3) the rights of the Participant’s Spouse to consent to the election; and (4) the right to make, and the effect of, a revocation of a previous election.

  • In the event of a QJSA waiver, the distribution will be made under the alternative method the Participant elects (including a QOSA, as applicable), in accordance with this Section 6.03.

  • An Annuity Contract includes a QJSA, a QOSA, a QPSA, a QLAC, and an Alternative Annuity.

  • 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.

  • Subsection (b) states "a school district may terminate a contract with a person or business entity if the district determines that the person or business entity failed to give notice as required by Subsection (a) or misrepresented the conduct resulting in the conviction.

Related to QOSA

  • QoS means Quality of Service.

  • QMCSO means a qualified medical child support order, as defined in ERISA § 609(a).

  • SPD means State Purchasing Division of the New Mexico State General Services Department.

  • DPSP means a deferred profit sharing plan within the meaning of the Tax Act;

  • Qualified company means a company, including its affiliates, that, after qualification, enters into a