QPSA definition

QPSA. A qualified pre-retirement survivor annuity, meaning that upon the death of a Participant before the Annuity Starting Date, the vested portion of the Participant's Account becomes payable to the surviving spouse as a life annuity, except to the extent of any Loan Account balance, unless Spousal Consent has been given to a different Beneficiary or the surviving spouse chooses a different form of payment.
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QPSA means a qualified preretirement survivor annuity which is purchased with the Member's Account balance as of the date of distribution that will provide equal monthly payments for the life of the surviving Spouse.
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QPSA means a qualified preretirement survivor annuity which is purchased with the Participant's or former Participant's Nonforfeitable Interest in his Account balance to provide equal monthly payments for the life of his surviving Spouse.
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Examples of QPSA in a sentence

  • Instead of a 50% QPSA benefit, the QPSA benefit is 100% of the Participant’s vested Account Balance.

  • The Plan does not limit the number of times the Participant may revoke a waiver of the QPSA or make a new waiver during the election period.

  • If the Participant has in effect a valid waiver election regarding the QJSA or the QPSA, the Plan Administrator must direct the Trustee to distribute the Participant's Vested Account Balance in accordance with Sections 6.01, 6.02 and 6.03.

  • The election period for waiver of the QPSA ends on the date of the Participant's death.

  • The portion of the Participant's Vested Account Balance not payable as a QPSA is payable to the Participant's Beneficiary, in accordance with the remaining provisions of this Article VI.

  • If the Participant separates from Service before attaining age 35, clauses (1), (2), (3) and (4) do not apply and the Plan Administrator must provide the QPSA notice within the period beginning one year before and ending one year after the Separation from Service.

  • The QPSA notice must describe, in a manner consistent with Treasury regulations, the terms and conditions of the QPSA and of the waiver of the QPSA, comparable to the QJSA notice required under Section 6.05.

  • The spouse's consent to the waiver of the QPSA is irrevocable, unless the Participant revokes the waiver election.

  • The Employer in Appendix B may elect a different percentage (more than 50% but not exceeding 100%) for the QPSA.

  • With respect to any portion of a deceased Participant’s Vested Aggregate Account which is subject to the QJSA requirements, any death benefit payable therefrom to such deceased Participant’s surviving Spouse will be distributed as a Qualified Pre-Retirement Survivor Annuity unless the QPSA has been waived by the Participant in accordance with Section 5.8 of the Basic Plan (or has been waived by the surviving Spouse if elected in paragraph (c) below).


More Definitions of QPSA

QPSA means a Qualified Pre-Retirement Survivor Annuity.
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QPSA means a qualified preretirement survivor annuity which is purchased with the Participant’s or former Participant’s Nonforfeitable Interest in his Account balance to provide equal monthly payments for the life of his surviving Spouse.
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QPSA is an annuity purchased for the life of a Participant’s surviving Spouse, in accordance with Section 8.4.
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QPSA is an annu- ity purchased for the life of a Participant’s surviving spouse, in accor- dance with Section 8.4.
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QPSA means an annuity for the life of the surviving spouse, purchased from an insurance company with the participant’s MPPP Account.
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Related to QPSA

  • Qualified Preretirement Survivor Annuity is an annuity for the life of the surviving spouse of the Employee Participant or for a designated beneficiary, the actuarial equivalent of which is not less than fifty percent (50%) of the account balance of the Employee participant as of the date of his death.

  • Qualified Joint and Survivor Annuity means an immediate annuity for the life of a Participant, with a survivor annuity for the life of the spouse which is not less than 50% and not more than 100% 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. The percentage of the survivor annuity under the Plan shall be 50%.

  • 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.

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

  • 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;