QPSA definition
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).