Qualified Spouse definition
Examples of Qualified Spouse in a sentence
Effective January 1, 1995, the Qualified Joint and Survivor Pension, once payments have begun, shall be revoked if the Participant's Qualified Spouse predeceases the Participant and the Participant shall have his benefit increased to the amount he would have received had the Qualified Joint and Survivor Pension not been payable.
If the Participant's pension is not a Disability Pension, the percentage shall be 90.0% plus 0.4% for each full year that the Qualified Spouse is older than the Participant or minus 0.4 % for each full year that the Qualified Spouse is younger than the Participant.
A Qualified Joint and Survivor Pension means that the Participant will receive an adjusted monthly amount for life and, if the Participant dies before his Qualified Spouse, the Qualified Spouse shall receive a monthly benefit for such Qualified Spouse’s lifetime of fifty percent (50%) of the Participant's adjusted monthly amount.
In addition, a Participant or Pensioner shall have the right to change his designation of Beneficiary without the consent of any Beneficiary, except that a Pensioner who has a Qualified Spouse shall not have the right to change his designation of Beneficiary for the death benefit under Section 3.14 to someone other than his Qualified Spouse without the written consent of his Qualified Spouse, witnessed by a notary public.
A 100% Qualified Joint and Survivor Pension means that the Participant will receive an adjusted monthly amount for life, and, if the Participant dies before his Qualified Spouse, the Qualified Spouse shall receive a monthly benefit for such Qualified Spouse’s lifetime of 100% of the Participant’s adjusted month amount.
On or after July 1, 1978, if a Participant who does not have a Qualified Spouse dies before retirement but at a time when he would have been eligible to receive any type of pension other than a Disability Pension, his designated Beneficiary would receive sixty (60) monthly payments in an amount equal to what would have been paid to the Participant if he had retired on the date before he died.
If the Participant's pension is a Disability Pension, the percentage shall be 82.0 % plus 0.4 % for each full year that the Qualified Spouse is older than the Participant or minus 0.4 % for each full year that the Qualified Spouse is younger than the Participant.
Thereafter, any changes of Beneficiary shall be void if the Participant has a Qualified Spouse at the date of death, unless the change Beneficiary is consistent with the Spouse's written consent.
Notwithstanding anything contained in this Plan to the contrary, for purposes of this Section 5.4, a Spouse is a Qualified Spouse if the Participant and Spouse have been married to each other throughout the year immediately before the Participant’s death, or if the couple were divorced after being married for at least one (1) year and the former Spouse is required to be treated as a Spouse or surviving Spouse under a Qualified Domestic Relations Order.
The pension of a Participant, including a Disability Pension, who is married to a Qualified Spouse on the date his/her pension payments start shall be paid in the form of a Qualified Joint and Survivor Pension, unless a valid waiver of that form of payment has been filed with the Plan.