Ohio Waiver of Qualified Joint and Survivor Annuity - QJSA
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How to fill out Waiver Of Qualified Joint And Survivor Annuity - QJSA?
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FAQ
This special payment form is often called a qualified joint and survivor annuity or QJSA payment form. This benefit is paid to the participant each year and, on the participant's death, a survivor annuity is paid to the surviving spouse.
A QJSA is when retirement benefits are paid as a life annuity (a series of payments, usually monthly, for life) to the participant and a survivor annuity over the life of the participant's surviving spouse (or a former spouse, child or dependent who must be treated as a surviving spouse under a QDRO) following the
QJSA rules apply to money-purchase pension plans, defined benefit plans, and target benefits. They can also apply to profit-sharing and 401(k) and 403(b) plans, but only if so elected under the plan.
Qualified Joint and Survivor Annuity (QJSA) includes a level monthly payment for your lifetime and a survivor benefit for your spouse after your death equal to the percentage designated of that monthly payment.
More In Retirement Plans Alternatively, a participant who waives a QJSA may elect to have a qualified optional survivor annuity (QOSA). The amount paid to the surviving spouse under a QOSA is equal to the certain percentage (as chosen) of the amount of the annuity payable during the participant's life.
If you do not waive the QPSA, after your death the Plan will pay your spouse the QPSA unless your spouse elects another benefit form. The QPSA will not pay benefits to other beneficiaries after your spouse dies. If you waive the QPSA, the Plan will pay your account to your designated beneficiary.
A QJSA is when retirement benefits are paid as a life annuity (a series of payments, usually monthly, for life) to the participant and a survivor annuity over the life of the participant's surviving spouse (or a former spouse, child or dependent who must be treated as a surviving spouse under a QDRO) following the
Spousal Waiver Form means that form established by the Plan Administrator, in its sole discretion, for use by a spouse to consent to the designation of another person as the Beneficiary or Beneficiaries under a Participant's Account.
The QJSA payment form gives your spouse, the annuitant, a retirement payment for the rest of his or her life. Under the QJSA payment form, after your spouse dies, the contract will pay you, the surviving spouse, at least 50% percent of the retirement benefit that was paid to your spouse, the annuitant.
