An annuity for the life of a plan participant with a survivor annuity for the life of the surviving spouse which is not less than one-half of, nor greater than the amount of, the annuity payable during the joint lives of the participant and spouse. It is the actuarial equivalent of a single annuity for the life of the participant. See also “Waiver of Joint and Survivor Annuity.
The retirement benefit resulting from a qualified pension plan, that provides for benefits for life at retirement to the participant, with a continuing annuity thereafter for life to his or her surviving spouse.
In the United States, a form of annuity which provides for the continuation of pension benefits to the spouse of a retired pension plan participant after the death of the participant. The survivor's benefits, which cannot be less than 50 percent nor more than 100 percent of the original benefits, continue until the death of the spouse. This form of annuity is required in United States qualified plans, unless the participant (with consent of the spouse) elects to forego it. A similar requirement, called the joint life and last survivor (JL&S) option, applies in most Canadian jurisdictions.----------[ Back
An annuity payable at least annually for the life of the participant with a survivor annuity payable for the life of the participantâ€™s spouse following the death of the participant. Certain plans must offer QJSAs as a benefit payment option.
A joint and survivor annuity that meets certain rules. Generally a QISA will pay a certain amount while both you and your spouse are alive and a lesser amount to your spouse if he or she is alive at your death.
an immediate noncashable and nontransferable annuity for the life of the participant, with a survivor annuity for the life of the participantâ€(tm)s spouse.
An annuity with payments continuing to the surviving spouse after the participant's death, equal to at least 50 percent of the participant's benefit.
An annuity that pays out at one level for the duration of the holder's life and then another level, between 50% and 100% of the original, for the duration of the holder's spouse's life.
An annuity that provides payments for your lifetime and, after your death, your spouse will receive payments equal to a portion-usually 50%-of your monthly payment for the balance of his/her lifetime. Because the annuity payments will be spread over the lives of two individuals, the amount of the payment will be less than it would have been under a single life annuity. The exact amount of the annuity will depend on your, and your spouse's age, and other actuarial factors at the time payments begin.