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