Qualified Preretirement Survivor Annuity
Retirement Topics - Qualified Pre-Retirement Survivor Annuity QPSA A QPSA is a form of a death benefit paid as a life annuity a series of payments usually monthly for life to the surviving spouse or a former spouse child or dependent who must be treated as a surviving spouse under a QDRO of a participant who.
Qualified preretirement survivor annuity. It provides regular typically monthly income to the spouse of a plan participant who dies before retirement. IRC 417a lists rules that allow a participant to waive the QJSA or QPSA. The annuity starts on the date chosen by your spouse.
This benefit is called a Qualified Pre-Retirement Survivor Annuity Death Benefit. Qualified Joint Survivor Annuity Requirements 946 31198. Qualified Preretirement Survivor Annuity.
A QPSA is a life annuity contract purchased from an insurance company with the entire account balance and which pays monthly benefits for the. The Plan will pay this death benefit in a one-sum cash payment rather than an annuity if the value of the death benefit is less than the Plans minimum cashout amount contact the Administrator for details. Following the death of the participant the spouse can waive the QPSA and receive an immediate annuity 1401a-11.
Your spouse can defer the benefit until the date. The surviving spouse can begin receiving the QPSA no. Under this annuity your spouse will receive income for hisher life.
Qualified Pre-Retirement Survivor Annuity QSPA Transport Workers Union Local 514 Qualified Pre-Retirement Survivor Annuity QSPA June 30 2011 Qualified Pre-Retirement Survivor Annuity QPSA is basically an insurance that pays if you. By Felicia May 19 2005 in Distributions and Loans Other than QDROs. Special death benefit should you die before you begin receiving retirement benefits.
In general these plans must provide both a qualified joint and survivor annuity QJSA and a qualified preretirement survivor annuity QPSA to remain qualified. The amount of your QPSA Death Benefit is your vested accrued benefit at the time of your death payable as a 50 survivor annuity calculated assuming you separated from service. A qualified pre-retirement survivor annuity QPSA provides monetary distribution to a surviving spouse of a deceased employee.