A court order, generally issued as part of a decree of divorce or separation, that awards part of a participant’s benefits to a former spouse, a child, or another dependent and that qualifies as such under the provisions of ERISA.
Qualified joint and survivor annuity (QJSA)
An annuity for the lifetime of a participant, with payment of from 50 percent to 100 percent of the original annuity to the participant’s spouse if the spouse outlives the participant. The value of the annuity must be actuarially equivalent to the value of a straight life annuity for the lifetime of the participant.
A plan that meets certain requirements of the Internal Revenue Code, resulting in various tax advantages to the employee and employer. For example, employers are allowed a tax deduction for contributions made under the plan, even though the benefits provided by the plan are not paid to participants until some future date.
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