joint life annuity

(redirected from Qualified Joint and Survivor Annuity)
Also found in: Acronyms.

Joint Life Annuity

An annuity that two persons, almost always a married couple, open in order to provide for both in retirement. A joint life annuity makes payments to the designated party as long as one of the spouses remains alive. Depending on the nature of the agreement, the amount in the payments may decrease when the first spouse passes away. It is also called a joint and survivor annuity.

joint life annuity

References in periodicals archive ?
As a component of its continued enforcement initiatives for qualified plans, the IRS has released final guidelines for use by employee plans examiners when examining plans for qualified joint and survivor annuity and single-sum distribution issues.
A's interest in X is in the form of a qualified joint and survivor annuity.
401(a)(11), 411(a)(11) and 417: Correction is made by giving affected employees a choice between providing informed consent for the distribution actually made or receiving a qualified joint and survivor annuity.
Examiners are instructed to determine if each participant received the necessary notices under the qualified joint and survivor annuity rules for payouts other than in an annuity form.
412 (minimum funding standards) and, hence, joint and survivor rules, examiners are instructed to determine whether the plan provides for a qualified joint and survivor annuity or a preretirement survivor annuity.

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