joint and survivor annuity

Joint and survivor annuity

A type of annuity opened by and intended for two people, that makes payments for the entire lifetime of both beneficiaries, even if one of them dies.

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 and survivor annuity

An annuity that pays a lifetime income to the annuitant and to another person, generally a spouse. The payments may be scheduled to decrease at the death of either recipient. Also called joint life annuity.
References in periodicals archive ?
The interest of a donee spouse in a joint and survivor annuity in which only the donor and donee spouses have a right to receive payments during such spouses' joint lifetimes is treated as a "qualifying income interest for life" for which the marital deduction is available unless the donor spouse irrevocably elects otherwise within the time allowed for filing a gift tax return.
The QJSA, or qualified joint and survivor annuity, is a retirement-as opposed to a death-benefit payable in the form of an annuity for the life of the participant, and, if this person is married, a survivor annuity for the life of the spouse, payable upon the participant's death.
401(a)(ll), a plan participant in a same-sex marriage cannot waive a qualified joint and survivor annuity without obtaining his or her spouse's consent.
How do you find the excludable portion of payments under a joint and survivor annuity that continues the same income to the survivor as is payable while both annuitants are alive?
The retiree's spouse must join with the retiree in agreeing to waive the minimum joint and survivor annuity in order to obtain the increased benefit for the life of the retiree only.
A joint and survivor annuity, also referred to as a "joint and last survivor annuity," provides for benefit payments while either of two individuals is alive.
qualified joint and survivor annuity if the participant had either (1)
The annuity can be for one life or for two lives as a joint and survivor annuity.
If the owner was receiving payments under a joint and survivor annuity, the surviving owner excludes from income the same percentage of each payment that was excludable by the first annuitant (assuming that the joint annuitants were joint owners).
qualified joint and survivor annuity (QJSA): A joint and survivor annuity that must be offered by a qualified retirement plan for the life of a participant and spouse.
Typically, a spouse is the beneficiary; in such case, a joint and survivor annuity provides fixed payments as long as either spouse is alive.
So if the spouse of the transferor-annuitant is the other annuitant and the spouse survives, the present value of future payments to her will be includable in the transferor-annuitant's estate (assuming he was sole owner of the property that was transferred in return for the joint and survivor annuity payments).
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