The Delaware Waiver of Qualified Joint and Survivor Annuity (JSA) is a legal provision that allows retirees to choose an alternative payout structure for their pension plan, bypassing the traditional requirement of a joint and survivor annuity. Under the JSA rules, pension plans must typically offer a joint and survivor annuity as the default payment option, ensuring that a retiree's spouse continues to receive a portion of the pension payments after the retiree's death. However, Delaware provides individuals with the option to waive this requirement, granting them greater freedom in determining how their pension benefits are distributed. By utilizing the Delaware Waiver of JSA, retirees can choose to receive their full pension benefits during their lifetime, without the reduction in payments typically associated with a joint and survivor annuity. This waiver is particularly beneficial for individuals who may not have a spouse or who prefer to allocate their pension funds differently, such as covering medical expenses or leaving a legacy for their heirs. It enables retirees to design a retirement plan that aligns with their unique financial goals and circumstances. It's important to note that the Delaware Waiver of JSA also accounts for various types of annuities. While the most common form is the traditional lifetime annuity, where payments continue until the annuitant's death, there are other options available. For example, a period certain annuity guarantees payments for a specific period, regardless of whether the annuitant is alive or not. Another variation is the cash refund annuity, which ensures that if the annuitant dies before receiving the full value of their initial investment, the designated beneficiary receives the remaining funds as a lump sum. In summary, the Delaware Waiver of JSA provides retirees with the flexibility to tailor their pension plan to better suit their individual needs and preferences. It allows them to forego the traditional joint and survivor annuity requirement, enabling full control over the distribution of their pension benefits during retirement. This waiver encompasses various annuity options, allowing retirees to choose the type that aligns best with their financial goals.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.Delaware Renuncia a la anualidad conjunta y de sobreviviente calificada - QJSA - Waiver of Qualified Joint and Survivor Annuity - QJSA
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Qualified Joint and Survivor AnnuityIf your spouse consents to change the way the Plan's retirement benefits are paid, your spouse gives up his or her right to the QJSA payments. This is referred to as a waiver of the QJSA payment form.
If you do not waive the QPSA, after your death the Plan will pay your spouse the QPSA unless your spouse elects another benefit form. The QPSA will not pay benefits to other beneficiaries after your spouse dies. If you waive the QPSA, the Plan will pay your account to your designated beneficiary.
This special payment form is often called a qualified joint and survivor annuity or QJSA payment form. This benefit is paid to the participant each year and, on the participant's death, a survivor annuity is paid to the surviving spouse.
When the participant dies, the spouse will receive lifetime payments in the same or reduced amount. The participant may waive the Qualified Joint and Survivor Annuity with spousal consent and elect to receive another form of payment.
A qualified pre-retirement survivor annuity (QPSA) provides monetary distribution to a surviving spouse of a deceased employee. The employee must be under a qualified plan in order for compensation to occur. The Employee Retirement Income Security Act (ERISA) dictates how payments are to be calculated.
A joint and survivor annuity is an insurance product designed for couples that continues to make regular payments as long as one spouse lives. A joint and survivor annuity has the advantage of providing income if one or both people live longer than expected. This is not a good choice for a younger couple.
QJSA rules apply to money-purchase pension plans, defined benefit plans, and target benefits. They can also apply to profit-sharing and 401(k) and 403(b) plans, but only if so elected under the plan.
This benefit provides payments to the participant's spouse for his or her lifetime equal to a percentage (as specified in the Pension Plan) not less than one-half of the annuity that would have been payable during their joint lives. The participant may waive the Qualified Preretirement Survivor Annuity.
This benefit provides payments to the participant's spouse for his or her lifetime equal to a percentage (as specified in the Pension Plan) not less than one-half of the annuity that would have been payable during their joint lives. The participant may waive the Qualified Preretirement Survivor Annuity.