qualified optional survivor annuity
(2) (A) For purposes of this section, the term “qualified optional survivor annuity” means an annuity— (i) for the life of the participant with a survivor annuity for the life of the spouse which is equal to the applicable percentage of the amount of the annuity which is payable during the joint lives of the participant and the spouse, and (ii) which is the actuarial equivalent of a single annuity for the life of the participant. Such term also includes any annuity in a form having the effect of an annuity described in the preceding sentence. (B) (i) For purposes of subparagraph (A), if the survivor annuity percentage— (I) is less than 75 percent, the applicable percentage is 75 percent, and (II) is greater than or equal to 75 percent, the applicable percentage is 50 percent. (ii) For purposes of clause (i), the term “survivor annuity percentage” means the percentage which the survivor annuity under the plan’s qualified joint and survivor annuity bears to the annuity payable during the joint lives of the participant and the spouse.