29 U.S.C. § 1055 | Requirement of joint and survivor annuity and preretirement survivor annuity

(a)

Required contents for applicable plans

Each pension plan to which this section applies shall provide that—

(1)

in the case of a vested participant who does not die before the annuity starting date, the accrued benefit payable to such participant shall be provided in the form of a qualified joint and survivor annuity, and

(2)

in the case of a vested participant who dies before the annuity starting date and who has a surviving spouse, a qualified preretirement survivor annuity shall be provided to the surviving spouse of such participant.

(b)

Applicable plans

(1)

This section shall apply to—

(A)

any defined benefit plan,

(B)

section 1082 of this title any individual account plan which is subject to the funding standards of , and

(C)

any participant under any other individual account plan unless—

(i)

such plan provides that the participant’s nonforfeitable accrued benefit (reduced by any security interest held by the plan by reason of a loan outstanding to such participant) is payable in full, on the death of the participant, to the participant’s surviving spouse (or, if there is no surviving spouse or the surviving spouse consents in the manner required under subsection (c)(2), to a designated beneficiary),

(ii)

such participant does not elect the payment of benefits in the form of a life annuity, and

(iii)

December 31, 1984 with respect to such participant, such plan is not a direct or indirect transferee (in a transfer after ) of a plan which is described in subparagraph (A) or (B) or to which this clause applied with respect to the participant.

Clause (iii) of subparagraph (C) shall apply only with respect to the transferred assets (and income therefrom) if the plan separately accounts for such assets and any income therefrom.

(2)

(A)

In the case of—

(i)

section 409(a) of title 26 a tax credit employee stock ownership plan (as defined in ), or

(ii)

section 4975(e)(7) of title 26 an employee stock ownership plan (as defined in ),

section 409(h) of title 26subsection (a) shall not apply to that portion of the employee’s accrued benefit to which the requirements of apply.

(B)

1 So in original. Probably should be “clauses”.

Subparagraph (A) shall not apply with respect to any participant unless the requirements of clause  (i), (ii), and (iii) of paragraph (1)(C) are met with respect to such participant.

(4)

2 So in original. There are two pars. designated (4) and no par. (3).

section 404(c) of title 26January 1, 1976  This section shall not apply to a plan which the Secretary of the Treasury or his delegate has determined is a plan described in (or a continuation thereof) in which participation is substantially limited to individuals who, before , ceased employment covered by the plan.

(4)

²  A plan shall not be treated as failing to meet the requirements of paragraph (1)(C) or (2) merely because the plan provides that benefits will not be payable to the surviving spouse of the participant unless the participant and such spouse had been married throughout the 1-year period ending on the earlier of the participant’s annuity starting date or the date of the participant’s death.

(c)

Plans meeting requirements of section

(1)

A plan meets the requirements of this section only if—

(A)

under the plan, each participant—

(i)

may elect at any time during the applicable election period to waive the qualified joint and survivor annuity form of benefit or the qualified preretirement survivor annuity form of benefit (or both),

(ii)

if the participant elects a waiver under clause (i), may elect the qualified optional survivor annuity at any time during the applicable election period, and

(iii)

may revoke any such election at any time during the applicable election period, and

(B)

the plan meets the requirements of paragraphs (2), (3), and (4).

(2)

Each plan shall provide that an election under paragraph (1)(A)(i) shall not take effect unless—

(A)

(i)

the spouse of the participant consents in writing to such election, (ii) such election designates a beneficiary (or a form of benefits) which may not be changed without spousal consent (or the consent of the spouse expressly permits designations by the participant without any requirement of further consent by the spouse), and (iii) the spouse’s consent acknowledges the effect of such election and is witnessed by a plan representative or a notary public, or

(B)

it is established to the satisfaction of a plan representative that the consent required under subparagraph (A) may not be obtained because there is no spouse, because the spouse cannot be located, or because of such other circumstances as the Secretary of the Treasury may by regulations prescribe.

Any consent by a spouse (or establishment that the consent of a spouse may not be obtained) under the preceding sentence shall be effective only with respect to such spouse.

(3)

(A)

Each plan shall provide to each participant, within a reasonable period of time before the annuity starting date (and consistent with such regulations as the Secretary of the Treasury may prescribe) a written explanation of—

(i)

the terms and conditions of the qualified joint and survivor annuity and of the qualified optional survivor annuity,

(ii)

the participant’s right to make, and the effect of, an election under paragraph (1) to waive the joint and survivor annuity form of benefit,

(iii)

the rights of the participant’s spouse under paragraph (2), and

(iv)

the right to make, and the effect of, a revocation of an election under paragraph (1).

(B)

(i)

Each plan shall provide to each participant, within the applicable period with respect to such participant (and consistent with such regulations as the Secretary may prescribe), a written explanation with respect to the qualified preretirement survivor annuity comparable to that required under subparagraph (A).

(ii)

For purposes of clause (i), the term “applicable period” means, with respect to a participant, whichever of the following periods ends last:

(I)

The period beginning with the first day of the plan year in which the participant attains age 32 and ending with the close of the plan year preceding the plan year in which the participant attains age 35.

(II)

A reasonable period after the individual becomes a participant.

(III)

A reasonable period ending after paragraph (5) ceases to apply to the participant.

(IV)

A reasonable period ending after this section applies to the participant.

In the case of a participant who separates from service before attaining age 35, the applicable period shall be a reasonable period after separation.

(4)

Each plan shall provide that, if this section applies to a participant when part or all of the participant’s accrued benefit is to be used as security for a loan, no portion of the participant’s accrued benefit may be used as security for such loan unless—

(A)

the spouse of the participant (if any) consents in writing to such use during the 90-day period ending on the date on which the loan is to be so secured, and

(B)

requirements comparable to the requirements of paragraph (2) are met with respect to such consent.

(5)

(A)

The requirements of this subsection shall not apply with respect to the qualified joint and survivor annuity form of benefit or the qualified preretirement survivor annuity form of benefit, as the case may be, if such benefit may not be waived (or another beneficiary selected) and if the plan fully subsidizes the costs of such benefit.

(B)

For purposes of subparagraph (A), a plan fully subsidizes the costs of a benefit if under the plan the failure to waive such benefit by a participant would not result in a decrease in any plan benefits with respect to such participant and would not result in increased contributions from such participant.

(6)

If a plan fiduciary acts in accordance with part 4 of this subtitle in—

(A)

relying on a consent or revocation referred to in paragraph (1)(A), or

(B)

making a determination under paragraph (2),

then such consent, revocation, or determination shall be treated as valid for purposes of discharging the plan from liability to the extent of payments made pursuant to such Act.

(7)

For purposes of this subsection, the term “applicable election period” means—

(A)

in the case of an election to waive the qualified joint and survivor annuity form of benefit, the 180-day period ending on the annuity starting date, or

(B)

in the case of an election to waive the qualified preretirement survivor annuity, the period which begins on the first day of the plan year in which the participant attains age 35 and ends on the date of the participant’s death.

In the case of a participant who is separated from service, the applicable election period under subparagraph (B) with respect to benefits accrued before the date of such separation from service shall not begin later than such date.

(8)

Notwithstanding any other provision of this subsection—

(A)

(i)

A plan may provide the written explanation described in paragraph (3)(A) after the annuity starting date. In any case to which this subparagraph applies, the applicable election period under paragraph (7) shall not end before the 30th day after the date on which such explanation is provided.

(ii)

The Secretary of the Treasury may by regulations limit the application of clause (i), except that such regulations may not limit the period of time by which the annuity starting date precedes the provision of the written explanation other than by providing that the annuity starting date may not be earlier than termination of employment.

(B)

A plan may permit a participant to elect (with any applicable spousal consent) to waive any requirement that the written explanation be provided at least 30 days before the annuity starting date (or to waive the 30-day requirement under subparagraph (A)) if the distribution commences more than 7 days after such explanation is provided.

(d)

“Qualified joint and survivor annuity” and “qualified optional survivor annuity” defined

(1)

For purposes of this section, the term “qualified joint and survivor annuity” means an annuity—

(A)

for the life of the participant with a survivor annuity for the life of the spouse which is not less than 50 percent of (and is not greater than 100 percent of) the amount of the annuity which is payable during the joint lives of the participant and the spouse, and

(B)

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.

(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.

(e)

“Qualified preretirement survivor annuity” defined

For purposes of this section—

(1)

Except as provided in paragraph (2), the term “qualified preretirement survivor annuity” means a survivor annuity for the life of the surviving spouse of the participant if—

(A)

the payments to the surviving spouse under such annuity are not less than the amounts which would be payable as a survivor annuity under the qualified joint and survivor annuity under the plan (or the actuarial equivalent thereof) if—

(i)

in the case of a participant who dies after the date on which the participant attained the earliest retirement age, such participant had retired with an immediate qualified joint and survivor annuity on the day before the participant’s date of death, or

(ii)

in the case of a participant who dies on or before the date on which the participant would have attained the earliest retirement age, such participant had—

(I)

separated from service on the date of death,

(II)

survived to the earliest retirement age,

(III)

retired with an immediate qualified joint and survivor annuity at the earliest retirement age, and

(IV)

died on the day after the day on which such participant would have attained the earliest retirement age, and

(B)

under the plan, the earliest period for which the surviving spouse may receive a payment under such annuity is not later than the month in which the participant would have attained the earliest retirement age under the plan.

In the case of an individual who separated from service before the date of such individual’s death, subparagraph (A)(ii)(I) shall not apply.

(2)

section 1053 of this title In the case of any individual account plan or participant described in subparagraph (B) or (C) of subsection (b)(1), the term “qualified preretirement survivor annuity” means an annuity for the life of the surviving spouse the actuarial equivalent of which is not less than 50 percent of the portion of the account balance of the participant (as of the date of death) to which the participant had a nonforfeitable right (within the meaning of ).

(3)

For purposes of paragraphs (1) and (2), any security interest held by the plan by reason of a loan outstanding to the participant shall be taken into account in determining the amount of the qualified preretirement survivor annuity.

(f)

Marriage requirements for plan

(1)

Except as provided in paragraph (2), a plan may provide that a qualified joint and survivor annuity (or a qualified preretirement survivor annuity) will not be provided unless the participant and spouse had been married throughout the 1-year period ending on the earlier of—

(A)

the participant’s annuity starting date, or

(B)

the date of the participant’s death.

(2)

For purposes of paragraph (1), if—

(A)

a participant marries within 1 year before the annuity starting date, and

(B)

the participant and the participant’s spouse in such marriage have been married for at least a 1-year period ending on or before the date of the participant’s death,

such participant and such spouse shall be treated as having been married throughout the 1-year period ending on the participant’s annuity starting date.

(g)

Distribution of present value of annuity; written consent; determination of present value

(1)

section 1053(e) of this title A plan may provide that the present value of a qualified joint and survivor annuity or a qualified preretirement survivor annuity will be immediately distributed if such value does not exceed the amount that can be distributed without the participant’s consent under . No distribution may be made under the preceding sentence after the annuity starting date unless the participant and the spouse of the participant (or where the participant has died, the surviving spouse) consent in writing to such distribution.

(2)

If—

(A)

section 1053(e) of this title the present value of the qualified joint and survivor annuity or the qualified preretirement survivor annuity exceeds the amount that can be distributed without the participant’s consent under , and

(B)

the participant and the spouse of the participant (or where the participant has died, the surviving spouse) consent in writing to the distribution,

the plan may immediately distribute the present value of such annuity.

(3)

(A)

For purposes of paragraphs (1) and (2), the present value shall not be less than the present value calculated by using the applicable mortality table and the applicable interest rate.

(B)

For purposes of subparagraph (A)—

(i)

section 1083(h)(3) of this title The term “applicable mortality table” means a mortality table, modified as appropriate by the Secretary of the Treasury, based on the mortality table specified for the plan year under subparagraph (A) of (without regard to subparagraph (C) or (D) of such section).

(ii)

section 1083(h)(2)(C) of this title The term “applicable interest rate” means the adjusted first, second, and third segment rates applied under rules similar to the rules of (determined by not taking into account any adjustment under clause (iv) thereof) for the month before the date of the distribution or such other time as the Secretary of the Treasury may by regulations prescribe.

(iii)

section 1083(h)(2)(C) of this title section 1083(h)(2)(D) of this title For purposes of clause (ii), the adjusted first, second, and third segment rates are the first, second, and third segment rates which would be determined under (determined by not taking into account any adjustment under clause (iv) thereof) if were applied by substituting the average yields for the month described in clause (ii) for the average yields for the 24-month period described in such section.

(h)

Definitions

For purposes of this section—

(1)

section 1002(19) of this title The term “vested participant” means any participant who has a nonforfeitable right (within the meaning of ) to any portion of such participant’s accrued benefit.

(2)

(A)

The term “annuity starting date” means—

(i)

the first day of the first period for which an amount is payable as an annuity, or

(ii)

in the case of a benefit not payable in the form of an annuity, the first day on which all events have occurred which entitle the participant to such benefit.

(B)

For purposes of subparagraph (A), the first day of the first period for which a benefit is to be received by reason of disability shall be treated as the annuity starting date only if such benefit is not an auxiliary benefit.

(3)

The term “earliest retirement age” means the earliest date on which, under the plan, the participant could elect to receive retirement benefits.

(i)

Increased costs from providing annuity

A plan may take into account in any equitable manner (as determined by the Secretary of the Treasury) any increased costs resulting from providing a qualified joint or survivor annuity or a qualified preretirement survivor annuity.

(j)

Use of participant’s accrued benefit as security for loan as not preventing distribution

If the use of any participant’s accrued benefit (or any portion thereof) as security for a loan meets the requirements of subsection (c)(4), nothing in this section shall prevent any distribution required by reason of a failure to comply with the terms of such loan.

(k)

Spousal consent

No consent of a spouse shall be effective for purposes of subsection (g)(1) or (g)(2) (as the case may be) unless requirements comparable to the requirements for spousal consent to an election under subsection (c)(1)(A) are met.

(l)

Regulations; consultation of Secretary of the Treasury with Secretary of Labor

In prescribing regulations under this section, the Secretary of the Treasury shall consult with the Secretary of Labor.

Pub. L. 93–406, title I, § 205Sept. 2, 197488 Stat. 862 Pub. L. 98–397, title I, § 103(a)Aug. 23, 198498 Stat. 1429 Pub. L. 99–514, title XIOct. 22, 1986100 Stat. 2488 Pub. L. 101–239, title VIIDec. 19, 1989103 Stat. 2431 Pub. L. 103–465, title VII, § 767(c)(2)Dec. 8, 1994108 Stat. 5039 Pub. L. 104–188, title I, § 1451(b)Aug. 20, 1996110 Stat. 1815 Pub. L. 105–34, title X, § 1071(b)(2)Aug. 5, 1997111 Stat. 948 Pub. L. 107–147, title IV, § 411(r)(2)Mar. 9, 2002116 Stat. 51 Pub. L. 109–280, title III, § 302(a)Aug. 17, 2006120 Stat. 920 Pub. L. 110–458, title I, § 103(b)(1)Dec. 23, 2008122 Stat. 5103 Pub. L. 112–141, div. D, title II, § 40211(b)(3)(B)July 6, 2012126 Stat. 849 Pub. L. 113–295, div. A, title II, § 221(a)(57)(B)(ii)Dec. 19, 2014128 Stat. 4046(, , ; , , ; , §§ 1139(c)(2), 1145(b), title XVIII, § 1898(b)(1)(B), (2)(B), (3)(B), (4)(B), (5)(B), (6)(B), (7)(B), (8)(B), (9)(B), (10)(B), (11)(B), (12)(B), (13)(B), (14)(B), , , 2491, 2945–2951; , §§ 7861(d)(2), 7862(d)(1)(B), (3), (6)–(9), 7891(a)(1), (b)(3), (c), (e), 7894(c)(7)(A), , , 2434, 2445, 2447, 2449; , , ; , , ; , title XVI, § 1601(d)(5), , , 1089; , , ; , title X, § 1004(b), title XI, § 1102(a)(2)(A), , , 1054, 1056; , , ; , , ; , , .)

Editorial Notes

Amendments

Pub. L. 113–295 section 1083(h)(2)(G) of this title2014—Subsec. (g)(3)(B)(iii). struck out dash after “if” and subcl. (I) designation before “section 1083(h)(2)(D)”, substituted “described in such section.” for “described in such section,”, and struck out subcls. (II) and (III) which related to methods for calculating rates based on .

Pub. L. 112–141 section 1083(h)(2)(C) of this title section 1083(h)(2)(C) of this title2012—Subsec. (g)(3)(B)(ii), (iii). substituted “ (determined by not taking into account any adjustment under clause (iv) thereof)” for “”.

Pub. L. 110–4582008—Subsec. (g)(3)(B)(iii)(II). substituted “section 1055(g)(3)(A)(ii)(II)” for “section 1055(g)(3)(B)(iii)(II)”.

Pub. L. 109–280, § 1004(b)(1)2006—Subsec. (c)(1)(A). , substituted comma for “, and” at end of cl. (i), added cl. (ii), and redesignated former cl. (ii) as (iii).

Pub. L. 109–280, § 1004(b)(3)Subsec. (c)(3)(A)(i). , inserted “and of the qualified optional survivor annuity” before comma at end.

Pub. L. 109–280, § 1102(a)(2)(A)Subsec. (c)(7)(A). , substituted “180-day” for “90-day”.

Pub. L. 109–280, § 1004(b)(2)Subsec. (d). , designated existing provisions as par. (1), redesignated former pars. (1) and (2) as subpars. (A) and (B), respectively, of par. (1), and added par. (2).

Pub. L. 109–280, § 302(a)Dec. 8, 1994Subsec. (g)(3). , struck out heading and amended text of par. (3) generally. Prior to amendment, par. (3) stated general rule for determination of present value, defined “applicable mortality table” and “applicable interest rate”, and set forth exception from general rule in the case of a distribution from a plan that was adopted and in effect prior to .

Pub. L. 107–147, § 411(r)(2)(A)section 1053(e) of this title section 1053(e)(1) of this title2002—Subsec. (g)(1). , substituted “exceed the amount that can be distributed without the participant’s consent under ” for “exceed the dollar limit under ”.

Pub. L. 107–147, § 411(r)(2)(B)section 1053(e) of this title section 1053(e)(1) of this titleSubsec. (g)(2)(A). , substituted “exceeds the amount that can be distributed without the participant’s consent under ” for “exceeds the dollar limit under ”.

Pub. L. 105–34, § 1601(d)(5)1997—Subsec. (c)(8)(A)(ii). , substituted “Secretary of the Treasury” for “Secretary”.

Pub. L. 105–34, § 1071(b)(2)section 1053(e)(1) of this titleSubsec. (g)(1), (2)(A). , substituted “the dollar limit under ” for “$3,500”.

Pub. L. 104–1881996—Subsec. (c)(8). added par. (8).

Pub. L. 103–4651994—Subsec. (g)(3). amended par. (3) generally. Prior to amendment, par. (3) read as follows:

“(3)(A) For purposes of paragraphs (1) and (2), the present value shall be calculated—

“(i) by using an interest rate no greater than the applicable interest rate if the vested accrued benefit (using such rate) is not in excess of $25,000, and

“(ii) by using an interest rate no greater than 120 percent of the applicable interest rate if the vested accrued benefit exceeds $25,000 (as determined under clause (i)).

In no event shall the present value determined under subclause (II) be less than $25,000.

“(B) For purposes of subparagraph (A), the term ‘applicable interest rate’ means the interest rate which would be used (as of the date of the distribution) by the Pension Benefit Guaranty Corporation for purposes of determining the present value of a lump sum distribution on plan termination.”

Pub. L. 101–239, § 7862(d)(7)Pub. L. 99–514, § 1898(b)(7)(B)1989—Subsec. (b)(1)(C)(i). , made technical correction to directory language of , see 1986 Amendment note below.

Pub. L. 101–239, § 7891(a)(1)Subsec. (b)(2)(A)(i). , substituted “Internal Revenue Code of 1986” for “Internal Revenue Code of 1954”, which for purposes of codification was translated as “title 26” thus requiring no change in text.

Pub. L. 101–239, § 7862(d)(9)Pub. L. 99–514, § 1898(b)(14)(B)Pub. L. 99–514, § 1898(b)(14)(B)Subsec. (b)(3), (4). , amended directory language of , see 1986 Amendment note below, and redesignated par. (3), as added by , as par. (4).

Pub. L. 101–239 Pub. L. 99–514, § 1145(b), §§ 7861(d)(2), 7891(c), realigned margins of par. (3), as added by , and redesignated such par. (3) as (4).

Pub. L. 101–239, § 7862(d)(1)(B)Subsec. (c)(3)(B)(ii). , inserted at end “In the case of a participant who separates from service before attaining age 35, the applicable period shall be a reasonable period after separation.”

Pub. L. 101–239, § 7862(d)(6)section 1101(a)(11) of this titleSubsec. (c)(3)(B)(ii)(IV). , substituted “after this section” for “after ”.

Pub. L. 101–239, § 7862(d)(1)(B)Subsec. (c)(3)(B)(ii)(V). , struck out subcl. (V) which read as follows: “A reasonable period after separation from service in case of a participant who separates before attaining age 35.”

Pub. L. 101–239, § 7894(c)(7)(A)Subsec. (c)(6). , substituted “such Act” for “such act”.

Pub. L. 101–239, § 7862(d)(8)section 1053 of this titleSubsec. (e)(2). , substituted “nonforfeitable right (within the meaning of )” for “nonforfeitable accrued benefit”.

Pub. L. 101–239, § 7891(b)(3)Subsec. (g)(3)(A). , realigned margins of subpar. (A).

Pub. L. 101–239Subsec. (h)(1). , §§ 7862(d)(3)(A), 7891(e)(1), amended par. (1) identically, substituting “The term” for “the term” and “benefit.” for “benefit,”.

Pub. L. 101–239Subsec. (h)(3). , §§ 7862(d)(3)B), 7891(e)(2), amended par. (3) identically, substituting “The term” for “the term”.

Pub. L. 99–514, § 1898(b)(3)(B)1986—Subsec. (a)(1). , substituted “who does not die before the annuity starting date” for “who retires under the plan”.

Pub. L. 99–514, § 1898(b)(2)(B)(ii)Subsec. (b)(1). , inserted at end “Clause (iii) of subparagraph (C) shall apply only with respect to the transferred assets (and income therefrom) if the plan separately accounts for such assets and any income therefrom.”

Pub. L. 99–514, § 1898(b)(13)(B)Subsec. (b)(1)(C)(i). , substituted “(c)(2)” for “(c)(2)(A)”.

Pub. L. 99–514, § 1898(b)(7)(B)Pub. L. 101–239, § 7862(d)(7), as amended by , inserted “(reduced by any security interest held by the plan by reason of a loan outstanding to such participant)”.

Pub. L. 99–514, § 1898(b)(2)(B)(i)December 31, 1984Subsec. (b)(1)(C)(iii). , substituted “a direct or indirect transferee (in a transfer after )” for “a transferee”.

Pub. L. 99–514, § 1898(b)(14)(B)Pub. L. 101–239, § 7862(d)(9)(A)Subsec. (b)(3). , as amended by , added par. (3) relating to treatment of plan as meeting requirements of par. (1)(C) or (2) of subsec. (b).

Pub. L. 99–514, § 1145(b)section 404(c) of title 26, added par. (3) relating to applicability of this section to plans described in .

Pub. L. 99–514, § 1898(b)(4)(B)(i)Subsec. (c)(1)(B). , substituted “paragraphs (2), (3), and (4)” for “paragraphs (2) and (3)”.

Pub. L. 99–514, § 1898(b)(6)(B)Subsec. (c)(2)(A). , amended subpar. (A) generally. Prior to amendment, subpar. (A) read as follows: “the spouse of the participant consents in writing to such election, and the spouse’s consent acknowledges the effect of such election and is witnessed by a plan representative or a notary public, or”.

Pub. L. 99–514, § 1898(b)(5)(B)Subsec. (c)(3)(B). , amended subpar. (B) generally. Prior to amendment, subpar. (B) read as follows: “Each plan shall provide to each participant, within the period beginning with the first day of the plan year in which the participant attains age 32 and ending with the close of the plan year preceding the plan year in which the participant attains age 35 (and consistent with such regulations as the Secretary of the Treasury may prescribe), a written explanation with respect to the qualified preretirement survivor annuity comparable to that required under subparagraph (A).”

Pub. L. 99–514, § 1898(b)(4)(B)(ii)Subsec. (c)(4). , added par. (4). Former par. (4) redesignated (5).

Pub. L. 99–514, § 1898(b)(4)(B)(ii)Subsec. (c)(5). , redesignated par. (4) as (5). Former par. (5) redesignated (6).

Pub. L. 99–514, § 1898(b)(11)(B)Subsec. (c)(5)(A). , inserted “if such benefit may not be waived (or another beneficiary selected) and”.

Pub. L. 99–514, § 1898(b)(4)(B)(ii)Subsec. (c)(6), (7). , redesignated pars. (5) and (6) as (6) and (7), respectively.

Pub. L. 99–514, § 1898(b)(1)(B)Subsec. (e)(1). , inserted at end “In the case of an individual who separated from service before the date of such individual’s death, subparagraph (A)(ii)(I) shall not apply.”

Pub. L. 99–514, § 1898(b)(9)(B)(i)Subsec. (e)(2). , substituted “the portion of the account balance of the participant (as of the date of death) to which the participant had a nonforfeitable accrued benefit” for “the account balance of the participant as of the date of death”.

Pub. L. 99–514, § 1898(b)(9)(B)(ii)Subsec. (e)(3). , added par. (3).

Pub. L. 99–514, § 1139(c)(2)Subsec. (g)(3). , amended par. (3) generally. Prior to amendment, par. (3) read as follows: “For purposes of paragraphs (1) and (2), the present value of a qualified joint and survivor annuity or a qualified preretirement survivor annuity shall be determined as of the date of the distribution and by using an interest rate not greater than the interest rate which would be used (as of the date of the distribution) by the Pension Benefit Guaranty Corporation for purposes of determining the present value of a lump sum distribution on plan termination.”

Pub. L. 99–514, § 1898(b)(8)(B)Subsec. (h)(1). , substituted “such participant’s accrued benefit” for “the accrued benefit derived from employer contributions”.

Pub. L. 99–514, § 1898(b)(12)(B)Subsec. (h)(2). , amended par. (2) generally. Prior to amendment, par. (2) read as follows: “the term ‘annuity starting date’ means the first day of the first period for which an amount is received as an annuity (whether by reason of retirement or disability), and”.

Pub. L. 99–514, § 1898(b)(4)(B)(iii)Subsec. (j). , added subsec. (j). Former subsec. (j) redesignated (k).

Pub. L. 99–514, § 1898(b)(10)(B)lSubsec. (k). , added subsec. (k). Former subsec. (k) redesignated ().

Pub. L. 99–514, § 1898(b)(4)(B)(iii), redesignated subsec. (j) as (k).

lPub. L. 99–514, § 1898(b)(10)(B)lSubsec. (). , redesignated subsec. (k) as ().

Pub. L. 98–3971984—Subsec. (a). substituted provisions relating to provisions to be included in applicable plans for former provisions relating to form of payment of annuity benefits.

Pub. L. 98–397Subsec. (b). substituted provisions relating to applicable plans under this section for former provisions relating to plans providing for payment of benefits before normal retirement age.

Pub. L. 98–397Subsec. (c). substituted provisions relating to conditions under which plans meet the requirements of this section for former provisions relating to election of qualified joint and survivor annuity form.

Pub. L. 98–397Subsec. (d). substituted provisions defining “qualified joint and survivor annuity” for former provisions relating to the participant’s spouse not being entitled to receive survivor annuity.

Pub. L. 98–397Subsec. (e). substituted provisions defining “qualified preretirement survivor annuity” for former provisions relating to election to take annuity.

Pub. L. 98–397Subsec. (f). substituted provisions to the effect that plans may provide that annuities will not be provided unless the participant and spouse had been married for a certain 1-year period, for former provisions relating to plan provisions which render election or revocation ineffective if participant dies within period of up to 2 years following the date of election or revocation.

Pub. L. 98–397Subsec. (g). substituted provisions relating to plan provisions for immediate distribution of present value if such value does not exceed $3,500 and for written consent from the participant and spouse for former provisions setting forth definitions. See subsec. (h) of this section.

Pub. L. 98–397Subsec. (h). substituted provisions setting forth definitions for former provisions relating to increased costs resulting from providing joint and survivor annuity benefits. See subsec. (i) of this section.

Pub. L. 98–397Subsec. (i). substituted provisions relating to increased costs resulting from providing annuities under applicable plans for former provisions setting forth the effective date of this section.

Pub. L. 98–397Subsec. (j). added subsec. (j).

Statutory Notes and Related Subsidiaries

Effective Date of 2014 Amendment

Pub. L. 113–295Dec. 19, 2014section 221(b) of Pub. L. 113–295 section 1 of Title 26Amendment by effective , subject to a savings provision, see , set out as a note under , Internal Revenue Code.

Effective Date of 2012 Amendment

Pub. L. 112–141Dec. 31, 2011section 40211(c) of Pub. L. 112–141 section 404 of Title 26Amendment by applicable with respect to plan years beginning after , except as otherwise provided, see , set out as a note under , Internal Revenue Code.

Effective Date of 2008 Amendment

Pub. L. 110–458 Pub. L. 109–280 section 112 of Pub. L. 110–458 section 72 of Title 26Amendment by effective as if included in the provisions of to which the amendment relates, except as otherwise provided, see , set out as a note under , Internal Revenue Code.

Effective Date of 2006 Amendment

section 302(a) of Pub. L. 109–280Dec. 31, 2007section 302(c) of Pub. L. 109–280 section 417 of Title 26Amendment by applicable with respect to plan years beginning after , see , set out as a note under , Internal Revenue Code.

section 1004(b) of Pub. L. 109–280Dec. 31, 2007section 1004(c) of Pub. L. 109–280 section 417 of Title 26Amendment by applicable to plan years beginning after , with special rule for collectively bargained plans, see , set out as a note under , Internal Revenue Code.

section 1102(a)(2)(A) of Pub. L. 109–280Dec. 31, 2006section 1102(a)(3) of Pub. L. 109–280 section 417 of Title 26Amendments and modifications made or required by applicable to years beginning after , see , set out as a note under , Internal Revenue Code.

Effective Date of 2002 Amendment

Pub. L. 107–147 Pub. L. 107–16 section 411(x) of Pub. L. 107–147 section 25B of Title 26Amendment by effective as if included in the provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001, , to which such amendment relates, see , set out as a note under , Internal Revenue Code.

Effective Date of 1997 Amendment

section 1071(b)(2) of Pub. L. 105–34Aug. 5, 1997section 1071(c) of Pub. L. 105–34 section 411 of Title 26Amendment by applicable to plan years beginning after , see , set out as a note under , Internal Revenue Code.

section 1601(d)(5) of Pub. L. 105–34 Pub. L. 104–188 section 1601(j) of Pub. L. 105–34 section 36C of Title 26Amendment by effective as if included in the provisions of the Small Business Job Protection Act of 1996, , to which it relates, see , set out as a note under , Internal Revenue Code.

Effective Date of 1996 Amendment

Pub. L. 104–188Dec. 31, 1996section 1451(c) of Pub. L. 104–188 section 417 of Title 26Amendment by applicable to plan years beginning after , see , set out as a note under , Internal Revenue Code.

Effective Date of 1994 Amendment

Pub. L. 103–465Dec. 31, 1994Dec. 8, 1994section 767(d) of Pub. L. 103–465 section 411 of Title 26Amendment by applicable to plan years and limitation years beginning after , except that employer may elect to treat such amendment as effective on or after , with provisions relating to reduction of accrued benefits, exception, and timing of plan amendment, see , as amended, set out as a note under , Internal Revenue Code.

Effective Date of 1989 Amendment

Pub. L. 101–239 Pub. L. 99–514 section 7863 of Pub. L. 101–239 section 106 of Title 26Amendment by sections 7861(d)(2) and 7862(d)(1)(B), (3), (6)–(9) of effective as if included in the provision of the Tax Reform Act of 1986, , to which such amendment relates, see , set out as a note under , Internal Revenue Code.

Pub. L. 101–239 Pub. L. 99–514 section 7891(f) of Pub. L. 101–239 section 1002 of this titleAmendment by section 7891(a)(1), (b)(3), (c), (e) of effective, except as otherwise provided, as if included in the provision of the Tax Reform Act of 1986, , to which such amendment relates, see , set out as a note under .

Section 7894(c)(7)(B) of Pub. L. 101–239

Pub. L. 98–397“The amendment made by subparagraph (A) [amending this section] shall take effect as if included in section 103 of the Retirement Equity Act of 1984 [] in reference to the new section 205(c)(5) of ERISA [subsec. (c)(5) of this section] as added by such section 3113.”

provided that:

Effective Date of 1986 Amendment

section 1139(c)(2) of Pub. L. 99–514Dec. 31, 1984Dec. 31, 1984Jan. 1, 1987Pub. L. 98–397 section 1139(d) of Pub. L. 99–514 section 411 of Title 26Amendment by applicable to distributions in plan years beginning after , except that such amendments shall not apply to any distributions in plan years beginning after , and before , if such distributions were made in accordance with the requirements of the regulations issued under the Retirement Equity Act of 1984, , with additional provisions relating to reductions in accrued benefits, see , set out as a note under , Internal Revenue Code.

section 1145(b) of Pub. L. 99–514 Pub. L. 98–397 section 1145(d) of Pub. L. 99–514 section 401 of Title 26Amendment by applicable as if included in the amendments made by the Retirement Equity Act of 1984, , see , set out as a note under .

section 1898(b)(4)(B) of Pub. L. 99–514Aug. 18, 1985section 1898(b)(4)(C) of Pub. L. 99–514 section 417 of Title 26Amendment by applicable with respect to loans made after , see , set out as a note under .

section 1898(b)(6)(B) of Pub. L. 99–514Oct. 22, 1986section 1898(b)(6)(C) of Pub. L. 99–514 section 417 of Title 26Amendment by applicable to plan years beginning after , see , set out as a note under .

section 1898(b)(8)(B) of Pub. L. 99–514Oct. 22, 1986section 1898(b)(8)(C) of Pub. L. 99–514 section 417 of Title 26Amendment by applicable to distributions after , see , as added, set out as a note under .

Pub. L. 99–514 Pub. L. 98–397 section 1898(j) of Pub. L. 99–514 section 401 of Title 26Amendment by section 1898(b)(1)(B), (2)(B), (3)(B), (5)(B), (7)(B), (9)(B), (10)(B), (11)(B), (12)(B), (13)(B), (14)(B) of effective as if included in the provision of the Retirement Equity Act of 1984, , to which such amendment relates, except as otherwise provided, see , set out as a note under .

Effective Date of 1984 Amendment

Pub. L. 98–397Dec. 31, 1984Pub. L. 98–397 section 1001 of this titleAmendment by applicable to plan years beginning after , except as otherwise provided, see sections 302 and 303 of , set out as a note under .

Pub. L. 98–397Aug. 18, 1985section 1898(b)(4)(C)(ii) of Pub. L. 99–514 section 417 of Title 26Nothing in amendment by to prevent any distribution required by reason of failure to comply with terms of loan made on or before , and secured by portion of participant’s accrued benefit, see , set out as an Effective Date of 1986 Amendment note under , Internal Revenue Code.

Plan Amendments Not Required Until January 1, 1998

Pub. L. 104–188Jan. 1, 1998section 1465 of Pub. L. 104–188 section 401 of Title 26For provisions directing that if any amendments made by subtitle D [§§ 1401–1465] of title I of require an amendment to any plan or annuity contract, such amendment shall not be required to be made before the first day of the first plan year beginning on or after , see , set out as a note under , Internal Revenue Code.

Plan Amendments Not Required Until January 1, 1989

Pub. L. 99–514Jan. 1, 1989section 1140 of Pub. L. 99–514 section 401 of Title 26For provisions directing that if any amendments made by subtitle A or subtitle C of title XI [§§ 1101–1147 and 1171–1177] or title XVIII [§§ 1800–1899A] of require an amendment to any plan, such plan amendment shall not be required to be made before the first plan year beginning on or after , see , as amended, set out as a note under , Internal Revenue Code.