IQVIA Benefits Handbook
PAYMENT OF QINC TRANSFER ACCOUNT AND INNOVEX TRANSFER ACCOUNT
The distribution of your QINC Transfer Account and Innovex Transfer Account, as applicable, is subject to the joint and survivor annuity rules of the Internal Revenue Code. It is intended that payment of these accounts will be made at the same time as payment of your other accounts. Your QINC Transfer Account and the vested portion of your Innovex Transfer Account shall be paid as follows, unless you elect otherwise in writing as described below, and, if you are married, your spouse consents in writing:
1. If you are married, a joint and survivor annuity providing monthly payments for your life and, upon your death, continuing monthly payments to your surviving spouse for the remainder of his or her life in an amount equal to a certain percentage of the monthly amount previously paid to you. Effective January 1, 2008, you may elect either a Qualified Joint Survivor Annuity ("QJSA") option with continuing monthly payments to your surviving spouse equal to 50% of the monthly amount previously paid to you or a Qualified Optional Survivor Annuity ("QOSA") with continuing monthly payments to your surviving spouse equal to 75% of the monthly amount previously paid to you. If you elect one of the joint and survivor annuity options, the Plan will purchase an annuity contract for you from an insurance company. The monthly amount of the benefit and the reduced survivor benefit that would be provided under this annuity contract will vary depending upon the amount in your account, the ages of you and your spouse, and the interest that will be credited to the annuity contract by the insurance company.
2. If you are unmarried, a life annuity providing payments for your lifetime. If you elect a life annuity, the Plan will purchase an annuity contract for you from an insurance company. The monthly amount of the benefit will vary depending upon the amount in your account, your age, and the interest that will be credited to the annuity contract by the insurance company.
If you are married, you will be paid under option (1), which is the joint and survivor annuity, unless you elect to receive a lump sum distribution and your spouse agrees in writing to your election. Your spouse's agreement to an alternate form of payment must be made at the time of your retirement (or when you are otherwise due payment) and must either be witnessed by a Plan representative or acknowledged before a notary public. You will be provided a form on which you can elect the form of payment and obtain a spousal waiver.