According to 26 USCS § 417 [Title 26. Internal Revenue Code; Subtitle A. Income Taxes; Chapter 1. Normal Taxes and Surtaxes; Subchapter D. Deferred Compensation, etc.; Part I. Pension, Profit-Sharing, Stock Bonus Plans, etc.; Subpart B. Special Rules], qualified joint and survivor annuity means “an annuity--
(1) 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
(2) 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.”