PUBLIC LAW 98-397—AUG. 23, 1984
98 STAT. 1441
"(11) such participant does not elect a payment of benefits in the form of a life annuity, and "(III) with respect to such participant, such plan is not a direct or indirect transferee of a plan which is described in clause (i) or (ii) or to which this clause applied with respect to the participant. J
"(C) EXCEPTION FOR CERTAIN ESOP BENEFITS.—
"(i) IN GENERAL.—In the case of— "(I) a tax credit employee stock ownership plan (as defined in section 409(a)), or "(II) an employee stock ownership plan (as defined in section 4975(e)(7)), subparagraph (A) shall not apply to that portion of the employee's accrued benefit to which the requirements of section 409(h) apply.
Ante, p. 852. 26 USC 4975. Ante, p. 852.
"(ii) NONFORFEITABLE BENEFIT MUST BE PAID IN FULL,
ETC.—In the case of any participant, clause (i) shall apply only if the requirements of subclauses (I), (II), and (III) of subparagraph (B)(iii) are met with respect to such participant.
"(D) CROSS REFERENCE.—For—
"(i) provisions under which participants may elect to waive the requirements of this paragraph, and "(ii) other definitions and special rules for purposes of this paragraph, see section 417.. (b) DEFINITIONS AND SPECIAL RULES.—Subpart B of part I of subchapter D of chapter 1 is amended by adding at the end thereof the following new section: "SEC. 417. DEFINITIONS AND SPECIAL RULES FOR PURPOSES OF MINIMUM SURVIVOR ANNUITY REQUIREMENTS. "(a) ELECTION TO WAIVE QUALIFIED JOINT AND SURVIVOR ANNUITY OR QUALIFIED PRETIREMENT SURVIVOR ANNUITY.—
"(1) IN GENERAL.—A plan meets the requirements of section 401(a)(ii) 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), and "(ii) may revoke any such election at any time during the applicable election period, and "(B) the plan meets the requirements of paragraphs (2) and (3) of this subsection. "(2) SPOUSE MUST CONSENT TO ELECTION.—Each plan shall provide that an election under paragraph (IXAXi) shall not take effect unless— "(A) 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 "(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 may by regulations prescribe.
26 USC 417.