Deferred Vested Sample Clauses
A Deferred Vested clause defines the conditions under which an individual’s right to certain benefits, such as retirement or stock options, becomes fully secured after a specified period, even if the individual is no longer actively participating or employed. Typically, this means that after meeting certain service or time requirements, the person will retain their entitlement to the benefits, but the actual receipt or exercise of those benefits is postponed until a later date, such as retirement age or another triggering event. The core function of this clause is to protect the interests of individuals who have partially completed the requirements for benefits, ensuring they do not forfeit accrued rights due to early departure or other changes in status.
Deferred Vested. Employees who do not retire, but take a deferred vested retirement allowance are not eligible to receive health care coverage. Medicare: Retirees are required to have both Medicare Part A and Part B at the time they reach Medicare eligibility. Failure to elect such coverage will result in no coverage by the City plan. The Medicare Part B premium remains the responsibility of the retiree. If the retiree has not earned enough credit to qualify for unpaid Medicare Part A, or does not otherwise qualify for such coverage through their spouse, the retiree will continue with regular PPO Plan coverage.
Deferred Vested. Any age – at least 5 years of continuous service – continuous service broken for any reason and not eligible for other pension. Each type of retirement is described in more detail under “Eligibility and Amount of Pension” beginning on page 23.
Deferred Vested. Employees who do not retire but take a deferred vested retirement allowance are not eligible to receive health care coverage. Medicare: Retirees are required to have both Medicare Part A and Part B at the time they reach Medicare eligibility. Failure to elect such