Vesting Rights. Vesting is the right to earn a non-forfeitable accrued benefit. Vesting begins after a priest has completed two years of service in the Diocese. Commencing with the third year of service, vesting is earned at the rate of 20% per year of service. Thus, after seven (7) years of service, a priest is fully vested in his accrued benefit. (For example, at the end of seven (7) years of service, a priest would be fully vested in 23.1% of the defined annual benefit and would then continue to accrue vested benefits as set forth in Article IV below.)
Appears in 4 contracts
Samples: Retirement Plan Agreement, Priest Retirement Plan, Retirement Plan Agreement
