Examples of Deferred Vested Pension in a sentence
Service is used to determine vesting and an employee’s eligibility for early, disability, normal postponed retirement or for Deferred Vested Pension benefit.
If a Participant is not entitled to a Deferred Vested Pension when he incurs a termination of employment, he shall be deemed to have a received a lump sum distribution of the entire vested portion of his Accrued Benefit.
However, if a Participant requests the Committee to authorize the commencement of his Deferred Vested Pension as of the first day of any month after his attainment of age 55 and prior to his Normal Retirement Date, his Pension shall commence as of the first day of the month so requested, but the amount thereof shall be reduced as provided in Section 6.4.
A Participant shall be eligible for a Deferred Vested Pension under Section 6.4 if his employment is terminated for any reason before his death and he had completed at least three Years of Service during or prior to any Top Heavy Year.
The monthly amount of a Participant’s Deferred Vested Pension payable on a single-life basis commencing as of his Normal Retirement Date shall be equal to his Accrued Benefit at his Retirement (or, in the event that a Participant is eligible for a Deferred Vested Pension under Section 5.4, the vested percentage of his Accrued Benefit at his Retirement determined under Section 5.4).