Terminated Vested definition
Examples of Terminated Vested in a sentence
Unless otherwise specified under "Exceptions" below, if a Participant's employment is terminated by reason of the Participant's death prior to Retirement, and if as of the date of death the Participant is vested but does not qualify for the in-service death benefit, then the Auto A Death Benefit will be payable, provided the Auto A Death Benefit is made available to terminated vested employees under the Adoption Agreement (see "Terminated Vested Death Benefit" below).
Unless otherwise specified under "Exceptions" below, if a Participant's employment is terminated by reason of the Participant's death prior to Retirement, and if as of the date of death the Participant is vested but he does not qualify for the in-service death benefit, then the Auto A Death Benefit will be payable, provided the Auto A Death Benefit is made available to terminated vested employees under the Adoption Agreement (see "Terminated Vested Death Benefit" below).
See also subsection 16(c) below regarding treatment of Terminated Vested Participants.
Alternative Death Benefit (must specify formula that satisfies the definite written program and definitely determinable requirements of Treasury Regulations Sections 1.401-1(a)(2) and 1.401-1(b)(1)(i) and does not violate limits applicable to governmental plans under Code Sections 401(a)(17) and 415): No Terminated Vested death benefit.
As of June 2, 2020, no active or Terminated Vested Class 1 or Class 2 Participants remain in the Plan.
Retirement benefits for said Terminated Vested Participants will be paid based upon said information in accordance with the Retirement benefit payment options (including factors used to determine benefit reductions associated with survivor beneficiaries and/or Early Retirement benefits, and factors used to determine Actuarial Equivalent amounts) available under the GMEBS Master Plan or the City’s pre-GMEBS plan document, as applicable, in effect as of each said Participant’s effective Retirement date.
In particular with respect to Vested Participants who Terminated prior to June 2, 2020, but had not Retired as of such date, the City will ensure that GMEBS is provided with a listing indicating the amount of each such Terminated Vested Participant's accrued Normal Retirement benefit and Normal Retirement eligibility date.
Employees hired after January 1, 1985 who leave the Agency in the Terminated Vested category would not receive COLA adjustment during the deferral period, and they will receive COLA adjustments capped at 3% per year after retirement.
If you are a Terminated Vested Member and die prior to the commencement of your pension, the actuarial present value of your deferred pension will be payable to your spouse, or if none, your beneficiary or estate.
In particular with respect to Vested Participants who Terminated prior to September 1, 2023, but had not Retired as of such date, the City will ensure GMEBS is provided with a listing indicating the amount of each such Terminated Vested Participant's accrued Normal Retirement benefit and Normal Retirement eligibility date.