Examples of Terminated Vested Participant in a sentence
Terminated Vested Participant - Generally, a former employee who worked long enough to earn vested benefits in a pension plan, but who left the company sponsoring the plan and is not yet receiving a retirement benefit.
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FURTHER NOTE: There is no Death Benefit payable in the case of a Terminated Vested Participant who dies prior to retirement.
In accordance with such procedures and in such form as the Administrator shall establish, each electing Eligible Active Participant (or electing Eligible Terminated Vested Participant) (with the consent of his or her spouse if the Participant is married) shall make an irrevocable election to receive a single lump sum or immediately commencing annuity, to be payable as soon as practicable following the close of the applicable election period.
The value of the pension benefit is fixed at that point in time, as of the last day of the Plan Year in which the individual became a Terminated Vested Participant; the Early and Disability Retirement factor is also fixed.