Vested Benefit definition

Vested Benefit means, as of any date, the accrued liability balance of the Normal Retirement Benefit reflected on the financial statements of the Bank under GAAP multiplied by a fraction where the numerator is the Executive’s Years of Service as of such date and the denominator is twelve (12).

Vested Benefit means the amount of an Executive's Benefit accrued and subject to payment as of the date of reference. Subject to Article 4, unless otherwise specified with respect to any Executive on the attached Exhibit 1, an Executive shall vest in his or her Benefit at the rate of ten percent (10%) per year for each Year of Service (such that the Benefit will be vested in full after ten (10) Years of Service). In all cases, an Executive's Benefit shall be one hundred percent (100%) vested upon a Change in Control, and in such cases the Executive's Benefit shall be equal to the one hundred percent (100%) Vested Benefit.

Vested Benefit means the benefit determined in accordance with Article VII hereof.

Examples of Vested Benefit in a sentence

• Notwithstanding the foregoing, no benefit shall be payable under this Section 5.2 to the extent a Retirement Benefit or Deferred Vested Benefit was previously paid to a Member or Vested Former Member in the form of a lump sum.

• Except as provided under Section 3.3(b) or Section 3.3(c), the Retirement Benefit or Deferred Vested Benefit under this Plan, as the case may be, shall be payable in monthly installments in the form of a straight life annuity and without regard to any optional form of benefits elected under the Basic Plan.

• The Deferred Vested Benefit shall begin on the first day of the month following the Participant’s Normal Retirement Date.

• Vested Benefit Tier 1:Deferred retirement annuity based on two times member’s accumulated contributions, deferred to age 62.

• The QPSA shall begin on the first day of the month following the date of death, or if later, the first day a Participant could have elected early payment of an Early Retirement Benefit or a Deferred Vested Benefit, if applicable.

More Definitions of Vested Benefit

Vested Benefit means the amount equal to the vested portion (in accordance with Section 4.2) of a Participant’s Account at any time. All Vested Benefits shall be determined by valuing the Participant’s Account as of the close of the business day immediately prior to the Distribution Date.

Vested Benefit means the portion of an Account to which a Participant is entitled as determined under Section 9.01 of the Plan and Section 11 of the Adoption Agreement.

Vested Benefit means the sum of (a) the 401(k) Account, (b) the Rollover Account, (c) the Safe Harbor Matching Account, and (d) the vested portion of the Matching Account, as determined in accordance with ss. 7.1.

Vested Benefit means that an ASERP Participant has accumulated ten (10) Years of Service, has died or become Disabled while an Eligible Employee and while employed, or that there is a Change of Control as provided in Article V when the ASERP Participant is an Eligible Employee. An ASERP Participant’s Vested Benefit is subject to the forfeiture provisions and limitations set forth in Article VI.

Vested Benefit means a Participant’s benefit under Sections 4.01 and 4.02, or Section 4.03, as applicable, that has become vested under Section 5.01 or Section 4.05(b) and has not been forfeited under Section 5.02 or any other provision of the Plan.

Vested Benefit means the portion, if any, of a Participant’s Accrued Benefit in which such Participant has earned vested and nonforfeitable rights under the provisions of the Plan, including, but not limited to, Sections 2.5. Nevertheless, any Participant’s Vested Benefit is subject to divestment and forfeiture pursuant to Sections 2.6 and 2.7.

Vested Benefit means the benefit (or the value of the benefit where appropriate – for example, where benefits are in the form of a pension or deferred benefit) to which the member of the Fund would have the right to payment if the member voluntarily ceased employment, subject to a minimum of the Minimum Requisite Benefit.