vested deferred benefit definition
vested deferred benefit means the portion a Participant's Deferred Benefit that is not forfeitable pursuant to the provision of Article V and this Section. A Participant shall be fully vested (1) upon attaining age sixty-five (65), (2) on or after attaining age fifty-five (55) and completing twenty-five (25) Years of service, (3) upon a Change in control as provided in Section 5.2 hereof, or (4) upon Total Disability of the Participant as provided in Article VI hereof.
vested deferred benefit means the portion a Participant's Deferred Benefit that is not forfeitable pursuant to the provisions of Article V and this Section. A Participant shall be fully vested (1) upon attaining at least age sixty (60) and completing ten (10) Years of Service, or (2) upon a Change in control as provided in Section 5.2 hereof.
vested deferred benefit means that you are entitled to the benefit without the requirement of continuing your employment. Once your benefits have vested, they are “non- forfeitable”, that is, they can never be taken away from you. Although you might not receive payment of it until a later date, you are absolutely entitled to it at such time as it is payable.
More Definitions of vested deferred benefit
vested deferred benefit means that you are entitled to the benefit without the requirement of continuing your employment. Once your benefits have vested, they can never be taken awayfrom you. Although you might not receive payment until a later date, you are absolutelyentitled to your benefit at such time as it is payable.