Vested pension benefit definition

Vested pension benefit means an interest obtained by a participant or beneficiary in that part of an immediate or deferred benefit under a plan which arises from the participant’s service and is not conditional upon the participant’s continued service for an employer any of whose employees are covered under the plan, and which has been forfeited under the terms of the plan.

Vested pension benefit means an interest obtained by a

Vested pension benefit means the nonforfeitable Pension Benefit payable to a Participant who terminates membership while employed in Alberta, British Columbia and other Provinces from time to time or, otherwise means the nonforfeitable Pension Benefit accrued upon satisfaction of the requirements of Section 5.07 payable to a Participant, upon retirement after he has attained age 65.

Examples of Vested pension benefit in a sentence

• However, if you are Vested (have earned a non-forfeitable right to your pension), you will maintain your status as a Participant in relation to your Vested pension benefit, but your participation under the Plan will cease in relation to future pension credit.

• If you had a Vested pension benefit when you left Covered Employment, your participation under the Plan will recommence on the first day of the month for which Employer contributions are received on your behalf.

• If you left Covered Employment without a Vested pension benefit, and do not repair a Break in Service, you must satisfy the initial participation requirements to again become a Participant under the Plan.

• Employees who separate before becoming eligible for a Normal, Early, Disability, or Deferred Vested pension benefit shall be entitled to a return of their contributions plus interest computed at 5.0% compounded annually.