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.
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Vested pension benefit means an interest obtained by a
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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.
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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 from the MTA 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 five (5.0) percent compounded annually.

  • 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.

Related to Vested pension benefit

  • Pension Benefit means a pension, annuity, gratuity or similar allowance which is payable—

  • Plan Benefit means the benefit payable to a Participant as calculated in Article V.

  • Termination Benefit means the benefit set forth in Article 7.

  • Normal Retirement Benefit means an annual benefit equal to One Hundred Fifty Thousand Dollars and No/100 ($150,000.00) per year, payable in accordance with the terms of this Agreement. Beginning on the thirteenth month that the Normal Retirement Benefit is paid, and continuing thereafter until paid in full, the Normal Retirement Benefit shall be increased annually by three percent (3%) from the previous year’s Normal Retirement Benefit amount to account for cost of living increases.

  • Retirement Benefit means the benefit set forth in Article 5.

  • Disability Benefit means the benefit set forth in Article 8.

  • Accrued Benefit means the amount standing in a Participant's Account(s) as of any date derived from both Employer contributions and Employee contributions, if any.

  • Death Benefit means the insurance amount payable under the Certificate at death of the Insured, subject to all Certificate provisions dealing with changes in the amount of insurance and reductions or termination for age or retirement. It does not include any amount that is only payable in the event of Accidental Death.

  • Supplemental Retirement Benefit means the benefit determined under Article V of this Plan.

  • Retirement Benefits means benefits paid by reference to reaching, or the expectation of reaching, retirement or, where they are supplementary to those benefits and provided on an ancillary basis, in the form of payments on death, disability, or cessation of employment or in the form of support payments or services in case of sickness, indigence or death. In order to facilitate financial security in retirement, these benefits may take the form of payments for life, payments made for a temporary period, a lump sum, or any combination thereof;

  • Pre-Retirement Survivor Benefit means the benefit set forth in Article 6.

  • Supplemental Benefit means the monthly benefit payable to the Executive under this Agreement.

  • Regular benefits ’ means benefits payable to an individual under this act or under any other state law, including benefits payable to federal civilian employees and to ex-servicemen pursuant to 5 U.S.C. chapter 85, other than extended benefits.

  • Change in Control Benefit means the benefit described in Section 2.4.

  • Company Pension Plan means each: (a) Company Employee Plan that is an “employee pension benefit plan,” within the meaning of Section 3(2) of ERISA; or (b) other occupational pension plan, including any final salary or money purchase plan.

  • Net death benefit means the amount of the life insurance policy or certificate to be settled less any outstanding debts or liens.

  • state pension credit means state pension credit under the State Pension Credit Act 2002;

  • war pension means a war disablement pension, a war widow’s pension or a war widower’s pension;

  • Early Retirement Benefit means the retirement benefit payable to a member following early

  • Actuarial equivalent means a benefit of equal value when

  • Lifetime Benefit Limit means the maximum amount of benefits paid by the Company to the Policy Holder cumulatively since the inception of these Terms and Benefits, irrespective whether any limits of any benefit items stated in the Benefit Schedule have been reached or whether the Annual Benefit Limit in a Policy Year has been reached.

  • Guaranteed Pension Plan means any employee pension benefit plan within the meaning of §3(2) of ERISA maintained or contributed to by any Borrower or any ERISA Affiliate the benefits of which are guaranteed on termination in full or in part by the PBGC pursuant to Title IV of ERISA, other than a Multiemployer Plan.

  • Monthly Benefit means the monthly amount payable by Liberty to you if you are Disabled or Partially Disabled.

  • Disability Support Pension means the Commonwealth pension scheme to provide income security for persons with a disability as provided under the Social Security Act 1991, as amended from time to time, or any successor to that scheme.

  • Lump Sum means the total sum which will have become payable to the Contractor by the Principal upon completion of the Works.

  • Disability benefit recipient means a member who is receiving a disability benefit.