Vested Benefit Clause Samples
A Vested Benefit clause defines the portion of benefits or rights that an individual has earned and is entitled to retain, typically in the context of retirement plans or employee benefits. This clause specifies the conditions under which benefits become non-forfeitable, such as after a certain period of employment or upon meeting specific criteria. Its core practical function is to protect employees by ensuring they receive the benefits they have accrued, even if their employment ends, thereby providing security and clarity regarding benefit entitlements.
Vested Benefit. An employee completing the minimum continuous service requirements of subsection 1., above, shall be entitled to receive a monthly benefit as determined pursuant to Section 1.
Vested Benefit. An employee completing the minimum continuous service requirements of paragraph C.1, above, shall be entitled to receive a monthly benefit as determined pursuant to paragraph A., above; provided, however, that no employee terminated for disciplinary reasons will be entitled to any benefit under this Section.
Vested Benefit. Director shall vest in the benefit provided for in subsection 2.1.1 of this Section 2.1 upon Director’s attainment of Normal Retirement Age. Director shall be one hundred percent (100%) vested in the Accrual Balance prior to the Director attaining their Normal Retirement Age.
Vested Benefit. Vested Benefit for employees who terminate employment with a vested benefit shall be based upon 2.0% times Final Average Compensation times years of credited service and such benefit shall be payable when the employee would have qualified for a Normal Retirement Benefit had he or she remained employed.
Vested Benefit. A Participant's 401(k) Account, Rollover Account and Safe Harbor Matching Account are fully vested at all times. A Participant's Matching Account will become fully vested upon his or her:
(1) death while an Employee,
(2) reaching age 65 (which is the normal retirement date under the Plan) while an Employee, or
(3) completing the number of Years of Service required to be fully vested in accordance with ss. 7.1(c) or ss. 7.1
Vested Benefit. The Company shall distribute to the Director the benefit described in this Section 2.1.
Vested Benefit. Vesting Schedule for Participants without an Hour of Service on or after April 1, 2002.......................................................................17
Vested Benefit. 6 1.38. Year of Service.................................................................................6 ss. 2. PARTICIPATION..............................................................................................7
Vested Benefit. The Executive shall be one hundred percent (100%) vested in all amounts that are accrued for his benefit under this Agreement as of the respective date of each accrual (the “Accrued Amount”). Notwithstanding anything in this Agreement to the contrary, in the event of the Executive’s death prior to a Separation from Service, the Executive shall be deemed 100% vested in the Supplemental Retirement Benefit set forth in Section 2 hereof effective as of the date of the Executive’s death.
Vested Benefit. The Executive shall be one hundred percent (100%) vested in all amounts that are accrued for his benefit under the Plan as of the respective date of each accrual (the “Accrued Amount”). Pursuant to Section 1 of this Agreement, the Executive was deemed to be fifty percent (50%) vested in the Supplemental Retirement Benefit as of the Effective Date of this Agreement. Notwithstanding anything in the Agreement to the contrary, in the event of the Executive’s death prior to a Separation from Service, the Executive shall be deemed 100% vested in the Supplemental Retirement Benefit set forth in Section 2 hereof effective as of the date of the Executive’s death. In addition, notwithstanding anything in the Agreement to the contrary, if the Executive has a Separation from Service either concurrently with or within two years following a Change in Control, the Executive shall be deemed 100% vested in the Supplemental Retirement Benefit set forth in Section 2 effective as of the date of such Separation from Service.