Examples of Deferred Vested Participant in a sentence
Deferred Vested Participant - Generally, an employee who worked long enough to earn vested benefits in a pension plan, but who is no longer accruing pension benefits and is not yet receiving a retirement benefit.
If no election is made to receive such Benefit, the New Deferred Vested Participant will be entitled to receive the Benefit described in Section 4.1(a)(ii) upon his or her attainment of age 65.
For purposes of this Rehabilitation Plan, a Deferred Vested Participant is a vested Participant who has not commenced receipt of monthly pension payments, has not worked at least one Hour of Work in Covered Employment after September 30, 2011, and before March 1, 2012, and has not worked at least 200 Hours of Work in Covered Employment during the Plan year ended September 30, 2011.
For purposes of this Rehabilitation Plan, an “Active Employee” is defined as an employee who is neither a Deferred Vested Participant nor an Inactive Non-Vested Employee, and who works at least one Hour of Work in Covered Employment after September 30, 2011, or worked at least 200 Hours of Work in Covered Employment during the Plan year ended September 30, 2011.
A New Deferred Vested Participant who is a Non- Represented Employee or a member of the bargaining unit represented by AFSCME at the time his or her employment with the District terminates, and who terminates employment for a reason other than Disability, will be entitled to receive the Benefit described in Section 4.1(b)(i) or (ii), whichever is applicable, after he or she has attained the age specified in that Section for payment of that Benefit.
In the case of a Deferred Vested Participant or Inactive Non-Vested Employee who returns to Covered Employment and becomes vested but does not meet the criteria outlined above, his/her accrued benefit as of February 29, 2012, will be determined under the Default Schedule, and any benefits accrued after his/her return to Covered Employment will be determined based on the Schedule applicable to the Employer by whom he/she is re-employed.
DEFAULT SCHEDULE EXAMPLE #2C: A Deferred Vested Participant who earned 27 Pension Credits and an accrued monthly benefit of $800 as of February 29, 2012, returns to Covered Employment in 2013 for an Employer who has adopted the Default Schedule.
Our rights and remedies under this lease are cumulative; the use of one or more shall not exclude or waive our right to other remedies.
A Deferred Vested Participant will be eligible toreceive a Benefit determined under Section 4.3, commencing as soon as administratively practicable after receipt of the Participant’s Benefit application and his or her Deferred Vested Retirement Date, or at such later date as determined in accordance with Section 4.3.
In the case of a Deferred Vested Participant who meets the above- described conditions, both his accrued benefit as of February 29, 2012, and benefit earned while employed by the Employer electing Preferred Schedule will be treated in accordance with the Preferred Schedule.