Vested Accrued Benefit definition

Vested Accrued Benefit means the value of the Participant's vested Accrued Benefit derived from Employer and Employee contributions (including rollovers). The provisions of this Section shall apply to a Participant who is vested in amounts attributable to Employer contributions, Employee contributions (or both) at the time of death or distribution.

Vested Accrued Benefit means the amount of the monthly benefit that a person is entitled to receive based on the person's service credit and compensation history as of the determination date under the benefit formula and other terms established by a retirement system, including a vested percentage where applicable, as those terms exist on the determination date. The vested accrued benefit of a member is calculated without regard to any optional form of payment the member may select at retirement. The term does not include cost-of-living increases that may be applied to a benefit after the determination date.

Vested Accrued Benefit means that portion of the Executive’s Accrued Benefit in which he is vested. It is computed by multiplying the Accrued Benefit by the vesting percentage specified in Subsection 3.5. Such Vested Accrued Benefit shall be paid to the Executive in one hundred eighty (180) equal monthly installments.

Examples of Vested Accrued Benefit in a sentence

• If a Participant who has a Vested Accrued Benefit dies after the Annuity Starting Date, the Beneficiary shall be paid any remaining benefits payable under the form of payment the Participant was receiving before death.

• If the Participant or Beneficiary does not agree that the indebtedness is a valid claim against his Vested Accrued Benefit, he will be entitled to a review of the validity of the claim in accordance with procedures established by the Plan Administrator.

• No amendment to the Vesting Schedule will deprive a Participant of his nonforfeitable right to his Vested Accrued Benefit as of the date of the amendment.

• Unless an optional form of benefit is selected pursuant to a Qualified Election within the ninety (90) day period ending on the Annuity Starting Date, a married Participant's Vested Accrued Benefit shall be paid in the form of a Qualified Joint and Survivor Annuity and an unmarried Participant's Vested Accrued Benefit shall be paid in the form of a single life annuity.

• The term Forfeiture refers to that portion, if any, of a Participant's Accrued Benefit which is in excess of his Vested Accrued Benefit following the termination of the Participant's employment.

More Definitions of Vested Accrued Benefit

Vested Accrued Benefit means the amount of the Accrued Benefit of a Participant that is nonforfeitable as of any date.

Vested Accrued Benefit means the amount to which the Executive would be entitled under subsection 2(b) commencing at the Normal Retirement Date.

Vested Accrued Benefit means the Accrued Benefit multiplied by a vesting schedule (if any), as defined in the Participation Agreement.

Vested Accrued Benefit means the non-forfeitable portion of the Supplemental Retirement Income Benefit to which the Executive is entitled. The Executive shall be one hundred (100%) percent Vested in his Accrued Benefit upon execution of this Agreement.

Vested Accrued Benefit. Before the Employee attains age 65, the Employee's Vested Accrued Benefit shall be equal to the sum of: (1) one-third (1/3) of his Accrued Benefit on his employment termination date (the "VAC Amount"), plus (2) two-thirds (2/3) of his Accrued Benefit on his employment termination date multiplied by his Vested Percentage at his employment terminate date. Upon the Employee attaining age 65, the Employee will be fully vested in his Accrued Benefit.

Vested Accrued Benefit means the percentage of a Participant's Accrued Benefit to which he or she becomes entitled upon termination of his or her participation in the Plan determined in accordance with Section 7.5.

Vested Accrued Benefit means the Accrued Benefit multiplied by the vesting percentage determined below: