Vested Benefit definition

Vested Benefit means, as of any date, the accrued liability balance of the Normal Retirement Benefit reflected on the financial statements of the Bank under GAAP multiplied by a fraction where the numerator is the Executive’s Years of Service as of such date and the denominator is twelve (12).

Vested Benefit means the amount of an Executive's Benefit accrued and subject to payment as of the date of reference. Subject to Article 4, unless otherwise specified with respect to any Executive on the attached Exhibit 1, an Executive shall vest in his or her Benefit at the rate of ten percent (10%) per year for each Year of Service (such that the Benefit will be vested in full after ten (10) Years of Service). In all cases, an Executive's Benefit shall be one hundred percent (100%) vested upon a Change in Control, and in such cases the Executive's Benefit shall be equal to the one hundred percent (100%) Vested Benefit.

Vested Benefit means the benefit determined in accordance with Article VII hereof.

Examples of Vested Benefit in a sentence

• 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.

• A Participant entitled to a Deferred Vested Benefit may elect to receive such benefit in any of the optional forms of benefit provided under the Pension Plan.

• A Participant who terminates employment with the Employers without meeting the requirements for a Normal Retirement Benefit or an Early Retirement Benefit shall be entitled to a Deferred Vested Benefit only if the Participant has five (5) or more Years of Service on his Termination Date.

• Each Participant who retires or who is eligible for Deferred Vested Benefit will receive a certificate setting forth the Accrued Benefit to be paid to such Participant under the Pension Plan.

• Forfeitures arising under the Plan because of termination of employment before a Participant becomes eligible for a Vested Benefit, or for any other reason, shall be applied to reduce the cost of the Plan, not to increase the benefits otherwise payable to Participants.

More Definitions of Vested Benefit

Vested Benefit means the amount equal to the vested portion (in accordance with Section 4.2) of a Participant’s Account at any time. All Vested Benefits shall be determined by valuing the Participant’s Account as of the close of the business day immediately prior to the Distribution Date.

Vested Benefit means a Participant’s benefit under Sections 4.01 and 4.02, or Section 4.03, as applicable, that has become vested under Section 5.01 or Section 4.05(b) and has not been forfeited under Section 5.02 or any other provision of the Plan.

Vested Benefit means the portion, if any, of a Participant’s Accrued Benefit in which such Participant has earned vested and nonforfeitable rights under the provisions of the Plan, including, but not limited to, Sections 2.5. Nevertheless, any Participant’s Vested Benefit is subject to divestment and forfeiture pursuant to Sections 2.6 and 2.7.

Vested Benefit means a percentage of the applicable Table B Benefit available prior to Retirement, (as shown under “Amount of Benefit”) earned by the Executive, based on the following: Total Years of Service from the Date of Agreement Vested Percentage 3 30 4 40 5 50 6 60 7 70 8 80 9 90 10 100 % Executive’s Vested Benefit shall be determined as of the Plan Year ending immediately prior to the Executive’s Separation from Service. No vesting credit will be granted for a partial year of service.

Vested Benefit means a benefit arising under Article 9 of the amending scheme confirmed by statutory instrument number 226 of 1957 (as from time to time amended) or Article 10 of the amending scheme confirmed by statutory instrument number 115 of 1996.

Vested Benefit means that an ASERP Participant has accumulated ten (10) Years of Service, has died or become Disabled while an Eligible Employee and while employed, or that there is a Change of Control as provided in Article V when the ASERP Participant is an Eligible Employee. An ASERP Participant’s Vested Benefit is subject to the forfeiture provisions and limitations set forth in Article VI.

Vested Benefit means the portion of an Account to which a Participant is entitled as determined under Section 9.01 of the Plan and Section 11 of the Adoption Agreement.