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).

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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

• Such benefit shall be equal to his Accrued Benefit payable at Normal Retirement Date reduced by one-fifteenth (1/15th) for each of the next five (5) years, one thirtieth (1/30th) for each of the next five (5) years and actuarially reduced for each additional year by which the commencement date of the Vested Benefit precedes his Normal Retirement Date.

• The Early Termination Benefit is the Vested Benefit determined as of the Executive’s Termination of Employment, and such Early Termination Benefit shall be paid in five (5) equal annual installments with the first installment payable in the month following the month of the Executive’s Termination of Employment and thereafter on each annual anniversary of such payment commencement date.

• Where such Separation from Service occurs prior to the close of business on December 26, 2008, the Vested Benefit shall be a lump sum equal to the amount on Exhibit A applicable to 2008.

• Notwithstanding the foregoing, if the amount payable under this Section 4 as the Vested Benefit is less than the designated dollar amount on attached Exhibit A as the vested amount that would apply on the relevant date of termination (the “Minimum Lump Sum”), then the Minimum Lump Sum shall be paid in lieu thereof.

• Where such Separation from Service occurs on or after January 1, 2009, the Vested Benefit shall be a lump sum equal to the present value as of the date of payment of an annual benefit equal to fifty percent (50%) of the Employee’s Base Salary as of the Employee’s Early Retirement Date, payable in equal monthly installments for a period of fifteen (15) years (one-hundred eighty (180) payments) commencing on the date the Employee attains his Normal Retirement Age.

More Definitions of Vested Benefit

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 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 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.

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 the sum of (a) the 401(k) Account, (b) the Rollover Account, (c) the Safe Harbor Matching Account, and (d) the vested portion of the Matching Account, as determined in accordance with ss. 7.1.

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.