Vested Pension definition

Vested Pension means a pension under which a member has an unrestricted entitlement, or option of an entitlement, to the payment of benefits that will become payable in accordance with the plan or applicable legislation.
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Vested Pension means the pension benefit payable upon retirement to a participant who has achieved Vested Status.
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Vested Pension means the payments under the Plan to an Employee who is eligible by reason of age and/or Vesting Service, pursuant to Sections 5A.1 and 6A.2.
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Examples of Vested Pension in a sentence

  • The monthly amount of a Participant’s Deferred Vested Pension payable on a single-life basis commencing as of his Normal Retirement Date shall be equal to his Accrued Benefit at his Retirement (or, in the event that a Participant is eligible for a Deferred Vested Pension under Section 5.4, the vested percentage of his Accrued Benefit at his Retirement determined under Section 5.4).

  • A Participant shall be eligible for a Deferred Vested Pension if his employment is terminated for any reason before his death after the Participant’s Vesting Date but prior to his Early Retirement eligibility in accordance with Section 5.2. Payment of a Participant’s Deferred Vested Pension shall commence as of his Normal Retirement Date.

  • However, if a Participant requests the Committee to authorize the commencement of his Deferred Vested Pension as of the first day of any month after his attainment of age 55 and prior to his Normal Retirement Date, his Pension shall commence as of the first day of the month so requested, but the amount thereof shall be reduced as provided in Section 6.4.

  • A Participant shall be eligible for a Deferred Vested Pension under Section 6.4 if his employment is terminated for any reason before his death and he had completed at least three Years of Service during or prior to any Top Heavy Year.

  • The forms of payment available for a Participant with a Vested Pension are a Qualified Joint and Survivor Annuity for married Participants and a Single Life Annuity for both married and unmarried Participants.

  • The advance withdrawal and pledge of retirement assets are governed by the legal provisions as well as by the “Regulations on the Use of Vested Pension Accruals for Home Ownership”.

  • If you do not have at least one hour of service on or after January 1, 1999 (or after January 1, 1989 for non-union participants), you must have at least 10 years of Future Service Credit to be eligible for a Vested Pension beginning at age 65.

  • In other words, AEMO has modelled more than $2 of net benefits for consumers for every dollar of ISP expenditure.

  • However, if the Pre-2005 Participant was actively employed by the PepsiCo Organization in a classification eligible for the Salaried Plan prior to July 1, 1975, the amount of his Pension under this paragraph shall be the greater of the amounts determined under subparagraphs (i) and (ii), provided that subparagraph (ii)(B) shall not apply in determining the amount of a Vested Pension.

  • However, if the Participant was eligible for a Vested Pension upon attainment of age 65, and died after age 55 but before age 65, the amount of the 100% Joint and Survivor Option payable will be calculated as if the Participant retired on the first day of the month following the date of death and thereafter immediately died.


More Definitions of Vested Pension

Vested Pension means the benefit payable to a Vested Employee under Section 6 of the Plan.
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Vested Pension means the deferred pension calculated in accordance with Article 6, to which a Member is entitled in accordance with Article 9 arising from Credited Service.
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Vested Pension means a pension under which a member has an unrestricted entitlement, or option of an entitlement, to the payment of benefits
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Related to Vested Pension

  • Plan Benefit means the benefit payable to a Participant as calculated in Article V.

  • SERP Benefit means the benefit described in Section 5.1.

  • Normal Retirement Benefit means the benefit described in Section 2.1.

  • Accrued Benefit means the amount standing in a Participant's Account(s) as of any date derived from both Employer contributions and Employee contributions, if any.

  • war pension means a war disablement pension, a war widow’s pension or a war widower’s pension;

  • Retirement Benefit means the benefit set forth in Article 5.

  • Pre-Retirement Survivor Benefit means the benefit set forth in Article 6.

  • Termination Benefit means the benefit set forth in Article 7.

  • Surviving Spouse means the widow or widower, as the case may be, of a Deceased Participant or a Deceased Beneficiary (as applicable).

  • Net death benefit means the amount of the life insurance policy or certificate to be settled less any outstanding debts or liens.

  • Disability Benefit means the benefit set forth in Article 8.

  • Vested Benefits means amounts which are vested or which Executive is otherwise entitled to receive under the terms of or in accordance with any plan, policy, practice or program of, or any contract or agreement with, the Company or any of its subsidiaries, at or subsequent to the date of his termination without regard to the performance by Executive of further services or the resolution of a contingency.

  • Regular benefits ’ means benefits payable to an individual under this act or under any other state law, including benefits payable to federal civilian employees and to ex-servicemen pursuant to 5 U.S.C. chapter 85, other than extended benefits.

  • Lump Sum means the total sum which will have become payable to the Contractor by the Principal upon completion of the Works.

  • Death Benefit means the insurance amount payable under the Certificate at death of the Insured, subject to all Certificate provisions dealing with changes in the amount of insurance and reductions or termination for age or retirement. It does not include any amount that is only payable in the event of Accidental Death.

  • Retirement Benefits means benefits paid by reference to reaching, or the expectation of reaching, retirement or, where they are supplementary to those benefits and provided on an ancillary basis, in the form of payments on death, disability, or cessation of employment or in the form of support payments or services in case of sickness, indigence or death. In order to facilitate financial security in retirement, these benefits may take the form of payments for life, payments made for a temporary period, a lump sum, or any combination thereof;

  • Normal Retirement Age means the Executive's 65th birthday.

  • Supplemental Retirement Benefit means the benefit determined under Article V of this Plan.

  • Earliest Retirement Age means the earliest date on which, under the Plan, the Participant could elect to receive retirement benefits.

  • Disability Support Pension means the Commonwealth pension scheme to provide income security for persons with a disability as provided under the Social Security Act 1991, as amended from time to time, or any successor to that scheme.

  • war disablement pension means any retired pay or pension or allowance payable in respect of disablement under an instrument specified in section 639(2) of the Income Tax (Earnings and Pensions) Act 2003;

  • Supplemental Benefit means the monthly benefit payable to the Executive under this Agreement.

  • Normal Retirement means retirement from active employment with the Company or any Subsidiary on or after age 65.

  • Guaranteed Pension Plan means any employee pension benefit plan within the meaning of §3(2) of ERISA maintained or contributed to by any Borrower or any ERISA Affiliate the benefits of which are guaranteed on termination in full or in part by the PBGC pursuant to Title IV of ERISA, other than a Multiemployer Plan.

  • Designated Retirement Account means any retirement plan or account described or qualified under the Internal Revenue Code of 1986, as amended, or a subaccount thereof.

  • Retirement Age means the earlier to occur of the Participant attaining: (i) age 65 or more; or (ii) age 60 or more with at least 15 years of continuous Service, provided that the Participant has continuously remained in Service from the Award Date until the earlier to occur of (i) or (ii).