Vested Pension definition

Vested Pension means the pension benefit payable upon retirement to a participant who has achieved Vested Status.

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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 that will become payable in accordance with the plan or applicable legislation.

Vested Pension means the benefit payable to a Vested Employee under Section 6 of the Plan.

Examples of Vested Pension in a sentence

• Employees who terminate with eligibility for a Deferred Vested Pension and have at least two hundred fifty hours of Sick Leave in their Bank will also receive Credited Service in their Basic Pension Plan calculation.

• An Employee’s Continuous Service under the Plan shall be interrupted if he shall have five consecutive Breaks-In-Service, and his Credited Service and Continuous Service preceding such consecutive five year Breaks-In-Service shall be canceled unless he qualifies for a Vested Pension under Section 4.3, in which event he shall remain a Member of the Plan and be entitled to his Vested Pension pursuant to the provisions of the Plan.

• At the end of such Leave, associates may return to work or may retire, if otherwise eligible, under the Deferred Vested Pension provision of Exhibit A.

• The Deferred Vested Pension of an employee will be established on the basis of service credited to the last day of active employment, and shall be calculated in the amount of seventy two dollars ($72.00) per annum for each year of Credited Service.

• As used herein "Unfunded Vested Pension Liability" shall mean an excess of the actuarial present value of accumulated vested Pension Plan benefits as at the end of the immediately preceding Pension Plan year of such Pension Plans (or as of any more recent valuation date) over the net assets allocated to such Pension Plans which are available for benefits, all as determined and disclosed in the most recent actuarial valuation report for such Pension Plans.

• Service is used to determine vesting and an employee’s eligibility for early, normal, postponed, and disability retirement, or for Deferred Vested Pension benefits.

• Service is used to determine vesting and an employee’s eligibility for early, disability, normal postponed retirement or for Deferred Vested Pension benefit.

• The Regular Standard Form of Pension Payment of a Normal Pension, Early Retirement Pension or Vested Pension shall be a monthly payment for the Member’s lifetime.

• An employee who becomes a on or after APRIL shall continue to be eligible for Life Insurance, Medical Services Benefit, Supplementary Hospital Expense Benefit, Supplementary Health Benefits and Dental Expense Benefits as provided herein as long as he continues to remain eligible for retirement allowance but these benefits shall not be applicable to a person who may be eligible for a Deferred Vested Pension.

• If a Participant ceases to work for the Authority at any time and for any reason prior to the date on which such Participant has met the age, service, and other requirements essential for a Normal Retirement Pension, a Disability Retirement Pension, an early Retirement Pension, a Vested Pension, or a Dependent Pension, such Participant (or such Participant’s beneficiary) shall be eligible to receive the Participant’s Accumulated Employee Contributions.

More Definitions of Vested Pension

Vested Pension means a pension under which a member has an unrestricted entitlement, or option of an entitlement, to the payment of benefits

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.

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.