Ten-year Vesting (cliff Vesting)
Method of vesting under the employee retirement income security act of 1974 (ERISA) that requires an employee to have 10 years of service with an employer to be vested. An employee who leaves an employer prior to that time does not receive retirement benefits from that job. Under the tax reform act of 1986, after December 31,1988, the 10-year vesting rule is reduced to 5 years.
Popular Insurance Terms
Annuity payments that continue for the life of the annuitant. ...
Total disability benefit in the form of a monthly income payment found in a disability income insurance policy to insured wage earners when their income has been interrupted or terminated ...
Rules stating that, for any portion of the payment made to the employee from an eligible rollover distribution, the plan administrator is required by federal law to withhold 20% of the ...
Income paid for a specified number of years from an annuity. ...
Sum of money paid on the principal amount of money invested or loaned. ...
Group that advises on employee benefit plans as to amount of benefits to be paid, how benefits are to be financed, and how employees are to qualify for benefits (vesting requirements). An ...
Monetary guarantee that an individual released from jail will be present in court at the appointed time. If the individual is not present in court at that time, the monetary value of the ...
Entitlement of an employee to benefits immediately upon entering a retirement plan. As benefits are earned, they are credited to the employee's account. These "portable" future benefits can ...
Illness or sickness such as cancer, poliomyelitis, leukemia, diphtheria, smallpox, scarlet fever, tetanus, spinal meningitis, encephalitis, tularemia, hydrophobia, and sickle cell anemia, ...
Have a question or comment?
We're here to help.