Vesting, Immediate
Employee's full entitlement, with no waiting period, to benefits under a pension or retirement plan. In the case of a contributory plan, there is immediate vesting of the employee's own contributions, plus the earnings attributable to those contributions. As to employer contributions in contributory and noncontributory plans, vesting depends on the terms of the plans, although maximum time limits for full vesting are set by law. Some plans provide immediate vesting of employer contributions in the case of death or disability, simplified employee pension (sep) plans require immediate vesting of employer contributions.
Popular Insurance Terms
Insurance coverage for accidents and sickness that are not job related. ...
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Sample of n elements selected from a population of A? elements in such a way that the sample has essentially the same characteristics as the population. The random sample serves as the ...
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Statement of the financial condition of the insurance company, as well as significant events during the year in which the company has been involved and/or that have affected the company. ...
Right of a beneficiary of a life insurance policy to exchange the future installments due that beneficiary for a lump sum distribution. ...
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