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
Ceiling on expense reimbursement allowance, as stated in New York insurance law, that an insurance company licensed in New York State can give its agents. This is one reason why a company ...
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Addition to a personal automobile policy (pap) that covers an insured who is involved in a collision with a driver who does not have sufficient liability insurance to pay for the damages. ...
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