Employee ownership of retirement savings. Vesting - The entitlement to full pension plan benefits. Normally expressed as the number of months and years of employment required to be vested. Volatility - Relative measure of a security's price movement during a specific time.
The point at which a Member becomes entitled to a pension benefit. This occurs at the earliest of: age 65, regardless of length of Pensionable Service or Plan Membership or once 2 years of Pensionable Service or Plan Membership are completed.
refers to having an absolute right or title, when previously the holder of the right or title only had an expectation. Example: after 20 years of employment Larry Loyal's pension rights are now vested.
A legal term identifying a right of immediate or future enjoyment that cannot be altered without the consent of the party having the right. However, such a right may be forfeited. (See also: vested benefit.)
When a member earns enough service credit to guarantee retirement benefits even if he or she leaves covered employment and keeps his or her contributions with the System.
Present ownership rights.
fixed and absolute and without contingency; "a vested right"
An immediate and fixed right to present or future enjoyment of a property interest (as opposed to a contingent interest, which will vest only if certain specified events occur in the future). Go to Top
The amount of time you must work before earning a non-forfeitable right to your accrued benefit. When you are fully “vested,” your accrued benefit will be yours, even if you leave the company before reaching retirement age.
Ownership rights, even though on a land contract or subject to a mortgage or deed of trust.
The participants' ownership right to company contributions.
a condition of having full rights to monies deposited or funds accumulated in a retirement plan
An employee is eligible for benefits once a specific minimum number of years of membership has been established. An employee who is a member of the Oklahoma Teachers' Retirement System and has completed five years of service has a vested program.
The rights members of a retirement plan acquire by length of service needed to receive benefits.
The point at which you earn the right to keep an employer's contribution made to a company pension plan on your behalf.
The rights of an individual to receive benefits from employment, such as pension, sick leave and vacation. Pension benefits are vested when the employee has worked a specified number of years. The person may then leave the employer for another job and still collect the accumulated amount at retirement.
The incremental increase in ownership rights to the dollar value of a life insurance policy or pension plan accumulation contributed by an employer.
Having the right to use a portion of a fund such as an IRA. Typically vesting occurs over time. If you are 100% vested, you have a right to 100% of the fund.
Present and absolute right; not conditional
benefits that have become fully owned by the participant.
Having the right to use a portion of a fund such as an individual retirement fund. For example, individuals who are 100 percent vested can withdraw all of the funds that are set aside for them in a retirement fund. However, taxes may be due on any funds that are actually withdrawn.
Bestowed upon someone, such as title to property. Absolute, not contingent or subject to being defeated. Back to the Top
The status of a retirement plan participant who has met requirements giving her the right to receive partial or full retirement benefits even if she terminates employment prior to retirement.
One has a right to use a portion of a fund, such as an individual's retirement fund.
A vested member is entitled to a future pension benefit. This occurs at the earliest of: two years of membership in the Plan, or two years of Eligibility
Having the right or privilege to use a portion of a fund, such as an individual retirement account (IRA).
The percentage of ownership in a retirement plan assets.
Benefits: Pension benefits owned by the taxpayer.
Bestowed upon someone; secured by someone, such as title to property.
Bestowed upon someone; rights to which one is entitled.
