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.)
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.
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 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.
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 However, taxes may be due on any funds that are actually withdrawn.