vesting

(redirected from Pension Plan Vesting)
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vest

 (vĕst)
n.
1. A sleeveless garment, often having buttons down the front, worn usually over a shirt or blouse and sometimes as part of a three-piece suit.
2. A waist-length, sleeveless garment worn for protection: a warm down vest; a bulletproof vest.
3. A fabric trim worn to fill in the neckline of a woman's garment; a vestee.
4. Chiefly British An undershirt.
5. Obsolete An ecclesiastical vestment.
v. vest·ed, vest·ing, vests
v.tr.
1. To place (authority, property, or rights, for example) in the control of a person or group, especially to give someone an immediate right to present or future possession or enjoyment of (an estate, for example). Used with in: vested his estate in his daughter.
2. To invest or endow (a person or group) with something, such as power or rights. Used with with: vested the council with broad powers; vests its employees with full pension rights after five years of service.
3. To clothe or robe, as in ecclesiastical vestments.
v.intr.
1. To become legally vested: stock options that vest after the second year of employment.
2. To dress oneself, especially in ecclesiastical vestments.

[French veste, robe, from Italian vesta, from Latin vestis, garment; see wes- in Indo-European roots.]

vesting

(ˈvɛstɪŋ)
n
(Law) law the act of conferring a right upon (someone) which is immediately secured

vest•ing

(ˈvɛs tɪŋ)

n.
the granting to an employee of the right to pension benefits despite retirement before the usual time or age.
[1940–45]
References in periodicals archive ?
In order to take advantage of the opportunity to transfer excess pension assets, the employer needs to meet certain requirements with respect to pension plan vesting, notification, and medical benefit cost maintenance.