nonforfeitable

nonforfeitable

(nɒnˈfɔːfɪtəbəl)
adj
(of a benefit) not able to be forfeited
References in periodicals archive ?
After the vesting period for a contribution is completed, the employee is 100% vested in the employer contributions and has a nonforfeitable right to the full amount of the contributions in his or her account.
NJEA President Dennis Testa was willing to make a deal because the NJEA would gain for its members the nonforfeitable right to promised pensions (after only five years of service) and the proceeds from the bond sale would reduce pressure to shift pension to local districts.
The service crediting and vesting rules are used to determine when a plan participant has a nonforfeitable interest in his benefit under a plan.
72(p)(2)(A)(ii) because the outstanding loan balance in the taxpayer's account was more than the greater of one-half of his nonforfeitable accrued benefit or $10,000.
section] 411(a)(2)(B)(ii) ("A plan satisfies the requirements of this clause if an employee who has completed at least 3 years of service has a nonforfeitable right to 100 percent of the employee's accrued benefit derived from employer contributions.
However, various revenue rulings have held that even if the employee's rights are nonforfeitable, the employee will not be in constructive receipt of the income if the agreement is entered into before the compensation is earned and the employer's promise to pay is not secured in any way.
Each employee would have a separate, nonforfeitable, portable HSA or VEBA account.
ERISA requires that an employee's contributions to his plan are immediately "nonforfeitable," and employer contributions to the plan are nonforfeitable after a minimum vesting period.
Certain companies issue stock compensation awards that contain rights to receive nonforfeitable dividends prior to the awards being vested.
24) For example, an employer must disclose "the plan's requirements respecting eligibility for participation and benefits; a description of the provisions providing for nonforfeitable pension benefits; [and] circumstances which may result in disqualification, ineligibility, or denial or loss of benefits[.
Clearly the statute applies where the decedent was receiving payments and had a nonforfeitable right to future payments at the time of his death.
39) Retired officers also must have a nonforfeitable right to benefits under their agency's retirement plan.