nonforfeitable

nonforfeitable

(nɒnˈfɔːfɪtəbəl)
adj
(of a benefit) not able to be forfeited
References in periodicals archive ?
Furthermore, beneficiaries and participants can request a status report once a year showing total benefits accrued and nonforfeitable pension benefit rights.
Section 72(p)(2)(A) stipulates that the amount of the loan plus all other loans from the same employer generally cannot exceed the lesser of $50,000 or half of the present value of the employee's nonforfeitable accrued benefit under his or her retirement plans.
First, they alleged that Hughes had violated ERISA'S prohibition against using employees' vested, nonforfeitable benefits to meet its obligations by depleting the surplus to fund the new noncontributory pension plan.
Specifically, economic benefit occurs when an employee receives a nonforfeitable right equivalent to cash.
(9) The interest of the owner must be nonforfeitable. (10) With respect to traditional individual retirement annuities, distribution must begin by April 1 of the year after the year in which the owner reaches age 70V2 and the period over which distribution may be made is limited.
If the value of such benefits does not exceed the employer's withdrawal liability, the old plan shall transfer nonforfeitable benefits of all employees who have transferred to the new plan.
Restricted stock plans can allow deferral of taxation to the employee until the year in which the restricted stock becomes "substantially vested." Essentially, this means nonforfeitable, as discussed below under "Tax Implications."
This is the so-called "velvet handcuff" mechanism for retaining key employees, and usually incorporates within the arrangement an SROF requiring a number of years of service before benefits become nonforfeitable.
Pension plan participants usually gain nonforfeitable and nonrevocable (vested) rights to benefits after meeting specific requirements.
A plan may not require, as a condition of participation in the plan, that an employee complete a period of service extending beyond the later of (a) age 21, or (b) the completion of one year of service or the completion of two years of service if the plan provides that after not more than two years of service each participant has a nonforfeitable right to 100% of his accrued benefit.
With certain limitations, the PBGC guarantees the payment of all nonforfeitable benefits under a terminated single employer plan.