Ten-year Vesting (cliff Vesting)


Definition of "Ten-year vesting (cliff vesting)"

Brittani Moncur real estate agent
Brittani Moncur, Real Estate Agent Keller Williams Realty Sioux Falls

Method of vesting under the employee retirement income security act of 1974 (ERISA) that requires an employee to have 10 years of service with an employer to be vested. An employee who leaves an employer prior to that time does not receive retirement benefits from that job. Under the tax reform act of 1986, after December 31,1988, the 10-year vesting rule is reduced to 5 years.

 

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