Ten-year Vesting (cliff Vesting)
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.
Popular Insurance Terms
Person, business, or organization specified as the insured (s) in a property or liability insurance policy. In some instances, the policy provides broader coverage to persons other than ...
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Amount of uncertainty in a given situation. Probability that actual experience will be different from what is expected. ...
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Upper limit on the maximum possible interest rate an insurance company will pay. If the market interest rates are below that maximum, the insurance company pays the market interest rate. In ...
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