Asked by
Skyler Davis
on Dec 08, 2024
Verified
Justin Bryant worked for ABC Corporation for ten years before leaving. He was told that his benefits have vested. What does this mean?
A) He can withdraw the benefits at any time.
B) He needs to cash out his benefits immediately or he will lose them.
C) He has lost his pensions earned at ABC Corporation.
D) He has accrued pension benefits at retirement age.
Vested
A term referring to a legal right, typically in the context of retirement plan benefits that cannot be lost by an employee once earned.
Accrued Pension Benefits
The earned portion of a pension that an employee is entitled to receive upon retirement, even if they leave the company before reaching retirement age.
- Familiarize yourself with the multitude of pension and benefit plans and their particular traits.
Verified Answer
HT
Learning Objectives
- Familiarize yourself with the multitude of pension and benefit plans and their particular traits.
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