vested pension. A pension in which an employee (or employee’s estate) has rights to benefits purchased with the employer’s contributions to the plan, even if the employee is no longer employed by this employer at the time of retirement. • The vesting of qualified pension plans is governed by ERISA. See EMPLOYEE RETIREMENT INCOME SECURITY ACT. [Cases: Pensions 62. C.J.S. Pensions and Retirement Plans and Benefits §§ 73, 78–81, 83.]
pension
pension. A fixed sum paid regularly to a person (or to the person’s beneficiaries), esp. by an employer as a retirement benefit. Cf. ANNUITY (3). [Cases: Pensions 2, 24–27. C.J.S. Pensions and Retirement Plans and Benefits §§ 7, 16–17, 19.]
