Vesting

The term “Vesting” refers to the nonforfeitable right which you acquire to an accrued benefit, and which cannot be divested for any reason. If you terminate service in the Diocese, either voluntarily or by discharge, and are not eligible at date of termination for any other benefits, your entitlement to vested benefits shall be determined as follows:

Vesting Schedule

Your accrued benefit at date of termination shall be determined in the same manner as that for Normal Retirement except that Credited Service and Average Monthly Earnings shall be determined as of the date of termination. When you reach normal retirement age while still employed by the Diocese you become fully vested in your benefits.

Payment of Vested Benefits

Payment of vested benefits shall commence at your Normal Retirement Date. However, if you have fulfilled the Credited Service requirement of Early Retirement (20 years) at the time of termination of service, the Accrued Benefit reduced for Early Retirement will be payable at your option when you reach Early Retirement Age. If you are a Lay Employee, in the event of your death prior to the commencement of vested benefit payments, a death benefit payment shall be payable (see section entitled Death Benefits).

Vested Interests Non-Assignable

A vested interest is not assignable or transferable, and may not be used as collateral or pledged or alienated in any way (with the exception of a Qualified Domestic Relations Order as explained under Other Facts You Should Know).

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