Vesting guarantees your entitlement to future benefits from the Plan. Once you become Vested, your eligibility for a future benefit from the Pension Plan cannot be canceled, even after you stop working in Covered Employment, however, your benefits may still be frozen if you have a Separation from Covered Employment.
Your retirement benefits are not guaranteed until you become Vested in the Pension Plan and Vested benefits are not available until you Retire. Other Plan benefits, such as death benefits are also not available until you become Vested in the Pension Plan and satisfy certain other requirements.
Vesting Rules in Summary
On and after September 1, 1999, you are Vested if you are a Participant and accumulated 5 years of Vesting Credit or you accumulated 5 full Eligibility Credits without a Permanent Break in Service, or you have attained your Normal Retirement Age without a Permanent Break in Service.
One full year of Vesting Credit is received when you work 870 hours or more in Covered Employment during a calendar year. Hours of work may be satisfied by Qualified Military Service.
One full year of Eligibility Credit is received when you work 1,200 or more hours in Covered Employment in a calendar year. Hours of work may be satisfied by Qualified Military Service. You may earn a partial year of credit (1/12th Eligibility Credit for each 100 hours of Covered Work) provided you work at least 300 hours in Covered Employment during a calendar year.