That form of vesting under which rights to vested benefits are acquired by a participant, commencing upon fulfillment of specified requirements; usually reaching a certain age or number of years of service or membership. See also Vesting.
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A form of annuity contract which provides that, if at the death of the annuitant installments paid to him have not totaled the amount of the premium paid for the annuity, the difference will be paid to a designated beneficiary in a lump sum.