had a job interview the other day where they mentioned that i would get a pension that was vested in 10 years if i was selected for the job
wtf does a pension being vested mean? and whats the different between a pension and something like a 401k that makes people like pensions more?
In: Economics
At my employer you are vested after 12 years. We have a required 25 yrs of service and 50 years of age to get a full pension. If you would leave at the 12 year mark you would get a prorated amount, 12/25th of your estimated full pension. You would not be entitled to the money until you would hit both the 25 yrs and age requirement. So at the minimum you could not collect for another 13 yrs. If you leave before the 12 year mark you would just get a lump some payment of what you paid into the pension plus a set interest rate.
Latest Answers