Vest \Vest\, v. t. [imp. & p. p. {Vested}; p. pr. & vb. n. {Vesting}.] [Cf. L. vestire, vestitum, OF. vestir, F. v[^e]tir. See {Vest}, n.] 1. To clothe with, or as with, a vestment, or garment; to dress; to robe; to cover, surround, or encompass closely.
Came vested all in white, pure as her mind. --Milton.
With ether vested, and a purple sky. --Dryden.
2. To clothe with authority, power, or the like; to put in possession; to invest; to furnish; to endow; -- followed by with before the thing conferred; as, to vest a court with power to try cases of life and death.
Had I been vested with the monarch's power. --Prior.
3. To place or give into the possession or discretion of some person or authority; to commit to another; -- with in before the possessor; as, the power of life and death is vested in the king, or in the courts.
Empire and dominion was [were] vested in him. --Locke.
4. To invest; to put; as, to vest money in goods, land, or houses. [R.]
5. (Law) To clothe with possession; as, to vest a person with an estate; also, to give a person an immediate fixed right of present or future enjoyment of; as, an estate is vested in possession. --Bouvier.
Vesting \Vest"ing\, n. Cloth for vests; a vest pattern.
They knew there would not be enough jobs around to cover the required years of vesting."
In a mobile society, lengthy vesting periods disqualify many employees who change jobs from part or all of their pension credit.
Annuity rates can and do fall, depending on the underlying rate of inflation. Staggered vesting is the hot-house version of phased retirement - a delicate plant that needs careful nurture and is vulnerable to market forces.
Under the tax act, most employers have until 1989 to adopt plans that begin vesting workers more quickly.
Many of the Jan. 1 changes grow out of the 1986 Tax Reform Act. The biggest new benefit from that law is faster vesting in pension plans.
In his speech Thursday, Gorbachev said that a call he made in his first speech Tuesday for vesting real power in legislative councils, known as soviets, had been misunderstood.
To do so, they have to offer 20 percent vesting after three years and an additional 20 percent vesting annually until the seventh year, when it reaches 100 percent.
To do so, they have to offer 20 percent vesting after three years and an additional 20 percent vesting annually until the seventh year, when it reaches 100 percent.
Pension lawyers say similar cases could be filed by workers on other big projects against pension plans with long vesting periods.
Of major significance is a "portable" pension with full and immediate vesting and income security not provided by a large company's pension plan.
And if you die one day after buying the annuity, the capital could be lost. These drawbacks have led to the concept of staggered vesting, the pensions buzzword of the moment.