Vesting

{
  "id": "MLC-T-INS-003480",
  "term": "Vesting",
  "field": "Insurance and risk management",
  "definition": "The process by which an employee gains non-forfeitable rights to employer contributions in a retirement plan or other benefit. Once vested, the employee owns those contributions, even if they leave the company before retirement. Vesting schedules vary, often requiring a certain number of years of service, such as a five-year cliff vesting or a three-to-seven-year graded schedule.",
  "url": "https://mlchart.com/terminology/insurance/vesting/"
}