What Does Vesting Mean?

You Vest by:

  • Having 7 ½ years of credited service
  • You could be entitled to a refund of the pension value or a monthly benefit from the plan in which you enrolled.
  • If you terminate employment before 7 ½ years of credited service, there will be no benefit available to you except your contributions plus interest.
  • If you terminate employment after completed of 7 ½ years of credited service, but before attaining age 55, you have the option of a refund of contributions or rolling the amount over. (Restrictions do apply)

Show All Answers

1. How Do I Retire?
2. How much will my pension be at retirement?
3. What Does Vesting Mean?
4. Termination of employment (not eligible to retire)
5. Active Death Benefit
6. Unused Sick Leave Payout
7. Annual and Bonus Leave
8. Pension Service Time
9. What is a Service Retirement?
10. What is an Early Retirement?
11. What is a Deferred Retirement?
12. If I do not want to draw an early retirement, can I defer the pension?
13. What benefits can I carry into retirement?
14. Can I leave my pension to anyone I wish?
15. Can I change my pension beneficiary once I retire, if my spouse dies?
16. Which pension plan am I in?
17. What percent am I contributing to my retirement and can I increase the percentage and or amount?
18. Do I have to be in Shelby County’s Retirement Plan?
19. Do I have to do direct deposit?
20. How do I get a retirement badge?
21. Can I take funds out of my pension plan?
22. Am I eligible for a Cost of Living Adjustment (COLA)?
23. How is my pension calculated?
24. Can my spouse keep my health insurance if I die?