Terms Used In Rhode Island General Laws > Chapter 28-46 - Private Nonvested Pension Benefits

• Accrued portion of the normal retirement benefit: means the amount of benefit credited by the employer to the account of an employee participating in a pension plan, or where there is no credit, that portion of the normal retirement benefit to which the director determines actuarially the employee should be entitled based on the covered service of the employee, as of the date of termination of employment. See Rhode Island General Laws 28-46-2
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Ceases to operate a place of employment: means either the complete termination of operations at a place of employment or a substantial reduction in the number of employees at a place of employment as part of a plan or in connection with an intent to move the business operations at that place of employment outside of the state. See Rhode Island General Laws 28-46-2
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Covered service: means periods of employment with an employer that are recognized under the terms of the employer's pension plan for the purposes of determining an employee's eligibility to receive benefits under the plan or the amount of those benefits. See Rhode Island General Laws 28-46-2
• Department: means the department of labor and training. See Rhode Island General Laws 28-29-2
• Director: means the director of labor and training. See Rhode Island General Laws 28-46-2
• Employee: means any person employed at the place of employment during the year prior to the date when the employer ceases to operate the place of employment. See Rhode Island General Laws 28-46-2
• Employer: means any person, firm, or corporation who or that employs ten (10) or more people within this state at any time within one year prior to the date that it ceases to operate a place of employment. See Rhode Island General Laws 28-46-2
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Lien: A claim against real or personal property in satisfaction of a debt.
• Normal retirement benefit: means that benefit payable under a pension plan in the event of retirement at the normal retirement age as prescribed by the plan. See Rhode Island General Laws 28-46-2
• Pension plan: means any plan, fund, or program established, maintained, or entered into by an employer for the purpose of providing for its employees, or their beneficiaries, retirement benefits. See Rhode Island General Laws 28-46-2
• person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
• Place of employment: means any location within this state at which ten (10) or more persons are employed at any time within one year prior to the date that the employer ceases to operate at that location. See Rhode Island General Laws 28-46-2
• Subpoena: A command to a witness to appear and give testimony.
• Vested right: means a nonforfeitable, legal right obtained by an employee participating in a pension plan to that part of an immediate or deferred pension benefit which arises from the employee's covered service under the plan and is no longer contingent on the employee remaining covered under the plan. See Rhode Island General Laws 28-46-2