Nonforfeitable refers to something that cannot be taken away as a form of punishment or penalty. It signifies that if you possess a nonforfeitable right to something, it is protected from being confiscated by anyone. Conversely, forfeiture entails losing something as a consequence of wrongdoing, such as losing money or property due to committing a crime.
Not subject to forfeiture means that something cannot be taken away as a penalty or punishment. For example, a nonforfeitable pension plan guarantees the employee the right to receive benefits, even if they leave the company before retirement age. This illustrates the definition of nonforfeitable because the employee’s pension benefits are protected and cannot be forfeited.
Nonforfeitable refers to a right or benefit that cannot be taken away or forfeited under any circumstances.
Nonforfeitable benefits can include pensions, retirement plans, and other employee benefits.
A benefit typically becomes nonforfeitable after a certain period of time or after an employee has met certain eligibility requirements.
In most cases, a nonforfeitable benefit cannot be taken away. However, there may be certain circumstances where it can be forfeited, such as if an employee engages in misconduct.
If an employee leaves their job, they may still be entitled to their nonforfeitable benefits, depending on the terms of their employment agreement or benefit plan.
In most cases, nonforfeitable benefits cannot be transferred to someone else. However, there may be certain exceptions, such as in the case of a divorce settlement.
If an employer goes bankrupt, nonforfeitable benefits may still be protected under federal bankruptcy laws.
In most cases, an employer cannot change the terms of a nonforfeitable benefit plan without the consent of the employees who are affected.
There are a variety of legal protections in place, including federal laws such as ERISA, that are designed to protect nonforfeitable benefits.
If you believe your nonforfeitable benefits have been unfairly taken away, you should consult with an experienced employment law attorney to discuss your legal options.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 17th April 2024.
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