Devolution and Vesting

noun

• The process of declining from a higher to a lower level of effective power or vitality or essential quality.
  • synonyms: degeneration
• The delegation of authority (especially from a central to a regional government. ).
  • synonyms: devolvement

• (n.) The act of rolling down.
• (n.) Transference from one person to another; a passing or devolving upon a successor.

DEVOLUTION is the delegation of authority from higher to lower levels.

• (p.pr.&vb.n.) of Vest.
• (n.) Cloth for vests; a vest pattern.

If you are part of an employer pension plan or participate in an employer-sponsored retirement plan, such as a 401(k), you become fully vested-or entitled to the contributions your employer has made to the plan, including matching and discretionary contributions-after a certain period of service with the company. If you leave your job before becoming fully vested, you forfeit all or part of your employer-paid benefits. If you become entitled to full benefits gradually over several years, this process is called graded' Vesting'. But if your benefits become payable only after a specified number of years of service, and you forfeit all employer-paid benefits if your employment ends before this waiting period is up, the process is called cliff vesting.