Graduated Vesting

See: Vesting.

You've worked for Butte Amalgamated Asbestos Mining Co. for 20 years. You're nearing retirement age.

However, the company has a graduated vesting program. Which means that the more service you accumulate at the company, the more retirement benefits you receive.

So if you keep working, you'll get more cash during your golden years. Having 21 years at the company will be worth more than 20 years. Getting to 22 years will be worth still more. And so on.

So you go on working. You want to get as much for retirement as possible...assuming that the act of asbestos mining doesn't kill you first.

See: Graded Vesting.