Forms & Publications

SJCERA GLOSSARY

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Term Definition
General Member A general member is a permanent employee of the plan sponsor or an outside district working in a recognized position other than firefighting or law enforcement.  
Golden Handcuffs Employee benefits and/or incentives linked to an individual’s continued employment with an organization. Leaving the organization would result in forfeiting the value. When such amounts become comparatively large (compared to offers from other organizations) the employee no longer can “afford” to leave the organization.
Golden Parachute An employment contract that provides for an increase or acceleration of payments or vesting or other rights for the employee, upon change of control of the corporation as defined in the contract or upon change of control coupled with a change in the employee’s duties.
Graded Vesting A vesting schedule that calls for partial vesting; 20% vesting is required after three years of service. The vested portion is increased 20% each year until it reaches 100%; this process cannot exceed seven years.
Grandfather Clause Any clause which retains a rule for a group of employees, while new rules apply prospectively