A term used to describe individuals or entities that are exempted from a new rule, most commonly using a cut-off date to determine application of the new rule
A term used to describe a benefit provision or right that is carried forward from a preceding plan to a new or revised plan, but only for those who were covered under that preceding provision
A benefit plan by which an individual maintains the right to receive benefits, income, or other treatment by an employer that was appropriate when he/she was hired, but which has subsequently been changed for more recently hired employees