Georgeanne Has Been Employed by SEC Corp

question 70

Essay

Georgeanne has been employed by SEC Corp. for the last 2½ years. Georgeanne participates in SEC's 401(k) plan. During her employment, Georgeanne has contributed $6,000 to her 401(k) account. SEC has contributed $3,000 to Georgeanne's 401(k) account (it matched 50 cents of every dollar contributed). SEC uses a three-year cliff vesting schedule. If Georgeanne were to quit her job with SEC, what would be her vested benefit in her 401(k) account (assume the account balance is $9,000)?

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Definitions:

Situation

This is a general term that describes a set of circumstances, context, or condition in which people find themselves or events occur.

Claims in Recoupment

Legal claims made to offset or reduce the asserted losses due to the defendant's breach of a contract.

Revised Article 3

An update to the Uniform Commercial Code that governs negotiable instruments such as checks and drafts, intended to modernize and address changes in technology and practice.

Real Defenses

Legal defenses that can be used to invalidate a negotiable instrument, such as forgery, fraud, duress, or incapacity.