Mature Pension

A pension that is fully vested and is immediately payable. For example, in Arizona, police and firefighters may receive their pensions after 20 years of service. Once they hit that 20-year mark, the pension has fully vested and is mature. But at any time prior to that 20-year mark being hit, they do not yet have a right to that pension. Therefore, prior to the 20-year milestone being hit, the pension is “immature.” Be aware, though, that a pension is only mature if all conditions for receiving it have been met. For example, similar to police and firefighter pensions, military members can be eligible to receive a pension after 20 years of service; unlike police and firefighters, though, their right to receive the pension does not automatically vest upon hitting the required time of service. Instead, they must apply for and be approved to receive the pension. Their pension, therefore, does not mature until they are approved to receive it.