Word forms: (regular plural) defined benefit plans
( Insurance : Life insurance , Pensions )
A defined benefit plan is a qualified retirement plan in which annual contributions are made to fund a chosen
level of retirement income at a predetermined future retirement date.
A defined benefit plan pays participants a specific retirement benefit that is promised in the plan document.
A defined benefit plan is a type of pension plan that guarantees a lifetime income upon retirement based
on the employee’s income and years of service.
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