Pension plans are also called defined benefit plans because they are established with the purpose of paying out a set annual payment amount to retirees.
Another side-effect of the new system will be that "final salary" (or other so-called "defined benefit") employer pension schemes will be under pressure either to reduce benefits to employees or ask them to pay another 3 per cent of their salary as pension contributions.
As for employer pensions, they're rapidly changing from so-called defined benefit plans, where your retirement benefit is fixed, to defined contribution plans such as 401 k)s, where the only thing that's guaranteed is the amount you, the employee, contribute.
Many union contracts and state retirement plans promise defined benefits.
The secure pension that grandma and grandpa once received was called a defined benefit pension.
Millions of young people used to be on something you've probably never heard of, called a defined benefit occupational pension scheme.
Employers nationwide with so-called defined-benefit, or traditional, pension plans pay fees to the P.B.G.C. in return for a promise that it will take over their pension plan if a company fails.
Half a dozen states and the District of Columbia have pushed to incorporate 401 k -style programs, either to replace or to complement so-called defined-benefit pensions, which pay the worker a predetermined amount throughout retirement.
As the report states in the next couple of lines, some of the 48% have a defined benefit plan (often called a pension).
That gives us particular difficulties, especially in respect of benefits while you are working - so called 'in work benefits'.
He said there was "no crisis in defined benefit pensions, so there is no need for crisis measures" owing to a well-funded lifeboat system for collapsed schemes.
