defined benefit plan
Definition from Nolo’s Plain-English Law Dictionary
A type of pension plan that promises a specific benefit upon retirement. The benefit may be a set amount (such as $1,000 per month) or may be calculated according to a formula based on, for example, years of service and average salary. Compare: defined contribution plan
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:14 pm
