DEFINED BENEFIT PLAN
\dɪfˈa͡ɪnd bˈɛnɪfˌɪt plˈan], \dɪfˈaɪnd bˈɛnɪfˌɪt plˈan], \d_ɪ_f_ˈaɪ_n_d b_ˈɛ_n_ɪ_f_ˌɪ_t p_l_ˈa_n]\
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A type of pension plan that pays a definite, pre-determined amount of money when the worker retires or becomes disabled. The amount received is based on length of service with a particular employer. Most often, the monthly benefit is a fixed amount of money for each year of service. Payments under a defined benefit plan may also be calculated as a percentage of salary over the years.
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