Definitions for "defined benefit plan"
A company retirement plan, such as a pension plan, in which a retired employee...
A retirement pension plan that provides a specified level of benefits upon an employee's retirement, with the employer being responsible for funding the plan. Benefits usually are expressed as a function of an employee's years of service and average salary over the last few years of employment. Plan participants have no responsibility for the investment strategy, which is borne by the sponsor, who has sole discretion over the investment of plan assets. If asset values decline, it is the obligation of the sponsor to make additional contributions to the plan.
A retirement plan that links benefits to a formula that is generally based on the level of earnings and the length of service.
a vital element in not only getting these people to work in these fields but keeping them around," he said