defined benefit pension plan
- *pension plan that arranges its funding on the basis of predetermined amounts payable to members. The amounts payable to members on retirement are usually a function of a combination of some or all of the following (items ii and iii refer to occupational pension plans): (i) age, (ii) length of service, and (iii) salary on retirement. Contrast *defined contribution pension plan.
Auditor's dictionary. 2014.
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defined-benefit — UK US adjective [before noun] ► HR used to describe a pension arrangement in which the value of the pension is fixed, and usually decided by the length of time you worked for a company and the salary that you earned: »a defined benefit… … Financial and business terms
pension plan — A plan established and maintained by an employer primarily to provide systematically for the payment of definitely determinable benefits to his employees, or their beneficiaries, over a period of years (usually for life) after retirement.… … Black's law dictionary
defined benefit — deˌfined ˈbenefit 8 [defined benefit] noun a fixed amount of money that will be paid by a ↑pension plan, especially when this amount is based on your salary at the end of your working life and the number of years you worked • Companies are… … Useful english dictionary
defined benefit plan — de·fined benefit plan n: a pension plan in which the amount of benefits paid to an employee after retirement is fixed in advance in accordance with a formula given in the plan Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. defined… … Law dictionary
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defined benefit plan — A pension or other employee benefit plan that provides specified amounts of benefits to eligible participants. The specified amounts of benefits are usually determined based upon age, years of service, and/or levels of compensation. American… … Financial and business terms