defined benefit plan
Translation- defined benefit plan
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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 planCategory: Employment Law & HR → Employee RightsCategory: Employment Law & HR → Human ResourcesCategory: Personal Finance & Retirement → Money & Taxes for RetireesCategory: Personal Finance & Retirement → Retirement Planning
Nolo’s Plain-English Law Dictionary. Gerald N. Hill, Kathleen Thompson Hill. 2009.
- defined benefit plan
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USAAlso known as !!!pension plan. A qualified plan that provides a definite formula under which the amount of a participant's pension benefit is determined. In defined benefit plans, the employer bears the investment risk because its contributions are actuarially determined each year based on the benefit formula and factors that include:• Compensation.• Age and service of participants.• Investment performance.Benefits in most defined benefit plans are guaranteed by the Pension Benefit Guaranty Corporation up to a minimum level determined annually. Defined benefit plan sponsors are assessed an annual premium to fund the guaranty.
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.
Look at other dictionaries:
defined contribution plan — A type of retirement plan that creates an individual account for each employee funded by contributions by the employer, the employee, or both. The amount contributed is set, either as a dollar amount or by formula (for example, a certain… … Law dictionary
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defined benefit plan — сокр. DB plan, DBP страх., эк. тр. = defined benefit pension plan * * * система установленных льгот … Англо-русский экономический словарь
defined benefit plan — система установленных льгот … Большой англо-русский и русско-английский словарь
defined benefit plan — 1) Общая лексика: план (пенсионный) с определёнными выплатами 2) Экономика: план с фиксированной пенсией 3) Страхование: пенсионная программа с фиксированным пособием, схема с определенным пособием 4) Биржевой термин: схема с установленными… … Универсальный англо-русский словарь
Target-Benefit Plan — A benefit plan that is similar to a defined benefit plan since contributions are based on projected retirement benefits. However, unlike a defined benefit plan, the benefits provided to participants at retirement are based on the performance of… … Investment dictionary
Target benefit plan — A target benefit plan is a type of pension plan that contains features of a defined contribution plan but is made to appear like a defined benefit plan. It is similar to defined benefit plan in that the annual contribution is determined by a… … Wikipedia
Variable Benefit Plan — A type of retirement plan in which the payout changes depending on how well the plan s investments perform. Variable benefit plans, also called defined contribution plans, allow the plan holder to manage his or her own account. By contrast, a… … Investment dictionary
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