Definitions for "Defined-Benefit Plan"
An employer's promise to pay employees a fixed amount each year at retirement. Regardless of the rate of inflation, employees will receive a pre-determined amount.
A retirement plan sponsored by your employer in which the benefits you receive at retirement are clearly defined and are not based on the amount you and/or your employer have contributed.
A qualified retirement plan that specifies the benefit a participant will receive at retirement, commonly expressed as a percentage of pre-retirement compensation.