What is defined benefit?

Some articles on defined, defined benefit, benefits, benefit:

Cash Balance Plan - Basics
... Although it works much like a defined contribution plan, it is actually a defined benefit plan for legal purposes ... In 2003, over 20% of US workers with defined benefit plans were in cash balance plans, according to Bureau of Labor Statistics data ... Most of these plans resulted from conversions from traditional defined benefit plans ...
Pension System - Benefits
... Retirement plans may be classified as defined benefit or defined contribution according to how the benefits are determined ... A defined benefit plan guarantees a certain payout at retirement, according to a fixed formula which usually depends on the member's salary and the number of years' membership in the plan ... A defined contribution plan will provide a payout at retirement that is dependent upon the amount of money contributed and the performance of the investment vehicles utilized ...
Cash Balance Plan - Conversion Controversy
... released a report analyzing the effects of cash balance conversions on worker benefits ... the cash balance plan would provide lower benefits for most workers than if the defined benefit plan had remained unchanged and the worker had stayed in their job until retirement age ... This decline in benefits tends to be largest for older workers ...
Cash Balance Plan - Age Discrimination Cases
... these plans do not violate the age discrimination statutes applicable to defined benefit pension plans ... The statutes forbid – in virtually the same words – any plan from reducing “the rate of benefit accrual” for any worker on account “of the ... Although the Code defines the “accrued benefit” for any worker covered by defined benefit plans as “expressed in the form of an annual benefit commencing at normal retirement age” and defines ...
Pension System - Benefits - Defined Benefit Plans - Funding
... Defined benefit plans may be either funded or unfunded ... In an unfunded defined benefit pension, no assets are set aside and the benefits are paid for by the employer or other pension sponsor as and when they are paid ... provided by the state in most countries in the world are unfunded, with benefits paid directly from current workers' contributions and taxes ...

Famous quotes containing the words benefit and/or defined:

    Henceforth may the neglected lover constantly read me, and may my troubles, once they are known, be of some benefit to him.
    Propertius Sextus (c. 50–16 B.C.)

    An act of God was defined as “something which no reasonable man could have expected.”
    —A.P. (Sir Alan Patrick)