defined benefit pension plan

defined benefit pension plan
A *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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