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Phrases with «defined benefit»

The phrase "defined benefit" refers to a type of retirement plan where an employee is promised a specific amount of money as a pension when they retire. This amount is determined by a formula that takes into account factors such as the employee's salary, years of service, and age. Unlike other retirement plans, the benefit amount is predetermined and known in advance. Full definition

Related phrases

Sentences with «defined benefit»

  • Some employers in both the public and private sectors are considering the replacement of defined benefit plans with defined contribution plans. (ebri.org)
  • Today, the pool of savings necessary to generate a given level of income needs to be higher than in the past, a situation compounded by the decline in defined benefit pension plans. (blackrockblog.com)
  • These are known as capped defined benefit income streams, and instead of being required to remove an excess, taxation of their income stream will change once they are 60. (ato.gov.au)
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