What is the Definition of Defined Benefit Plan?
A retirement plan under which pension benefits are fixed in advance by a formula based generally on years of service to the company multiplied by a specific percentage of wages, usually average earnings over that period or highest average earnings over the final years with the company.
Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/
Label: Insurance
Theme: Dictionary of Insurance Terms
Other Questions: What is the definition of Insurance?
What is the Definition of Defined Benefit Plan?
Check out other definition of insurance terms below:
What is the Meaning of ANNUITY CONTRACT In Insurance Terms?
An agreement similar to an insurance policy for other insurance products such as auto insurance.
What is the Meaning of ANNUITY CONTRACT OWNER In Insurance Terms?
The person or entity that purchases an annuity and has all rights to the contract. Usually, but not always, the annuitant (the person who receives incomes from the contract).
What is the Meaning of ANNUITY COST In Insurance Terms?
A monetary amount that is equal to the present value of future periodic income payments under an annuity. (See Gross annuity cost; Income date; Net annuity cost)
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