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A traditional defined benefit (DB) plan is a plan in which the benefit on retirement is determined by a set formula, rather than depending on investment returns. Government pensions such as Social Security in the United States are a type of defined benefit pension plan.
Defined Benefit Plans. Once a staple of retirement planning, defined benefit plans are on the decline. These are private pension plans from companies or for government employees that set retirement benefits based on tenure, salary and the age of the employee. Each of these plans will have its own requirement for a minimum retirement age.