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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.
Under a defined benefit plan, the amount of each employee's future retirement benefit is determined by using a. specific formula set forth in the plan. The formula generally bases each employee's benefit on his or her. compensation, age, length of service with the employer, or some combination thereof.