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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 PlansâIn a defined benefit plan, the employer agrees to provide the employee a nominal benefit amount at retirement based on a specified formula. The formula is usually one of three general types: a flat-benefit formula, a career-average formula, or a final-pay formula.