A retirement plan that uses a specific predetermined formula to calculate the amount of an employee’s future benefit. The most common type of formula is based on the employee’s termi [..]

A retirement plan that specifies the amount that a retiree will receive, such as 1% of the person's recent salary times the years of service. The employer's obligation is to contribute enoug [..]

Defined benefit pension plan is a retirement plan that uses a specific formula to calculate the amount of an employee’s future benefit. The most common type of formula is based on the employee’s termi [..]

(régime à prestations déterminées). Plan that provides a pension that is generally calculated on the basis of final average or best average earnings and years of service. Pension benefit accruals are [..]

Often referred to as a “DB” plan, this retirement plan has up until recently been the mainstay for pension plans in both the public and private sector. Here, employees contribute money from their payc [..]

A pension plan that defines the amount of the benefit that the plan sponsor guarantees a participant will receive at retirement.

A defined benefit pension plan is a pension plan, generally sponsored by an employer, that promises to pay a certain benefit at retirement. Most (DB) plans have a benefit based on a flat amount ($20 p [..]

The pension received is determined by a defined formula usually, but not always, based on combination of earnings and years of Pensionable Service. The CBC Pension Plan is a Defined Benefit Plan.