Cash balance pension plans

{
  "id": "MLC-T-INS-000695",
  "term": "Cash balance pension plans",
  "field": "Insurance and risk management",
  "definition": "A type of defined benefit pension plan that maintains individual accounts for each participant, similar to a defined contribution plan, but with benefits guaranteed by the employer. The employer contributes a percentage of pay and credits a fixed interest rate to each account. Upon retirement, the employee receives a lump sum or an annuity based on the account balance.",
  "url": "https://mlchart.com/terminology/insurance/cash-balance-pension-plans/"
}