Defined benefit plan

{
  "id": "MLC-T-INS-003624",
  "term": "Defined benefit plan",
  "field": "Insurance and risk management",
  "definition": "A type of retirement plan where an employer promises a specified monthly benefit to an employee upon retirement. The benefit amount is calculated using a formula that considers factors such as salary history, years of service, and age. The employer bears the investment risk and is responsible for funding the plan adequately.",
  "url": "https://mlchart.com/terminology/insurance/defined-benefit-plan/"
}