Defined benefit plan

{
  "id": "MLC-T-LAW-001540",
  "term": "Defined benefit plan",
  "field": "Law",
  "definition": "A type of retirement plan where an employer promises a specified monthly benefit to an employee upon retirement, calculated using a formula based on factors such as salary history and years of service. The employer bears the investment risk and is responsible for funding the plan sufficiently to meet future obligations. These plans are regulated by the Employee Retirement Income Security Act (ERISA).",
  "url": "https://mlchart.com/terminology/law/defined-benefit-plan/"
}