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Glossary Definition

What is a Defined Benefit Plan?

A defined benefit plan is a type of qualified plan in which an employer or sponsor promises a specified pension payment to employees when they retire. The amount is predetermined using a formula based on the employee’s earnings history, tenure of service and age, rather than depending directly on individual investment return. Employers typically make most of the contributions to defined benefit retirement plans, although some plans allow for employee contributions and others may even require them.

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Corvee Blog

Read the latest tax planning thought leadership from Corvee.

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Tax Planning Strategies

Our team of tax experts has scoured tax rules and regulations to create detailed tax strategies you can use to find savings for your clients.

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