Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

defined benefit plan

Read a random definition: gambling place

A quick definition of defined benefit plan:

A defined benefit plan is a retirement plan where an employee gets a fixed amount of money when they retire. This amount is agreed upon with the employer and does not change based on how much the employee contributes. The government will back the pensions if the employer becomes insolvent.

A more thorough explanation:

A defined benefit plan is a type of retirement plan offered by employers to their employees. In this plan, the amount of money an employee will receive after retirement is predetermined and fixed. This means that the employee will receive a specific amount of money periodically, as agreed upon with the employer, regardless of the amount they contributed to the plan.

For example, let's say an employee works for a company for 30 years and is enrolled in a defined benefit plan. The employer agrees to pay the employee $2,000 per month after retirement. This amount is fixed and will not change, regardless of how much the employee contributed to the plan during their employment.

Defined benefit plans are different from other retirement plans, such as defined contribution plans, where the amount an employee receives after retirement is based on the amount they contributed to the plan and the performance of the investments made with those contributions.

Employers must follow guidelines set out by the Employee Retirement Income Security Act (ERISA) when offering defined benefit plans. The government also provides backing for these plans in case the employer becomes insolvent.

deficit | defined contribution plan

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
LSD+ is ad-free, with DMs, discounts, case briefs & more.