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defined-benefit pension plan

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defined-benefit pension plan
A pension plan in which retirement benefits rather than contributions into the plan are specified. Thus, a retired employee who has reached a certain age with a given number of years of service and has earned a certain income is entitled to a specific monthly pension payment.

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It elected to close out its defined-benefit pension plan, which it did in 2004, and roll out a new defined-contribution plan; that started with new employees, then 60-90 days later with the rest of the employee base.
SAN Diego is the poster child of public defined-benefit pension plan abuse.
The most common form of this stealth compensation is an enhanced version of the traditional defined-benefit pension plan called a
 
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