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A traditional pension plan that defines a benefit for an employee upon that employee's retirement is a defined benefit plan. The most common type of formula used is based on the employee's terminal earnings (final salary).
Some local governments do not offer defined-benefit pensions but may offer a defined contribution plan. In many states, public employee pension plans are known as Public Employee Retirement Systems (PERS).
In 2012, it managed defined benefit pension plans for 156,563 civil servants (members), including 56,752 retirees, making it the largest county retirement system in the United States. [4] [5] In 2018, LACERA's net assets were worth US$55.8billion .
Here's a look at the difference between a pension and a 401(k) plan -- often referred to as a defined benefit plan and a defined contribution plan.
Defined benefit plans and defined contribution plans are two employer-sponsored ways of helping to provide employees with a comfortable retirement.
Commonly referred to as a pension in the US, a defined benefit plan pays benefits from a trust fund using a specific formula set forth by the plan sponsor. In other words, the plan defines a benefit that will be paid upon retirement.
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