<P> A defined benefit plan is ' defined ' in the sense that the benefit formula is defined and known in advance . Conversely , for a `` defined contribution retirement saving plan '' , the formula for computing the employer 's and employee 's contributions is defined and known in advance , but the benefit to be paid out is not known in advance . </P>
<P> A defined benefit plan is ' defined ' in the sense that the benefit formula is defined and known in advance . Conversely , for a `` defined contribution retirement saving plan '' , the formula for computing the employer 's and employee 's contributions is defined and known in advance , but the benefit to be paid out is not known in advance . </P>
who makes contributions to a defined benefit plan
who makes contributions to a defined benefit plan
employee employer
employee employer