Defined benefit plan

Defined benefit plan

Retirement plan that uses a formula (generally based on an employee’s salary and length of service) to calculate an employee’s retirement benefits and is not funded by employee contribution to the plan.

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Part of Speech: noun
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Blossary:
Industry/Domain: Accounting
Category: Payroll
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Related terms

defined benefit plan

Legal services; Family law

This type of retirement plan is generally considered a “traditional” pension plan. It provides specific benefits (usually a specific dollar amount per month) to a participant at ...

defined benefit plan

Accounting; Payroll

Retirement plan that uses a formula (generally based on an employee’s salary and length of service) to calculate an employee’s retirement benefits and is not funded by employee ...

curtailment (of a defined benefit plan)

Financial services; Accountancy

A curtailment occurs when an entity either: (a) is demonstrably committed to make a material reduction in the number of employees covered by a plan; or (b) amends the terms of a ...

defined benefit plans

Financial services; Accountancy

Post-employment benefit plans other than defined contribution plans.

defined benefit plan

Financial services; General Finance

A pension plan obliging the sponsor to make specified dollar payments to qualifying employees. The pension obligations are effectively the debt obligation of the plan sponsor. ...

defined benefit plan

Accounting; Tax

A defined benefit (DB) plan is an employer-sponsored retirement plan in which employee benefits are based on factors such as length of service and average salary Benefits in a DB ...

annual wage reporting (AWR)

Accounting; Payroll

Social Security Administration’s system of recording wages reported annually by employers on Form W-2.

statutory nonemployees

Accounting; Payroll

Special groups of workers who may qualify as common law employees but are treated under the law as independent contractors (e.g., qualified real estate agents and direct sellers) ...

taxpayer identification number (TIN)

Accounting; Payroll

social security number or employer identification number, which serves as the taxpayer’s account number with the IRS.

wage orders

Accounting; Payroll

State agency directives that set wage and hour standards, usually for specific industries.

paycard

Accounting; Payroll

Stored-value debit cards funded by employers with employees' pay. Workers can access their pay by using the cards to withdraw cash or make purchases.

withholding

Accounting; Payroll

Subtracting amounts from an employee’s wages for taxes, garnishments or levies, and other deductions (e.g., medical insurance premiums, union dues). These amounts are then paid ...