Business Pitch Dictionary by pitch.dog
Performance, pay & rewards · Working

Defined-benefit plan

Also called: DB plan

ELI5

A retirement plan promising benefits under a formula.

Used in conversation

“The people plan needs to explain how defined-benefit plan affects roles and decisions.”

Pitch context

You will see “Defined-benefit plan” in organisation plans, workforce reviews, change programmes and people reports when the discussion reaches performance, pay & rewards.

Why it matters: In performance, pay & rewards, a loose definition can change rights, obligations, approval, disclosure or enforceability.

Caution

Meaning, enforceability and required process vary by jurisdiction and agreement; this definition is not legal advice.

Sources & evidence · 2

Direct term-level sources and supporting source families.