Defined Benefit Plan
A retirement plan that promises future benefits at retirement based on a formula, such as 50% of pay starting at age 65. Contributions are determined using Actuarial methods in order to provide the assets to pay the future benefits.
Sometimes a Defined Benefit Plan is defined as "not a Defined Contribution Plan " in that it does not maintain individual account balances for each participant.
See full article on Defined Benefit Plans.