What are the differences between defined contribution plans and defined benefit plans? Why are defined contribution plans gaining in popularity, while defined benefit plans are trending downwards?

There are two broad retirement plans, defined contribution plans and defined benefits plans. A defined benefit plan is a retirement program in which employees are promised a pension amount based on age and years of service (Valentine, 2020, p. 428). This plan has fallen out of favor in recent years due to the amount of liability the company must take on as well as the government requirements and stipulations. This is a much more secure plan for the employee since it is protected by Pension Benefit Guaranty Corporation (PBGC). Not many employers will offer this plan but ones that come to mind are things in the government sector like teachers and police officers. The other retirement plan is defined contribution plan, which is a retirement program in which the employer and/or employee makes payments to fund an employees retirement account (Valentine, 2020, p. 428) This would be a fund like a 401(k), profit-sharing or stock ownership plans. What makes this a contribution plan is what the employee is contributing to the fund which could be lump sum amounts or percentages out k) option. Employees at Target become eligible for a 401(k) once they are 18 and have hit their 90 days of service/probationary period.

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