Question: What is the difference between defined benefit plans and defined contribution plans? Defined contribution plans are pensions and defined benefit plans are not. Defined benefit

What is the difference between defined benefit plans and defined contribution

What is the difference between defined benefit plans and defined contribution plans? Defined contribution plans are pensions and defined benefit plans are not. Defined benefit plans and defined contribution plans are both pension plans. Defined benefit plans guarantee payments to retirees, whereas defined contribution plans make contributions to retiree accounts without making guarantees. Defined contribution plans require employees to save less for retirement, whereas defined benefit plans require employees to save more

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