Defined benefit retirement plans differ from defined contribution retirement plans. In reality, both plans are good for the employee, however, a defined benefit retirement plan provides more of a benefit to the employee, rather than a defined contribution retirement plan. More employers are replacing defined benefit retirement plans with defined contribution retirement plans each year because the expense and long-term obligations of the defined benefit retirement plans are much higher than the defined contribution retirement plans. A defined benefit plan gives the employee a specific amount of money that will be payable to them at retirement. The defined benefit retirement plan is typically puts the elements like the number of years an
