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• A retirement plan through which employers and employees contribute to a fund for which a clearly defined and guaranteed level of benefit will be paid to retirees. Promises specified annuity benefits, typically in the form of a monthly retirement pension based on levels of compensation and years of service. Contributions are actuarially calculated to provide annuity benefits. These annuity benefits are paid for a retiree’s lifetime. SCRS and PORS are defined benefit plans.

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  Cite Definition for Defined benefit plan

  American Psychological Association (APA)

  Defined benefit plan. (n.d.). SCRS Glossary. Retrieved June 10, 2023, from website: http://www.expertglossary.com/definition/defined-benefit-plan.

  Chicago Manual of Style (CMS)

  Defined benefit plan. www.retirement.sc.gov. SCRS Glossary. South Carolina Retirement Systems. http://www.expertglossary.com/definition/defined-benefit-plan (accessed: June 10, 2023).

  Modern Language Association (MLA)

  "Defined benefit plan." SCRS Glossary. South Carolina Retirement Systems. 10 June. 2023 http://www.expertglossary.com/definition/defined-benefit-plan.

• Browse Related Terms: Correlated Systems, Defined benefit plan, Inactive Member, member, Non-Member, Pension Plan, Police Officers Retirement System (PORS), South Carolina Retirement System (SCRS), State Optional Retirement Program

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