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Candidates for a defined-benefit plan indicate that the desire to provide an adequate standard of living in retirement outweighs the need to have an easily communicated and administratively simple plan. This is a true statement.
Employees who participate in defined benefits will get a fixed, predetermined benefit upon retirement. This help them in maintaining their standard of living. The fixed benefit offered by this kind of plan is frequently valued by employees. Businesses can typically contribute (and so deduct) more annually than defined contribution plans on the employer side.
Under the defined benefit plan, employee benefits are determined by a formula considering characteristics including payment history and length of work in this employer-sponsored retirement plan.
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