Definition of defined benefit noun from the Oxford Advanced Learner's Dictionary

 

defined benefit

 noun
noun
BrE
 
; NAmE
 
 
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a fixed amount of money that will be paid by a pension plan, especially when this amount is based on your salary at the end of your working life and the number of years you worked Companies are closing their defined benefit pension plans to new entrants. If you are in a defined benefit fund, think carefully before leaving it.
See the Oxford Advanced American Dictionary entry: defined benefit