What is a defined benefit plan?

A defined benefit plan is a pension plan established and maintained by an employer to provide for the payment of a determinable benefit over a period of years, usually for life after retirement. A defined benefit payment is based on your salary and years of credited service and does not depend on your contributions paid to the ERS, nor the amount of investment income the ERS has earned. Eligibility requirements and the underlying provisions of the pension plans are detailed in the Plan Documents.