Program Operations Manual System (POMS)
RM 03201.003 Terms Used in Pension Plans - Glossary
Benefit Plan or Pension Plan
A plan, fund, or program of an employer or employee organization that provides retirement income to employees.
Defined Benefit Plan
A plan funded by employer (or employer and employees) providing a specific benefit formula to determine benefits payable to employees at retirement age.
Defined Contribution Plan
A plan providing retirement benefits based on each employee's account to which the employer (or employer and employee) has made contributions.
An employee or former employee covered by a benefit plan who may be eligible (or whose beneficiaries may be eligible) for benefits under the plan.
The earned benefit under a pension plan - either an immediate benefit or a future (deferred) benefit.