Defined Benefit Pension Plans are plans offered by companies to their employees. Traditional pensions offered security to employees. Employees knew if they worked for a given company for a certain amount of year, they knew exactly how much they would receive in Retirement.
More companies have gone away from defined benefit pensions plans and headed toward defined contribution. Where if you contribute to a pension, your employer will contribute. The problem is they do not have a guaranteed amount to be paid out.
For people who are not employed by a employer who offers a pension, you can invest in what is called a Guaranteed Minimum Benefit. That will act as a Defined Benefit Pension Plan. They Grantee a certain return and a base payout. So you can retire knowing exactly what the worst case you will be paid
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