A "defined benefit" plan is a type of retirement plan where an employer guarantees a specific payout to employees upon retirement. This payout is usually based on factors such as salary history and years of service. The employer is responsible for managing the plan's investments and ensuring there are enough funds to meet future obligations. In contrast to defined contribution plans, where employees contribute and the payout depends on investment performance, defined benefit plans provide a predictable income. This makes them appealing for employees seeking financial security in retirement, as they know exactly what to expect from their pension benefits.