A defined benefit plan is a type of retirement plan where an employer promises to pay a specific amount to employees upon retirement. This amount 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. These plans provide predictable income for retirees, making financial planning easier. Unlike defined contribution plans, where employees contribute and investment risks fall on them, defined benefit plans shift the investment risk to the employer. This can offer greater security for employees in their retirement years.