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28 June, 18:34

What is the main difference between a defined benefit plan and a defined contribution plan?

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  1. 28 June, 19:17
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    A defined benefit plan, most often known as a pension, is a retirement account for which your employer ponies up all the money and promises you a set payout when you retire. A defined contribution plan, like a 401 (k) or 403 (b), requires you to put in your own money.
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