Defined Benefit
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The City of Lansing Defined Benefit Plan (DB) provides a lifetime retirement benefit funded by the employee and employer. This plan is open to all full-time permanent employees.
A defined benefit pension plan is a type of pension plan that promises a specified monthly benefit on retirement that is predetermined by a formula based on the employee's earnings history, tenure of service and age. It is 'defined' in the sense that the formula for computing the contribution is known in advance. |
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