An employee benefit plan under which the employer sets up benefit accounts and contributions are made to it by the employer and by the employee. The employer usually matches the employee's contribution up to a stated limit.

"Defined Contribution Plan" In Context

"The plan’s other major element would create a dual 401(k)-style defined-contribution plan in concert with a reduced defined-benefit plan which employees hired after Jan. 1, 2011 could not retire with full benefits until age 67, would receive ..."