A ______________ pension plan is an employer-sponsored and registered pension plan that guarantees a specified retirement benefit level to employees based typically on a combination of years of service and age as well as on the employee's earnings level.

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A defined-benefit pension plan is the only option that guarantees a specific retirement benefit level based on various factors, including years of service, age, and employee earning levels. Guaranteed-benefit and guaranteed-contribution plans do not exist as pension plan classifications. A defined-contribution plan is different from a defined-benefit plan in that the employer's contributions to the plan are defined, but the ultimate benefit that each employee receives is not predetermined.

A ______________ Pension Plan Is an Employer-Sponsored and Registered Pension