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Definitions, key provisions, and related terms follow. A participant's retirement age, length of service, and preretirement earnings may affect the benefits received. Defined benefit plansĭefined benefit pension plans provide employees with guaranteed retirement benefits based on benefit formulas. Defined contribution plans determine the value of individual accounts on the basis of the amount of money contributed and the rate of return on the money invested.

Defined benefit plans determine payments according to a fixed formula based on salary, years of service, and age. Retirement plans are classified as either defined benefit or defined contribution plans.

Information on the scope of the survey, the sample design, data collection, survey estimation, and the reliability of estimates for all NCS products are in the BLS Handbook of Methods, available online at Retirement Benefits Previous publications containing information on health and retirement benefits for private industry employees and State and local government workers also are available.įor the data available, see the BLS Web site. Separate estimates are published for civilian workers private industry employees, and State and local government workers.ĭata on detailed provisions of health insurance benefits in private industry are available in another publication. Data on the incidence of (access to and participation in) selected benefits and detailed provisions of paid leave plans, life insurance plans, disability benefits, other selected benefits, and the employer and employee shares of contributions to medical care premiums are published annually with a March reference period. Under the NCS program, information on the incidence and provision of benefits is published in several stages. The definitions of the major plans, key provisions, and related terms presented in this glossary are those used by the U.S Bureau of Labor Statistics (BLS) National Compensation Survey (NCS) program when conducting its survey of employee benefits.