Is A Pension Plan ERISA? 
The Employee Retirement Income Security Act of 1974 -LRB- ERISA -RRB- offers defined contribution plans as well as defined benefit plans or pensions . Pensions must offer an employee vesting schedule and a level of benefits based on years of service . But the new trend in ERISA retirement plans have shown employers moving to defined contribution plans , to escape the obligation of short falls that can occur in defined benefit plans . 