What The Difference Between A Pension Plan And A Retirement Plan? 
Defined benefit plans are more costly for employers than defined contribution plans . Defined benefit plans are quickly going the way of the dodo . Many defined benefit plans are based on employer contributions . But you make the contributions into a defined contribution plan like a 401 -LRB- k -RRB- or a 403 -LRB- b -RRB- . Keep in mind that there are also non-qualified retirement plans that may utilize life insurance and or annuities . 