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The term "Pension plan," as it was formerly used, essentially referred to plans that offered a specific, quantifiable benefit in retirement. The premise of these "Defined benefit" plans was that if one worked for an organization for a certain number of years, he would receive a specific amount of benefits, adjusted for inflation, for the rest of his life. As one can imagine, this was an expensive proposition. Not only did the employer have to put aside money for each employee, the amount of money put aside had to be monitored to be sure that it would be enough to provide the benefit in the future. Both investment and monitoring cost money.
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