The defined-benefit plan vs. the defined-contribution plan:

DEFINED-BENEFIT plan: A guaranteed lifetime retirement benefit. Employers pay retirement benefits based on an employee's period of service and final average salary. Plan benefits are financed by contributions from the employer (and most often from employees as well) and investment income. Plan assets are invested in professionally managed, broadly diversified portfolios. Investment fees are paid by the plan or the employer.

DEFINED-CONTRIBUTION plan: Employers provide individual investment accounts to employees and contribute a set amount to the accounts while the employee is employed. Employees can also contribute to their account. Employees decide how assets are invested. Investment fees are paid from the employee's account. The available benefit is limited to contributions and investment earnings that have accumulated in the account.