Question

A promise to pay participants specified benefits that are determined and based on such factors as age, years of service, and compensations is called...

Answer 1

It's called a defined benefit Plan

it's a type of company pension plan in which the amount of the benefits is calculated according to that worker's age, Achievement, salary that he earned, and the length of his service in the Company

Answer 2

A promise to pay participants specified benefits that are determined and based on such factors as age, years of service, and compensations is called "defined-benefit plan".

A defined-benefit plan is a business supported retirement plan where worker benefits are processed utilizing a recipe that thinks about a few elements, for example, length of work and pay history. The organization directs portfolio administration and speculation hazard for the arrangement. There are likewise confinements on when and by what strategy a worker can pull back assets without punishments.  

A defined-benefit plan ensures a particular advantage or payout upon retirement. The business may pick a settled advantage or one ascertained by an equation that components in long periods of administration, age and normal pay. The business ordinarily reserves the arrangement by contributing a standard sum, more often than not a level of the worker's compensation, into a duty conceded account.