Defined benefit retirement plans are a type of retirement plan in which an employer promises a specified monthly benefit to the employee upon retirement. This benefit is typically based on a formula that takes into account the employee's salary and years of service. Defined benefit plans have become less common in recent years due to various factors. One reason for their decline is the shift towards defined contribution plans, such as 401(k)s, which place the investment risk on the employee rather than the employer. Additionally, the long-term financial obligations and potential volatility of defined benefit plans have led many employers to move away from offering them. Regulatory changes and accounting standards have also contributed to the decline of defined benefit plans. These changes have increased the costs and administrative burdens associated with maintaining such plans, prompting many employers to transition to alternative retirement benefit structures. Overall, the shift away from defined benefit plans reflects broader changes in the landscape of retirement savings and employer-provided benefits.