This video shows the difference between a definedbenefit pension plan and a definedcontribution plan. The core difference between these two types of plans boils down to what the employer is promising: with a definedbenefit pension plan, the employer is promising the employee a series of annuity payments after the employee retires. With the definedcontribution pension plan (e.g., a 401(k) plan), the employer is promising to make contributions to the employee's retirement account.
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