8 The following terms are used in this Standard with the meanings specified:
"Retirement benefit plans" are arrangements whereby an entity provides benefits for employees on or after termination of service (either in the form of an annual income or as a lump sum) when such benefits, or the contributions towards them, can be determined or estimated in advance of retirement from the provisions of a document or from the entity's practices.
"Defined contribution plans" are retirement benefit plans under which amounts to be paid as retirement benefits are determined by contributions to a fund together with investment earnings thereon.
"Defined benefit plans" are retirement benefit plans under which amounts to be paid as retirement benefits are determined by reference to a formula usually based on employees' earnings and/or years of service.
"Funding" is the transfer of assets to an entity (the fund) separate from the employer's entity to meet future obligations for the payment of retire
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