Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open.

What's are the differences between “defined contribution” and “defined benefit” pension plans?
Defined Benefit - the benefit you receive when you retire is defined e.g. $500 a month if you retire at age 65. It is up to the plan administrators to manage the pension fund, and ensure that there is enough money to cover the benefits based on the life expectancy of the retiree. Defined Contribution - the amount you contribute to the plan is defined. The benefit you receive at retirement depends on how well the investments do over the years.