In which type of pension plan do employees typically have no control over their retirement benefits?

In a defined benefit pension plan, employees receive predetermined retirement benefits based on a formula typically involving factors such as salary history and length of service. This means that the employer is responsible for managing the plan's investments and ensuring that there are sufficient funds to pay the promised benefits upon retirement.

Because the benefits are defined in advance, employees do not have any control over the pension assets or how they are invested. The responsibility lies solely with the employer to fulfill the promise of the retirement benefits, allowing employees to focus solely on their work without worrying about their retirement contributions or investment decisions.

In contrast, defined contribution plans engage employees more actively, as they typically involve individual accounts where employees can influence their contributions and investment choices. The other options, such as a 403(b) plan or a Keogh plan, also fall under the category of defined contribution plans, where control and investment decisions rest with the employee rather than guaranteeing a specific benefit at retirement.