McBride: Here's what you need to know about defined benefit pensions

Do you belong to a company pension plan? If so, do you know what benefits you can expect to receive when you retire?
Typically, a defined benefit (DB) pension promises to replace a percentage of pre-retirement earnings. If that is the type of plan you belong to, you likely receive a personalized statement each year telling you the monthly benefits you can receive when you retire.
A benefit rate of two per cent is designed to replace 70 per cent of earnings after 35 years of service. When you mul