What is Defined Contribution Plan?
Defined Contribution Plan, this could be a 401 K Plan, a Deferred Compensation Plan, a money purchased pension plan but essentially there is a specific amount of money that is contributed each year. That is the Defined Contribution part of the plan.In Virginia Law, there are formulas in which this plans are divided. It's called the Marital Share of the Plan. It is determined as follows, you take the number of years you are married while your husband was employed over the number of years of his employment times 50% times the benefit received.