A promise to pay participants specified benefits that are determined and based on such factors as age years of service and compensations is called...?

A promise to pay participants specified benefits based on factors such as age, years of service, and compensation is called a defined benefit plan. This type of retirement plan guarantees a specific payout at retirement, calculated using a formula that typically considers the employee's salary and tenure. Defined benefit plans are often funded by the employer, who bears the investment risk.