A traditional pension plan that defines a benefit for an employee upon that employee's retirement is a defined benefit plan. In the U.S., corporate defined benefit plans, along with many other types of defined benefit plans, are governed by the Employee Retirement Income Security Act of 1974 (ERISA).
Full Definition of CHATTEL. 1. : an item of tangible movable or immovable property except real estate and things (as buildings) connected with real property. 2.: slave, bondman.See chattel defined for English-language learners.See chattel defined for kids. ADVERTISEMENT.ull Definition of CHATTEL. 1. : an item of tangible movable or immovable property except real estate and things (as buildings) connected with real property. 2. : slave, bondman. See chattel defined for English-language learners. See chattel defined for kids.
Personal property: Chattels. The term chattel sometimes refers to all kinds of personal property, but often it refers only to tangible personal property (such as nose flutes and toenail clippers) as opposed to intangible property. A chattel, such as a furnace, can be affixed to land and become part of the real property. Such chattels are called fixtures. However, fixtures may retain their quality as separate personal property for certain purposes.