Which term refers to a retirement plan where the employer bears the investment risk?

The correct choice is defined benefit plan, which refers to a retirement plan where the employer assumes the investment risk. In a defined benefit plan, the employer commits to provide a specific amount of retirement income to employees based on a formula that often considers factors such as salary history and years of service. The employer is responsible for managing the plan's assets and ensuring that there is enough funding to meet the future payouts promised to retirees, regardless of the performance of the underlying investments.

This contrasts with a defined contribution plan, where the investment risk is mainly borne by the employee. In that structure, the employer typically makes contributions to an individual account for each employee, and the retirement benefit depends on the contributions made and the investment performance of those contributions. Additionally, options such as pension plan and integrated pension plan could refer to similar concepts, but the specific characteristics of the defined benefit plan align most closely with the notion of employer bears investment risk in the context of retirement planning.