Florian has created a new plan for its employees. Florian contributes $1\%$ of an employee's pay into an account. These contributions are invested on the employee's behalf. The value of the account will fluctuate due to changes in the value of the investments. Florian has no obligation to make further contributions if there are significant investment losses. What type of plan is this?

Insured plan

Defined benefit plan

Multi$-$employer plan

Defined contribution plan