Who still has a company pension
Traditional pensions, also called defined benefit plans, used to be common at large companies. Many have closed to new workers, but tens of millions of people still have one from a current or past job, often at a utility, manufacturer, airline, phone company or bank. Union members in trades such as construction, trucking and entertainment often have a multiemployer pension run jointly by unions and employers.
A company pension pays a set monthly amount based on your years of service and pay. Unlike a 401(k), you do not choose investments, and the money is meant to last for life. Most private pensions are insured by the Pension Benefit Guaranty Corporation, a federal agency, up to a yearly limit.
The biggest choices come at retirement: when to start, whether to protect a spouse with a joint option, and whether to take a lump sum if one is offered. Each choice is usually permanent, so it pays to understand them before you sign.