>> Who in their right mind, given any choice on the matter, would want to lock their retirement into the existence and health of a corporation? 1. Many times t

>> Who in their right mind, given any choice on the matter, would want to lock their retirement into the existence and health of a corporation? 1. Many times the "corporation" is actually a government with the power to tax, so the benefits are very well protected -- basically citizens are on the hook to pay these benefits. In the case of small cities, bankruptcies do happen, but it would be a good bet (IMHO) to say, bet on a pension w/ the City of NY, or with the US Federal government. 2. Many pensions are guaranteed by US tax dollars: see https://www.pbgc.gov/ https://www.pbgc.gov/ 3. Traditional Pensions were defined benefit plans and very very good deals you often got cost of living adjustments, you could never deplete the funds, you got to start drawing down early and could draw down as long as you live. Modern plans are defined contribution. The only thing guaranteed is what you put in, not what you can get out. What you get out is based on luck on the market, some statistics, and some government policy (e.g., ask retirees living off interest income how live has been for the past 15yrs) Given how puny my 401k outcomes are compared to traditional pensions, it may almost make sense to roll the dice on a pension, but it is a bet on the company for sure.