Why would anyone want to lose their pension for a 401(k)? Under a defined benefit plan or a pension, the investing is done for you and you are guaranteed your retirement benefit. That benefit is calculated by your salary and time served. Your pension is guaranteed for the rest of your life. A defined benefit is best for those who are unfamiliar with investing or playing the stock market, and want a guaranteed retirement. The 401(k) plan, or defined contribution, is only worth the money it gains or loses. Because defined contributions rely on the market, you could double your investments, or you could lose it all only a few years before you retire. Your benefits are defined by how well your investments did, and will end when the money is spent. Defined contribution plans are best for those who are wise investors and like to roll the dice by playing the market.
looks like they got their talking points...
They left off the part where the company goes bankrupt and the Federal Pension Benefit Guarantee Corp pays the retirees ten cents on the dollar of the guaranteed amount, if that, and charges them a realistic (i.e., stratospheric) health insurance premium.
When the union promised the workers pie in the sky by and by, the workers should have noticed that the union officials were having their pie right now.