In an era when employer-sponsored retirement plans like 401(k)s have become the norm, pensions are becoming an endangered species. A pension is a retirement plan that guarantees a steady income stream to retirees for life, with the employer bearing the investment risk. In contrast, 401(k) and 403(b) plans are defined contribution plans where employees shoulder the investment risk and must carefully manage their retirement savings.While pensions were once prevalent across industries, economic pressures and accounting rule changes have led many private companies to freeze or terminate their pension plans. However, there are still a few bastions where traditional pensions survive. Here are some
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