When I was at IBM mumbles years ago they cancelled their pension fund in favor of a 401K program. I don't remember the specifics of the classic pension fund except that it worked like a classic pension fund. I assume this is worse than either of the two.
At the time, the old timers were annoyed as the conversions did not generally work in their favor, although the old old timers were allowed to stay on the pension.
At the time, the old timers were annoyed as the conversions did not generally work in their favor, although the old old timers were allowed to stay on the pension.