Most people are unaware of the issues around the defined benefit pension plans. The plan is built around the concept of a worker putting in 20 to 30 years of service and then guaranteed a fixed amount for the rest of their life. This is a concept that has worked for decades. But in 2008, that concept almost collapsed and could still, if the experts are correct.
Similar to Social Security, current workers put money in and retirees get paid. Social Security has been in peril for many years but with Millennials being the largest generation to ever hit the American workforce, Social Security may actually survive. It is due to simple math: More workers than retirees.