401(k): match 50 cents on the dollar for your first 6% contribution.
pension: contributes 5% of your base salary into an annuity.
Beginning Jan 1, 2008:
pension: Existing balance continues to accrue interest. No further contributions.
401(k) Plus: Company contributes 2%, plus 100% match up to 6%.
For people on the traditional pension plan, aka not the current cash balance plan,
the company will contribute an additional 4% to your 401(k).
There are concerns that after all of the old-timers are retired,
the company may reduce their 401k contributions,
thereby leaving mid-career employees short.
I'm not concerned. All my $$ is out of there.