If you haven't been in the workplace long you might wonder, "What is a pension?" Traditional pensions — also referred to as defined benefit plans — pay fixed amounts to retirees based on a formula determined by salary, years of service and age.
A pension, however, is no longer a guaranteed source of retirement income. Since the financial crisis, employers have significantly slashed retirement benefit plans in the public-sector arena. Nearly three-quarters of state plans and more than half of large, local plans reduced retirement benefits or raised the employee contribution amount, according to the Center for Retirement Research at Boston College.
Companies that still offer pensions do exist. Here are eight industries in which employers might still offer jobs with pensions to workers engaged in full-time employment. Discover how you could get a pension and make your retirement planning easier.