A pension retirement plan used to be what many businesses in the 1950’s used as a retention tool in order to reduce employee turnover.
However, most companies with the exception of a few have replaced the employee pension plan with a 401 K instead in which the employee contributes to their own retirement and the company may offer a small matching benefits of 3% to 6% of the initial contributions.
Many companies went in this direction because the sheer expense of paying a non productive worker made it difficult for the company to compete financially.
For example, General Motors is saddled with over five billion dollars in pension payments alone when you figure that companies like Toyota and Nissan have no pension payments to make at all.
This is why all pensions have to go because they are too expensive to maintain. Many public sector pensions are undercapitalized which is why the government is looking to raise taxes to help these union pensions which seems really unfair to the American people.