To make this move, you have to work for a company that offers both a 401(k) definedcontributionplan and a traditional defined benefit pensionplan, and offers the option to roll assets from the former (the DC plan) to the latter (the DB pension).
For pilots, it sponsors a defined-benefit pensionplan, a defined-contribution plan and gives access to a 401(k) that doesn't include any company match.
Union leaders said that they liked the look of the raise, but that what they really needed was a defined-benefit pensionplan, not the defined-contribution plan that management had offered them.
Should pension fiduciaries be comforted that Congress has approved pension legislation that expressly permits providing independent advice to definedcontributionplan participants?