"Bob Fry" wrote in message
...
"GP" == George Patterson writes:
GP You're thinking of a 401K. A pension used to be a guaranteed
GP retirement income in exchange for spending your life working
GP for the company. One could argue that you exchanged a higher
GP salary for a lower salary and a pension, but no money was
GP taken out of your paycheck.

I work for the State of California, have a defined-benefit pension,
and for sure they take money from my salary to help fund the pension.

That must be a reassuring position to be in, giving your retirement money to
the State of California. Hope you are building a nest egg separate from
what you are giving to California.