By Source: CNN

The phrase “pension benefits” may come up a lot in the next several days as negotiations between the United Auto Workers union and the Big Three automakers go down to the wire to avert a strike. But for most private-sector US workers, pensions disappeared long ago.

In a traditional pension, employers contribute, invest and manage retirement funds for their workers, who then receive guaranteed monthly checks for life after they retire. But over the past several decades, employers have either closed or frozen their pensions and turned instead to retirement savings vehicles like the 401(k), which put much more of the onus on workers to save, invest and manage their own money for retirement.

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