Pension's Vs. 401(k)

Local 571 offers Multiemployer Defined Benefit Pension plans. These plans are more secure, stable, and offer greater benefits than that of a 401(k).

Advantages of Pensions

For Employers
  401(k) Defined
Benefit Pension
Employer has fiduciary liability? YES NO
Employer pays administrative Costs? YES NO
Employer pays payroll taxes on employee contributions? YES NO
Employer contributions fluctuate with employee contributions? YES NO

For Employees

  401(k) Defined
Benefit Pension
Employee contributions required? YES NO
Employee pays payroll taxes on contributions? YES NO
Employee pays investment fees? YES NO
Employee assumes investment risks? YES NO
Monthly benefits for life? NO YES
Early retirement Benefits? NO YES
Disability Benefits? NO YES
Spouse Benefits? NO YES
Death Benefits? NO YES
Benefits insured by the PBGC? NO YES