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Mark Miller: Remaking Retirement

Safeguard Your Pension Benefits in Retirement

Morningstar columnist Mark Miller questions how much you can rely on your pension to be there when retirement rolls around.

Pick up a newspaper, and there's a good chance you'll find bad news about the traditional U.S. pension.

The most recent unsettling story came in February, when American Airlines proposed termination of four pension plans covering 130,000 workers as part of its bankruptcy proceedings. The airline later backed down from the plan--which would have marked the largest default of a defined-benefit plan in U.S. history--saying it will seek court permission only to freeze all its plans, with the exception of the one covering its pilots.