While we generally lost value in the switch from pensions to 401k/IRA, there’s a huge benefit to ownership.

— A pension is owned by your employer. If something happens to them, your pension may be gone. You don’t get anything if you leave a company before you’re vested, and then you start a vesting period over with nothing

— 401k/IRA is owned by you. You take it with you when you change companies. They can’t weasel out of it because the money is yours immediately. You keep your money regardless of whether you spend your career at one employer or many