Every working person deserves to have a secure, guaranteed income when they choose to retire. You may have a 401(k) retirement plan, that you have to take money out of your paycheck to fund. The difference between an IBEW Local 7 pension, which is a defined benefit plan, and a 401(k) is how much in benefits you receive. A 401(k) is an account balance when it is depleted that is all that you will receive. With an IBEW Local 7 pension plan you have a number of options including a lump sum payment, monthly pension payment or a combination of both. This is another Benefit for Members of IBEW Local 7.