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 money deducted 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 (1) the Local 7 pension is 100% employer paid and (2) you cannot save enough with a 401k to match what you will earn in retirement with the Local 7 pension.