How do pension plans work?

Pension plans were starting to seem like a thing of the past. But a recent resurgence suggests this retirement benefit may be staging a comeback.

As companies work to “settle negotiations with labor unions or win over employees in fields where recruiting and retaining workers is especially competitive,” a “small but growing number” of them have begun to either reopen their pension plans or start them, said The Wall Street Journal. However, these pensions may look a little different than those of the past, as “many newer plans instead give workers market-linked returns, similar to a 401(k),” which in turn “shifts most of the investment risk to employees.” Here is what to know.