Pensions are very rare in private industry because they’re incredibly expensive and amount to a Ponzi scheme due to chronic underfunding. In the US everyone has moved onto 401k, except government jobs. But almost all state pensions are in a bad shape. Taxpayers are wasting tons of money paying out pensions that simply never made sense and were never deserved - after all offering up something that is “risk free” would be insanely expensive in theory. Unfortunately some states like California make it impossible for states to get out of those of obligations. Private companies can go bankrupt, but the state will keep taking from taxpayers