Union pensions are typically paid into by companies, but the pension is maintained by the union. Teamsters, IBEWs, etc pensions operate in this manner. You won't work for the same company your entire career, but you're likely to remain in the same field for it.

Pensions work just the same as 401ks, but better when properly funded and governed, because your average worker is unsophisticated as it relates to investing. 401ks were a scam foisted on the public as pension replacements, with corporations instead juicing shareholder returns with what was previously pension contributions. If you're a high earner without any life events that would cause you to liquidate your 401k (extended job loss, medical event), congrats! You have won the lottery.

https://www.nbcnews.com/business/retirement/great-401-k-expe...

https://www.economicpolicyresearch.org/images/docs/research/...

https://www.gao.gov/financial-security-older-americans

https://web.archive.org/web/20201026175751/https://www.gao.g...

https://www.empower.com/the-currency/life/average-401k-balan... (direct your attention to median balances)