My Teamster pension pays me $40,280.00 a year. I retired and got my first check in September 2004. Do the math. I have collected $704,900 in 17.5 years.44k in a pension doesn't even come close to what you can do with a 401k. There's far too much federal regulation. Long term your return will be much higher in the 401k. I keep hearing retired guys on pensions talking about getting 3500 a month which isn't much. Or guys talking about getting 5500 in the future. 5500 might sound decent now, but it won't be in 10, 15, or 20 years.
With a 401k you can live off growth in retirement and leave your millions to you wife or kids. You're really limited if the bulk of your retirement is tied up in a pension.
I'm not saying that pensions are bad, just that by the numbers a 401k is better.