For the other employees, you will have a one time option to stay in the pension plan, or have what you have earned in the plan rolled into your 401k,with a higher company match.
That is incorrect. I have not heard that. If that were the case then I would not even be considering this. My understanding is the amount you have in your existing pension WILL STAY IN YOUR PENSION and any new amounts you contribute to your 401k will be matched as previously explained. The only option you have is to stay with the existing pension system where your 401k will be matched at 50% up to 6% and your existing pension will NOT be added to but will continue to grow at the previous 2%-4% amount.