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Not big and certainly not "super-fat plum" (works out to about 35% of my salary for the last ten years), but yes. It's also a "fully funded" retirement plan[*], so not a Ponzi scheme. I didn't have nearly as many 401K years or company match years, either. Basically, the "pension" is still there but there is more responsibility on the employee to save for his retirement. This has the advantage of making the retirement far more secure and portable. I know a *lot* of people who were laid off before they could get enough time in. I was sweating it for the last couple of years (and counting days until I was untouchable ;).
[*] Medical is not, so comes out of income. It's not a great plan so I don't use it.