I have to agree that the 401k is not a pension.  But depending on how big the match is, it's certainly possible to save enough to create a retirement 'endowment'.  Problem is, of course, that the match is seldom large enough.  The one advantage of the 401k is that it allows mobility.  With a pension you were often locked into one company for life, meaning that you might bypass better career opportunities, and ran the risk of the company folding.