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The most popular pension system in the US is at work place where the arrangement is done by the employer. This, like almost all pension plans, is in the form of deferred compensation. A pension plan can be divided into two types -- Defined Benefit and Defined Contribution. In addition, there is another plan known as Hybrid Pension Plan which is a combo plan.
Comparison of Pension Systems:
Defined Benefit Pension Plan: In this type of pension plan, the employer guarantees a certain amount of pension to the employee. Here the amount of pension that an individual receives is not based on the performance of the pension fund. So, even if the pension plan does not do well, an employee is assured a certain amount at the time of retirement. What is taken into consideration is the employee’s pay, years of employment and age at retirement among other things.
Though it constructed differently than a pension offered by a private employer, the US Social Security system is similar to a defined benefit pension plan.
Defined Contribution Pension Plan: Here each employee gets an individual account and the money is contributed to this account along with a pre-determined sum by the employer. The amount of pension that a person will get from this plan is dependent on the way the pension fund investments perform. This plan offers retirement income in the form of annuity like all other pension plans. The employer is responsible to a certain extent for selecting the type of investments towards which the funds from the retirement plan will be allocated. Investments range from mutual funds to individual stocks to securities.
Examples of defined contribution pension plan are IRAs and 401(k) plans. This is also tax-deferred pension plan and is subject to IRS limits.
Hybrid Pension Plan: Then there is another pension plan known as hybrid pension plan. This type of pension plan features defined benefit and defined contribution plans. However, for tax, accounting and regulatory purposes, this plan is treated as defined benefit plan. This pension plan is more portable than a traditional defined benefit plan and many mobile employees are attracted by it.
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There are many cases in the US where pension plans are missing because employees have changed their work place and did not do anything about the plan provided by the previous employer or the company just shut down without you knowing it. The question is how to find a pension plan. 
