The big attraction of traditional pensions is their promise of security. They're designed to provide to a steady stream of checks in retirement to last the rest of your life. Unlike a 401k or other workplace contribution plan, what you get from a defined benefit pension doesn't depend on how much or how well you invest.

"Even during a downturn, (retirees receiving pensions) know how much they're getting on a monthly basis," said Karen Friedman, the executive vice president and policy director of the Pension Rights Center. "They know how much they can spend."

Increasingly, though, that promise of security is being broken. Lousy investment returns, changing company policies and taxpayer concerns about public retirement benefits are putting many pensions at risk. Consider:

Liz Weston

"These are the folks who thought they were totally protected, and then the company lays this on them," Friedman said. GM's move may give other companies the "green light" to consider similar actions, she said.

Traditional pensions are on the wane, but plenty of people still have them. Private plans cover nearly 44 million people, according to the PBGC, and public plans cover about 23 million (15 million active members and 8 million annuity recipients), according to the Census Bureau.

If you're one of them, here's what you need to know:

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Retirement protection: Is your pension safe?