Retirement Pensions. It's not just people at old-line companies with legacy, defined-benefit pensions. Even those whose plans are doing just fine are concerned about the trend, leading them to flock to financial planner's offices for advice and, in many cases, to open a private account.

"The rank and file public doesn't make the fine distinction between pension, profit sharing, 401 (k); they hear pensions are in trouble and worry about their own," says financial planner Joseph Birkofer of Legacy Asset Management in Houston. "People ask, what is the PBGC [Pension Benefit Guaranty Corp., the U.S. government's pension bailout fund], does it back up my 401 (k) plan?"

It doesn't, which can lead employees with that type of plan to worry about their employer's ability to keep matching contributions. That's particularly true if a company has recently been slashing pay or laying people off. Meanwhile, those cashing out of a defined benefit plan are signing up with planners and brokers, seeking advice on decisions like whether it is better to take a lump sum or an annuity payout. Financial education seminars, while not new, are hotter than ever.

Pension Benefit Guaranty Corp. statistics show that the number of private sector defined benefit plans in the U.S. has plunged to 30,000 from 112,000 since 1985. Assets in defined-benefit plans--plans that promised a certain payout on retirement--have dropped to under $1.8 trillion from $2.1 trillion in 1999, according to the Employee Benefit Research Institute, despite rising asset values over the same period. EBRI notes that almost two-thirds of private sector retirement assets are now held in defined-contribution plans, which specify only the funds contributed now, not a retiree's payout. Various studies by benefits consultant Hewitt Associates (nyse: HEW - news - people ) show that only 38% of U.S. employers plan to offer a defined-benefit plan by the end of 2006, compared to as many as 83% in 1990.

Some seminars are designed to educate employees on plan switches--usually to a defined contribution from a defined benefit setup. Others are geared to those withdrawing money from company plans to invest on their own, fertile ground for a financial adviser. And the opportunity to present your goods to hundreds of prospects at a time beats cold canvassing or word-of-mouth referrals any time.

Over at Ameriprise, the financial services group recently spun off from American Express (nyse: AXP - news - people ), pension changes are improving closing rates for new accounts by as much as 50%, according to Rusty Field, the company's vice-president of financial education and planning services. The unit drums up business both by helping employers implement new plans, and by giving employees who are withdrawing money a place to invest.

King of Edward Jones, meanwhile, says that while the firm was already putting resources into steadily growing its seminar business, the accelerating problems in the defined benefit pension world "is definitely the driver now."

Indeed, more and more people are deciding that their company pension is something that needs to be diversified against, with many wealth managers advising those whose pensions have done well so far to get out at the top and spread the money into a mix of stocks, bonds and mutual funds. And for those already hurt, desperation to minimize losses has them knocking down the doors of financial planners and brokers they hope can help salvage some of their retirement funds.

Rebecca Pace, a former Wachovia (nyse: WB - news - people ) rep now in private practice in Cincinnati--a Delta Air Lines (nyse: DAL - news - people ) hub--says about 25% of her calls over the past year have come from airline families who are scared stiff.

Pension Questions and Answers:

1) How much should be tied up in my employer's stock?
It depends on your risk tolerance, and whether your pension represents a large chunk of your assets. Enron employees found out the hard way that keeping most of your retirement money in one stock can lead to disaster. Diversity reduces risk, and most financial planners recommend going conservative with pension money, especially as retirement approached.

2) If my employer switches from a defined benefit to defined contribution plan, what do I do?
Most likely, you can put all the plan savings into the new plan or take some or all of it with you and invest it into a personal retirement account. The company 401 (k) is usually a better deal, since matching is like free money. If you're over 50, recent tax law changes allow greater before-tax contributions.

3) What are the warning signs that my defined benefit pension could be next to be frozen?
If your employer just got done with a big round of layoffs, or if it's freezing hiring or raises, watch out. Some financial planners say Merck (nyse: MRK) employees should be wary.

4) Can I feel secure that my employer will keep matching my 401 (k)?
Not necessarily. Just as financial stumbles may cause a company with a defined benefit plan to freeze out employers (see IBM (nyse: IBM)) or ask to renege on promises (see General Motors (nyse: GM)), an employer running a defined contribution plan could look to cut back its match as a way to save money. Read the fine print on your employer's matching obligations.

5) What's the cost to diversify my pension assets?
You're probably looking at sales commissions and/or annual fees, the amount of which depends on the size of the account--many brokerages have dollar-for-dollar price breaks at certain thresholds. Cost also may depend on the mix of investments--many mutual funds carry front-end loads. Ask about all potential costs, and shop around. Of course, the cheapest price isn't always the best deal. Measure sales costs against the firm's performance track record.

6) Do I need an IRA to supplement my pension?
Ask your planner to project out your plan's value when you're 65, using conservative, reasonable estimates for returns, inflation and risk factors. Assess what you want out of retirement, and whether your pension, together with other assets, will fund that lifestyle. If you're content to downsize to a condo and play golf, you may be okay with what you have. But if you plan on traveling the world, you may not get there without a supplement.

Learn more about retirement planning and managing your personal finances.