A company, even a fairly big one, can go out of business. Also, most companies are not in the business of managing investments. They are in the business of selling shoes, or oil, or internet ads.
There are companies that are in the business of managing investments for the very long term and are regulated so as to minimize the risks of bankruptcy. You or you company can incrementally buy a pension from such a company in the form of a deferred annuity.
The only disadvantage to a defined contribution plan with a deferred annuity option is that you and your employer can't mutually pretend there's such a thing as a free lunch in the form of risk free investments with eight percent returns. But on balance I'd consider that a good thing.
There are companies that are in the business of managing investments for the very long term and are regulated so as to minimize the risks of bankruptcy. You or you company can incrementally buy a pension from such a company in the form of a deferred annuity.
The only disadvantage to a defined contribution plan with a deferred annuity option is that you and your employer can't mutually pretend there's such a thing as a free lunch in the form of risk free investments with eight percent returns. But on balance I'd consider that a good thing.