Not true. When IBM changed from defined to cash, some employees chose to stay with the defined with no further contributions with a company enhanced contribution to the 401k. This change means that enhancement will lose the benefit of growth for an entire year. That is a pension cut. Bottom line, if IBM wasn't saving money, they would not do it.
IF you can retire....if you are not eligible, you are getting the shaft. What about the people in the sweet spot 25-30 years, still on defined contribution plan, and relying on the 401k bump to get them closer to even. Most of those folks saw a 33% pension cut 4 years ago.