Yes, it's fully yours. You choose your own investments. You're always subject to market risk. Keep it in bonds or cash if you want. Stop spouting ignorance. 401(k) assets are protected from creditors and the bankruptcy estate by the federal Employee Retirement Income Security Act of 1974 (ERISA), which requires plan assets to be held in trust and kept separate from company assets. Pension - you don't pick the investments. Also look at GE - companies can F pension holders when they're distressed.

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