UAL777,
Yes, UAL doesn't have a "defined benefit" retirement plan any longer:
Defined-Benefit Plan Definition | Investopedia
Neither does DL. They have a plan similar to what you describe and it's defined in the PWA. Currently a 15% contribution by the company going to 16% in the near future (IIUC, the pilot can add to the contribution if he wants but doesn't have to...the wise ones will).
In a way, this is better as the money is IN YOUR NAME vs the company's promise to pay from the pot o' gold at the end of the rainbow...someday. This can be terminated in BK as it was for DL, UAL and USAir (not sure about AA).
You never want to be entangled with the PBGC...trust me.
This will work particularly well for you young guys who have an entire career to work the system...and especially at this point in history with huge retirements allowing you to move up the equipment ladder more rapidly thereby making that 16% a larger $ number...when you most need it to be large.
By the way, if US airlines "suck" (a rather broad statement) compared to those in the EU, what is the pension arrangement in the EU airlines ? Private, some government scheme or a hybrid ? As you know, we have Social Security here but I'd never consider it part of anything cooked up by a private company.