The shift from pensions to 401(k) plans is making retirement inequality much worse — and education is what separates the haves from the have-nots, a new study has found. College graduates have always been able to get better jobs. What’s new in recent decades is that traditional pensions have all but vanished, replaced by 401(k)-style plans. In 1980, 38 percent of private sector workers had a pension and 19 percent a 401(k).