The majority of UAL pilots lost the majority of their pensions. The PBGC will pay the older pilots a fraction of what they were promised, and the younger pilots got nothing. There is a specific age, which I don't remember, above which the PBGC pays you your full benefit, up to the PBGC maximum, but the PBGC maximum is much less than most pilots were due.

That 1.9% multiplier looks tempting, but you have 25 years to go, and many bad things can happen in that time.

If you take the large 401k, you don't lose it when your airline goes bankrupt.

Joe