After 19 years on the job, Herb Schrayshuen, 44, an engineer at a public utility in upstate New York, thought he knew the drill: toil away for another 15 or 20 years, then drift off into a cozy retirement on the back of a nice, fat company pension. But last summer his employer threw a wrench into that plan. The utility converted the old-fashioned pension system, in which employees earn the bulk of benefits during their last few years, into a new cash-balance plan, in which they earn at a steadier rate throughout their careers. It sounded simple enough, but once...
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