It's actually not a bad thing imo, they are not giving them less money, they are just changing the benefits to something they employees have more control over.
"Under team-funded pension plans, employees receive a fixed monthly benefit upon retirement based on a percentage of their top five earning years. The plans can’t be transferred from one team to another or to an outside company, and employees have no control over how funds in the plans are invested.
The 401k plan is funded by employees with pre-tax and after-tax payroll deductions, a percentage of which is matched by the teams. Employees can choose how aggressively or conservatively they invest funds, and the plans are portable. Employees can also borrow against the plans."
Also, employees with pension plans will get to keep them.