(CNN) - The number of people covered by traditional pensions is shrinking.
Now the federal government has just made it easier for employers to get rid of them.
The move is affecting retirement security for millions of workers.
Fewer employers are offering pensions across the country.
This month, the Treasury Department issued a notice allowing employers to buy out current retirees from their pensions with a one-time lump sum payment.
This only happens if the retiree agrees to it.
That decision reverses Obama-era guidance that banned the practice over fears that lump-sum payments often shortchange seniors.
Advocates have said the latest move is putting millions of people at risk.
Pensions provide a guaranteed monthly income for as long as an employee lives in retirement.
They're insured by the federal government in case companies go bankrupt and cover more than 26 million people.
However, since the 1980s, that number has been getting smaller and smaller as employers move away from pensions and opt for 401K accounts instead.
Pensions are expensive to maintain and they're a big liability for companies.
So, should you take a payout?
Experts said no because you don't have the advanced knowledge needed to evaluate your retirement needs.
You’ll also likely end up spending the lump sum while still in retirement.