The pension benefit is nothing more than delayed compensation that the employee has already earned and worked for. Just because inept management by the top boys or inept stewarship by the fund managers causes a complete meltdown does not mean the employee has not already earned that money. Contracts are two way streets, both parties agree to them. When the top "boys" completely screw up, only the employee and shareholders are hurt, never the ones causing the problem. It seems their massive paychecks and bonuses along with guaranteed pensions in BK or out always seem to get paid.