How were vested pensions lost?
I thought the U.S. government's PBGC (Pension Benefit Guarantee Corp) insured employees vested defined benefit pensions in cases where the employer became insolvent, declaried bankruptcy and elected to reject pension claims.
In cases where the pilots "lost" pensions, did this involve "voluntarily" exchanging vested pension rights for future employment contract rights when a carrier restructured in or out of bankruptcy?
Thx.