Wonder how it got that way. Many of those underfunded plans were underfunded at the behest of the unions.
Pensions are a thing of the past...better start saving for yourself!
Just look at Delphi.
When I joined UNITED in 1969 I signed a contract that I would be at work on time ,I would do the job as requested,and receive days off as needed (24/7).United in return would pay me in money (greenbacks)and benefits (health care,life insurance,and a pension when I retired). Now that management has driven the airline into bankruptcy they no longer want to HONOR their contract that we both signed. Is this breach of Contract???
If the courts allow this,all the other U.S. Airlines will follow and the TAXPAYERS will be required to bail out the government insurance board (remember the savings and loan deal)
Next up for taxpayer bailout - Ford, GM, .... Who bails out the taxpayer? No one. The debt accumulation is a train wreck in slo-mo.