[semimojo]

Private companies also have contracts with pension funds but when they can no longer afford them they are able to declare bankruptcy.

And then the PBGC (meaning us taxpayers) picks up the tab.

The pensioners don't just lose their pensions.

[MarchonDC09122009]

Most private pension programs in the US have converted from defined benefit (traditional generous lifetime payout) to cash value (a fraction of original defined benefit plan).

Public pension crisis will be our undoing.

[House Atreides]

Private companies also have contracts with pension funds but when they can no longer afford them they are able to declare bankruptcy.
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And then the PBGC (meaning us taxpayers) picks up the tab.

The pensioners don’t just lose their pensions.
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They can, and usually do, lose a large chunk of their pension payments. Research it.