If it's the state matched portion, I have no problem with that.
Find yourself a personal 401K and start investing in that.
When my company went thru hard times, that's what they did. My pension was secured under ERISA laws.....
Note post 31, this is an old plan not the current one which only covers officers hired pre 1977. Presumably the pensions being paid will be secure, just not double funded. Corporations do this routinely. You might recall many back in the 80s, largely for the same reason, to recover excess assets.