Pretty much all the coal and steel companies here around Pittsburgh did that years ago.
Retired Detroit cops and firefighters took an 80% whack to their pensions when the city filed bankruptcy.
Bottom line: Nobody can make a promise for what will happen thirty years into the future.
That’s why I always roll my eyes when I hear about “200 trillion in unfunded government liabilities.” In reality, it’s zero dollars in unfunded government liabilities and 200 trillion in phony campaign promises. What cannot be paid, will not be paid.