I knew a man who was a high-end pilot for Pan Am, flying into East Germany. When the company went under, some people got their payoffs, but his pension went ka-phooey (according to him).
It happens.
They are not losing their pension- read the article....they are losing a supplement which allows them to retire at age 57 then pays them a stipend until they can start collecting social security at age 62....its comical
I still have 200 shares of pan am stock. when they went belly up, I made them send me the certificates as souvenirs.