As an employee, I suspect it's more likely I'll collect Social Security 40 years from now than it is I'll collect my employer's pension. Bottom line: prepare to live entirely off your IRA, 401k, and other savings, because you can't count on an employer or the federal government to support you.
I'm sure the executives have also cut their pensions as a sign of good faith that they want the company to suceed./s
My entire working career was for a corporation owned by an invidual. He didn't want the bother of "plans" of any kind, so he used the mindset of "you're all big boys and girls" and paid us much better than average with the idea that if we wanted benefits, etc., it was our choice.
In my case it worked well - wifey and I bought a vacation home as our retirement plan, and got it paid off....we live here now, and it's worth probably 6 times what we paid for it.