I feel bad for honest folks like you who are getting screwed. I had deferred comp when I worked. Most of it was in guaranteed savings, and the rest, which was very little, was in mutual funds (very low risk). I lost a few bucks after 9/11, and made some back before I retired in 2003. I took it all out then and paid off my car and credit card bills, plus had money to live on while waiting for my pension to kick in. Not that it was that much, because I did get penalized. I wish you well friend and hope the market turns around soon for you.
Underlying your pension are investments, typically in the markets. So the question is, what hit will the pension fund take, and will they survive to meet their obligation. I am not trying to scare you, but you may want to do some research on who is running it. Unless it is with Uncle-Sugar....