One of the things that happened when they lowered the retirement plan limits is that they made these plans less important to executives. Not surprisingly, executives decided it wasn’t important to fund these plans well. Lower funded plans = employees get less benefits, taxpayer picks up tab, balance sheets get more volatile.
Wait. Defined plans are poorly funded at the city and state level as well. This is a symptom and not something endemic to businesses. The poorly funded plans are largely if not exclusively in union shops.