[sphinx]

I hate to see anyone lose his pension, but I don't think the unions will sober up until a couple of pension plans collapse, and the judge says, "Sorry, bankruptcy means bankruptcy. There is no bailout fairy. Your plan is funded at 32 cents on the dollar, and that's all there is. You can sue your union for damages if you think you were defrauded."

Until the shakedown artists know they can't dodge the consequences, they'll continue with business as usual.

[MSF BU]

You’re basically correct; reduce the pension payments to an actuarial balance. This will likely be well under fifty cents on the dollar; they won’t like it but at least it will be secure.