Hard to believe, but companies are allowed to pay dividends before they’ve funded their pensions.
Pension are no more or less than another liabilities a company must pay. It’s prioritize of or claim on profits is only the security given the obligation. If the unions or workers do not ask for a higher level of security they will not get it. But the unions knew that going in. They chose higher pay and benefits in the here and now and said mere promises are good enough for later pensions. They could have secured the pensions but the companies would have lowered pay elsewhere.
There is nothing sacred about pensions. If I lone a company money and insist it is secured by the accounts recievable why should I not be replaced as per the agreement? If a union agrees to have the pension obligation (which means the worker has in essence become a lender) funded by future earnings then they should live wth their agreement.