I have some sympathy for the retirees that are going to get screwed over this. But they are at least partly responsible for the situation by who they voted or allowed to to represent them in the unions.
Step one in the solution should be to confiscate all the wealth of the union officials that didn’t manage these funds well. Step two would be to send them to jail.
I can see, as much as I don’t like the idea, of merging union pensions into a single Federal program that would (In theory) keep the funds from being used to line the pockets of union fat cats, mob bosses and political activist.
How about getting the super rich liberals like Buffet and Gates to each donate 5 Billion to top up these funds?
Most unions are in the hands of organized crime. Despite all the talk about how the FBI has "broken the back of the mafia" - they haven't done a thing to go after mob control of the unions.
The unions give almost all of their political contributions to Democrats. The DNC is a criminal enterprise, aided and funded by criminals.
So you are for a federal bailout.
Maybe if the Teamsters and other AFofL-CIO unions hadn’t stolen so much money to donate to the DemocRATS, this would not be an issue.