[jdotjdot]

No lock in because we don't get pensions at all. Not exactly a benefit.

[scarmig]

Well, much of those generous pensions have turned out to be given in Monopoly Money. Recall that, at the time, they were usually negotiated in exchange for significantly lower wages. Capital then realized "hey, we can finagle our way out of paying out those pensions," and here we are.

At least now we get those foregone wages in current USD instead of fake pension money.

[a3n]

Airlines do this regularly, in combination with reorganization. It's a business model.

[VLM]

Your pension scenario closely resembles the public school system financial situation.