Pensions can go away in bankruptcy, that’s certainly been demonstrated in the airline business, and default to the Pension Benefit Guaranty minimum.

https://www.dailypress.com/news/dp-xpm-20050130-2005-01-30-0501300273-story.html

https://www.thestreet.com/investing/stocks/us-airways-pilots-still-fight-for-pension-payouts-11-years-after-bankruptcy-case-12703297

https://www.nbcnews.com/id/wbna8196565

https://www.aviationpros.com/home/ne...exdelta-pilots

Yeah, it’s possible imprudent people will blow through their 401Ks too - or make asinine investments that lose money - I’ve seen it happen, but at least that’s on them. They aren’t losing their life savings because the company is too big to be allowed to fail.