The ultimate irony is that if you went back to 1995 and asked the company to trade the then pension for a DC, they would have said "no way, no how". Why? Because at that point, interest rates were historically "normal", and with modest investment returns, the pensions were self-funding for the most part. DC money would have been "real" money they'd have to pay out every two weeks.

Near zero interest rates are a historical anomaly. Investors and consumers have been living in a fantasy land of unicorns, rainbows and free money the past 12 years. Any economy that needs zero interest is not fundamentally healthy, and those investors who think the world is ending because rates are finally going up are in for a rude surprise.