You should be aware of it. It is called the Pension Benefit Guaranty Corporation. It was created by an act of Congress in 1974, in part because of Studebaker taking all their employees pensions.
It works like the FDIC for banks. Companies pay a insurance premium, which they must do. Muncipalites are an exception. It guarantees a minimum level for a pension. It is a Quasi Government organization and about as efficient as you would expect.
Because of the insurance premium 401Ks got their start and pensions were dropped.
The Studebaker employees got nothing, BTW
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