Keep these thoughts in mind.
The PBGC is going broke it can't fund many plans that go insolvent.
The bill originated in the house but went to the Senate and was also approved so it is a bipartisan bill and if people want to point fingers then there is enough blame to go around in both major political parties.
This bill was passed because the only other option was a taxpayer bailout. Think GM before you say any further .......................
This bill set precedent and could apply to public pension plans, social security and medicare. Note I said could as this is pure speculation by observers.
States like Illinois spend upward of 40% of their budget funding retiree public pension and medical programs. it is a very serious problem because there were assumption made in these plans that were advanced in order to get contracts signed. Again if these plans fail there are two options taxpayer bailouts or cut benefits increase retiree age limits, etc.
In the private sector if a pension plan goes belly up employees eat the losses
Of course none of this will ever affect congressional leaders and their staff
or as they use to say in France 'Let them Eat Cake"
Cést la vie
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