Pension restoration fund ?
 

Tell Me about them...Getting your money etc..

I had never heard of this, so I did Google search "pension restoration fund" and found the info I think you are looking for. Way too much to post here.

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

Just like the above post states, the PBGC, or Pension Benefit Guarantee Corporation, is a quasi Government entity which operates with the efficiency of the Government, which is self explanatory (and very scary). It's surplus, or ability to shore up unfunded pensions, is minimal compared to the potential liabilities it could face. If the stock market has a major correction, many pension funds will go belly up and could very quickly wipe out the ability of the PBGC to insure guaranteed minimum pension payouts. We have a pension that we "ARE HOPING TO" rely on as a major part of our retirement income. However, never make the naive assumption that the pension will be there forever. All we can do is HOPE that the assets backing our pensions, which are heavily invested in stocks, do not crash and burn. If that happens, so will our pensions. Fingers crossed!

Well said

I never worked anywhere long enough to get a pension, I guess I'm lucky?

Not sure what the OP is asking about.


Pension Restoration Plan or the PBGC.

Nothing is perfect
 

A pension is managed funds. The manager assumes a number of new members coming in, the number of retirees and stock market returns. Members assume the promises will be kept. Members assume that the company and the industry will survive.

For those with a self funded retirement, you are perhaps more directly aware.

An older friend of mine. Perhaps, to be clearer an old event.
Jimmy was a member of the lithographers union and had a nice pension. As some might know that work, today, is mostly done overseas. Far to few new members coming in to fund the previously made promises. Jimmy got a letter that his pension had been cut in half. His financial world collapsed. Within a year or two, he and his wife passed away. One said stroke one said heart. YOU CANNOT PUT PENSION CUT AS A CAUSE OF DEATH.

Under PBSC settlement of a pension, which is something that occurs if a firm goes bankrupt, most people receive their entire pension. There is a maximum which is in the low 60k range for 2019 retirees.

That is not my opinion it is the law. PBSC, works like FDIC does in that they have auditors check funding of pensions. They can get low on insurance funds and have in the past. They raise their standards for PBSC covered pensions and raise insurance premiums.

If some sort of pension funding disaster occurred, I am sure Congress would be forced to act. That has not occurred.

This is not true. Maximum rate for 2019, based on age, is as follows: