The pension is 70% funded, so he can only count on $59500/year actually being there. The likely scenario would be that all pensioners take the same percentage of haircut as the pension obligation is transferred to another company.

If he cashed out of GE and went into index funds, the stock portfolio would be conservatively worth another $3300 a year.

That's still $62800/year. If he owns his home, that amount can fund his retirement, until his first major medical expense.