Defined benefit plans like pensions aren't generous, its merely the workers negotiating with the employer to put money aside pre-tax from their pay and invest it.

This all goes sideways when these funds are mismanaged & underfunded, which organizations have an incentive to do as it can be a nice way to juice profits immediately.

Wage theft is shameful in any color, and what has happened to American Pensions is stealing earned wages from workers retirement.