I am pretty sure you did not mean it this way, but you're absolutely right.
The pensions that were granted in the 50s and 60s and not funded have left an enormous debt for many companies that the federal government will have to make good.
Even today, the pensions of many police and firemen are underwater and not likely to be solvent.
So pensions are great for company managers who really don't ever plan to fund them properly.
And don't get me started on social security.