The pension has become a completely obsolete and bankrupt retirement plan ever since companies stopped growing 5 to 10 percent every year during the boom years last mid-century and lifespans have grown by decades since, only causing greater strain on "the money that isn't there."
At the same time, public and private unions must be reigned in. For all their political power, that sword deserves an equal and opposite double edge of SEC laws regulating their finances and how they must act during bankruptcy, especially if their special deals were the deciding factor in that bankruptcy.
End pensions forever. Define limits, not unending promises of cash that wasn't saved adequately.