Mike Rapoport wrote:
It isn't supposed to require either a leap of faith or the company remaining
in business. The Company is suppose to deposit money to fund the pension
plan which is a trust with an independent board. The funds are
professionally managed and, barring catastrophe, there should be enough to
pay the promised benefits.

One could make the same argument that Social Security is supposed to be just that:
"professionally managed and, barring catastrophe, there should be enough to
pay the promised benefits." But even that is no longer sacrosanct.

The only real solution to all of this is for people to take charge of their
own retirement via their own personal accounts that they themselves manage.
When you delegate this responsibility to some other party you do so at your own risk.