There is no lucrative fee structure if the employer goes with a Vanguard and prob Schwann/Fidelity 401k. In fact, it’s far cheaper than the investment fees charged by pension fund managers and has greater performance. Absolutely no reason to pay all those actuaries and investors when an index funds with zero expenses do a better job over decades long timeframes.

And PBGC is woefully underfunded. It’s already needing a bailout with just a few failing multi employer funds. It’s mostly for show I presume, since this isn’t even the first time it’s getting bailed out.

https://www.bloomberg.com/news/articles/2019-07-25/house-pas...