Its doesn't have to be public bailouts. There is something for Americans where the pension funds have been seized by the federal government to be managed. I worked for a company where the executives were using pension funds to give themselves annual bonuses until the federal government stepped in around 2009. There wasn't much money left over, so I'll be receiving very little, but at least the executives could raid the funds anymore.

> Welcome to PBGC! Since 1974, we’ve protected retirement security and the retirement incomes of over 33 million American workers, retirees, and their families in private sector defined benefit pension plans.

https://www.pbgc.gov/

It's a shame that you got screwed out of what you'd been promised. I'm guessing yours wasn't in the $86 billion bailout (maybe because it only went to multi-employer union plans?)

> https://www.cnbc.com/2021/03/08/covid-relief-bill-gives-86-b...

Unfortunately, it's not just the private sector pensions that have been mismanaged (or raided, as you pointed out) which are in dire straits. California, in particular, has a lot of public pension headaches that will be coming to a head (and in some cases already have):

https://www.latimes.com/projects/la-me-pension-crisis-davis-...

https://www.forbes.com/sites/adamandrzejewski/2020/05/19/why...

No, this was a telecom company where the Canadian executives were siphoning money from the American work force, which was net profitable. The Canadian side was losing money by the billions. The pensions were down to a mid sixty percent reduction before the American government stepped in to stop the transfers. It was in all the papers.

Even well managed funds can result in someone getting the shaft. My dad's pension (Delphi Salaried) was cut to 50% of what it was supposed to be after the events of '08, and it was funded to something like $0.86 on the dollar, above the national average.

The hourly workers (i.e., unionized) still got 100%, which was pretty unfair.