The only protection is the PBGC, which is woefully underfunded, and could not even handle the recent multi employer pension fund failures. They just got bailed out again Mar 2021 in the American Rescue Plan legislation:
The real bailout is the backstop the federal government provides on asset prices at the expense of purchasing power of the currency.
I understand that you are not arguing for DB pensions. I am just trying to make it clear that US society has moved past DB pensions because we now have an explicit promise of bailouts at the expense of the dollar, and if we are going to do that, then cut out all the actuary and investment fund fees, and just drop it in social security or target date funds.
https://www.pbgc.gov/american-rescue-plan-act-of-2021
The real bailout is the backstop the federal government provides on asset prices at the expense of purchasing power of the currency.
I understand that you are not arguing for DB pensions. I am just trying to make it clear that US society has moved past DB pensions because we now have an explicit promise of bailouts at the expense of the dollar, and if we are going to do that, then cut out all the actuary and investment fund fees, and just drop it in social security or target date funds.