The benefits were not cut, they were frozen. Those benefits currently earned are guaranteed through the aforementioned Pension Benefit Guaranty Corporation. The

The benefits were not cut, they were frozen. Those benefits currently earned are guaranteed through the aforementioned Pension Benefit Guaranty Corporation. The article does not mention it, but there are a variety of freezes that could occur: * Plan freeze: All currently earned benefits are given to the employee without any future opportunity to earn further benefit. In this case, the earned benefits are still there, just now one needs to find another retirement system. * New freeze / Grandfather Freeze: All current employees are allowed to fill out the vesting period, but new employees are not allowed onto the pension. Aside: nice handle.