Also some of the old phone company (AT&T prior to the 1974 breakup) employees had their retirement benefits whittled away over the years, my father-in-law inclu

Also some of the old phone company (AT&T prior to the 1974 breakup) employees had their retirement benefits whittled away over the years, my father-in-law included. Additionally most private sector employees are not under any sort of contract. I didn't sign a contract at any of the three corporations I've ever worked for (over the past 22 years). Fortunately my retirement was all 401k and as I changed jobs I rolled those into a rollover IRA under my control so I don't have to worry about under-funded pensions, I only have to worry about how bad I suck at picking stocks.