It seems nonsensical that American pensions are payed for directly by employers. In the Netherlands, and I think most of europe, pensions are payed out by speci

It seems nonsensical that American pensions are payed for directly by employers. In the Netherlands, and I think most of europe, pensions are payed out by special and legally separate funds. These are tightly regulated, and in return are fiscally advantageous. Now, there is some link between a pension fund and the corresponding company, so a downturn in the company can still hit your pension. However, the company does not get to set the pension conditions. Hence they cannot lure people with great but unrealistic pensions and later cut those pensions.