Those aren't, and never were, pensions. Few pension programs exist anymore, they were (almost) all replaced with retirement accounts starting I don't even know

Those aren't, and never were, pensions. Few pension programs exist anymore, they were (almost) all replaced with retirement accounts starting I don't even know when, but finishing by the mid 1980s. The pension programs were all going bankrupt due to various reasons (bad economy, American industrial collapse, etc) but mostly demographic implosion.