This goes directly to the question of the PBGC giving bailouts (https://www.pbgc.gov/arp-sfa https://www.pbgc.gov/arp-sfa) rather than windups and dissolution.

This goes directly to the question of the PBGC giving bailouts (https://www.pbgc.gov/arp-sfa https://www.pbgc.gov/arp-sfa) rather than windups and dissolution. These bailouts -- and the decisions if a pension fund should be forcibly closed -- are political in nature. For example, Biden bailing out the Teamsters pension fund (https://bidenwhitehouse.archives.gov/briefing-room/statements-releases/2024/11/01/fact-sheet-president-biden-announces-1-2-million-pensions-protected-under-biden-harris-administration-celebrates-historic-support-for-unions/ https://bidenwhitehouse.archives.gov/briefing-room/statement...) or the decision by congress to ignore the fact that CalPERS has continuously below the 80% recommended funding for non-governmental pensions putting a 1.7T time bomb in play. In essence, government is failing to play one of its more essential roles of regulator.