"Pensions are great, but they are also what is leading to the collapse of many american companies as there work force gets older.."

Pensions were unable to fulfill their obligations to the pensioners because they were under funded. Period. Due to a change in the accounting methods used and that corporations were allowed to "borrow" against the assets in their employees' pension funds. This happened while Clinton was president and we had a republican congress.
Who benefited? The corporations of course. Please disprove anything I said and show your work.