I knew a few as well, LTV or ever it was at the time. Only received pennies on the dollar! Shouldn't be legal at all!! Reform is needed to stop the misappropriation of retirement funds.There were a lot of people at one of the steel mills (U.S. Steel or Bethlehem??) that lost their pension and benefits. My husband had two cousins that had worked their whole life there and retired. Both had health issues and were depending on the insurance. Both had their pension cut in half and all insurance benefits just gone. They both had to go back to work at other jobs just to survive.
Im glad I have what's called a cash balance account so they cannot touch it once the funds are there.