Pensions did go insolvent and laws were changed so that companies could include their pension fund as assets and leverage against them, also other companies could come and buy the fund and then claim that since they don't offer a pension to their employees none of those pension protections applied.

Those situations could have been resolved in a way that was pro-worker, instead pensions were dissolved and all workers are encouraged to tithe to wall street since that is the "right way" to do things in our shitty society.