When I started with MegaCorp, pensions were freely given. Present promises of returns for employees against a future that would be someone else's problem. In rosy times, that promise seemed of little consequence, but in a few years, it started to become apparent that there was a problem.
At the approach of ten year vesting, a large percentage of employees became unwillingly unemployed, but after surviving the ten year cut off, again became model employees. I know that this isn't currently legal, if proved. But in past times, that were also high employment times, it wasn't fought. After a number of years, balance sheets then fell on that someone else, and pensions were left underfunded. MegaCorp could only pay out half of their liabilities, and COLAs for people still building pensions were frozen. Mega Corp, to their credit, did fund most liabilities, though. Enrollment to pensions were stopped. Employees had to start funding their own retirements. Older employees were stuck with playing catch-up to fund a eroding pension. I was one of these, but was jaded enough to aggressively take matters into my own hands and have come out far ahead. Trusting big entities (ie: corps, govt) is foolish, when real money is involved, IMO.
The point of this story isn't the evil of MegaCorp. Mega corporations by design, are robotic in morals and are duty bound to take care of their investors.
The point is the negligence of turning over complete control of your future and presumably your family's future, to others. Save, live under your means, invest carefully, and if promises are broken, you can still thrive.