"Quite a few companies today...have DB pension plans that are underfunded. This means that if the company were to be wound down, there wouldn’t be enough money in the pension to pay the full amount expected by current and future retirees."

 The employer's solvency doesn't matter a bit if employees' UNION pension takes a hit.  400,000 Canadian retail union employees got "uh-oh letters" in the mail in June 2015. As much as 20% of employees future pensions disappeared. Losses were less if the employee quit before July 1.  Those employees lost "just" 10%.  They actually "benefited" another way: they no longer had to pay BIGGER contributions on top of their losses.  

Much breast-beating about employees' fiscal fate when Target went under. More today, when Sears is on the ropes.  Back in June, 2015?  Not a word in the media. Well, heck, they still had jobs, didn't they?  

Moral: Got a pension?  Maybe. Take NOTHING for granted. Plan accordingly.