F. George McDuffee wrote:

General Motors Corp. may no longer be the world's biggest
automaker, but it still operates the country's largest pension
fund. The threat to its pension plans has always been an issue,
butit took on a new urgency when GM disclosed April 7 that its
plans were underfunded by more than $27 billion, with more than
half of that being owed to U.S. workers and retirees. Across
town, a post- bankrupt Chrysler faces its own pension shortfall.
Moreover, a report last week from the Government Accounting
Office (GAO) says the pension crisis in the auto industry could
create an unprecedented crisis for the federal Pension Benefit
Guarantee Corp., a government-sponsored organization to backstop
company pensions.
snip

It is clear the "fall-out" from the economic implosion is far
from over.

Those retires better husband their money. Reality is going to come home in the next few
years or next administration.

What I'm really interested in is can a state or city declare bankruptcy? Government
pension obligations are another ticking timebomb.

Wes