Defined pensions will never work. a promise is being made for forty years away. That is impossible. All pay should be up front , if your retirement account is doing poorly then you make adjustments.  Money should not be owed by a company or government that might be broke for many reasons over a period of time.

sure lets make a mega carrier.  when it to big to fail the government can bail them out. the only gain from a merger would be huge payoffs for executives and short term gains for stockholders. everyone else would be screwed;