In a defined-benefit world, professional managers pooled billions, managed money prudently under fairly strict federal laws and money was set aside for retirees unless those companies went bankrupt or pilfered the pension funds, which they did with increasing frequencystarting in the 1980s.
Among them, for instance, advertising-laden Elle magazine, co-published by Hearst Magazines and the Shanghai Translation Publishing House, has announced plans starting in April to increase its publishing frequency to twice-a-month from only once.
However, an expectation of moral decency is starting to creep into rulings on these types of lawsuits, which are appearing with greater and greater frequency.