It varies. A lot of places have moved away from pensions towards contributions to tax advantaged retirement accounts.
In the case of pensions, they will vest over time and people would receive benefits matching their vesting level. If a company shuts down, the pensioners are creditors of the company and there is some kind of bailout system (I guess basically a federally run reinsurance program).
In the case of pensions, they will vest over time and people would receive benefits matching their vesting level. If a company shuts down, the pensioners are creditors of the company and there is some kind of bailout system (I guess basically a federally run reinsurance program).