"There will be hell to pay if their pensions are
reduced or eliminated."
Just in case you beleive this, I must point out pensions have been cut dramatically already and the outrage has well been contained through corporate and consultant actions. Congress doesn't answer to the people anymore.
As the most recent example, you might think the Pension Protection Act of 2006 helped the common pension participant. It helped mostly the Pension Plans reduce their liabilities through a change in the Lump Sum Distribution calculation. Prior to 2008, the calculation to determine the present value used the 30 year treasury value, something like 4.6%. The calculation uses this interest rate to determine the present lump sum to produce the monthly payout earned for your mortality rate, life expectancy. Starting in 2008 this rate will be replaced by a blended corporate bond rate in 20% increments until 2012 when the rate will be 100% of the blended. In 2008 this reduced the lump sum pay out by about 2%, in 2009 it will be about 6%, in 2010 it will be 17%, when done the lump sum payout will be about 40% less than the same credits would have produced in 2007. So in 2012 if you expect to live longer, take the payments, especially if the payment is below the PBGC monthly insurance covered amount so when the pension terminates due to lack of funds, the rest off us can keep the companies promise through the PBGC.
There was no outrage, there were no screams. The majority of people in this country were not hurt as fewer people have this benefit. Divide and concur the people. Take advantage of the minorities.