The pensions have already been turned over to the PBGC. Annuity payout is guaranteed as long as America stays a nation. Government checks can be cashed anywhere. While it may be less than orginially planned with the ability to work to 65 the damage is minimized.
Concerning lump sums, do you think CAL has that option? I don't.
Next year, Dec. 2009, the regulatory filing of the pensions will be published once again as required by law. And a deficit after a few years of zero funding on a 17 year schedule will terminate the CAL retirement without a PBGC option outside of bankruptcy. Repeat-- "outside of bankrupcy" because CAL is not likely to go bankrupt. The lump sum will disappear far sooner. IRS penalities will be paid instead which are far cheaper, and CAL pilots will be toast. No PBGC money. No lump sum. No annuity.
Good thing CAL is so solid. It will allow CAL to continue its 25 year legacy of screwing over its employees because CAL pilots don't get it just like the ones who sleep in the crew room and then flew the next day.
You obviously have no idea what you are talking about. The lump sum option, technically, can be suspended in the event of an underfunding which also triggers penalties. If that happens, the fund reverts to an annuity pay out until the fund is no longer considered "underfunded". Outside of bankruptcy the fund is currently frozen and there is no way for CAL to make any changes to it.
You may want to check your facts before you spout off on something you obviously know nothing about.