As a practical matter, I doubt we can expect government to ride herd on these problems, as they do the same stupid thing. Many states and municipalities have been "balancing the budget" by underfunding retirement plans for years -- that's part of the financial black hole some of them found themselves in during the past few years.
Although I do agree such plans should be structured in a way that effectively guarantees them. If nothing else, that might force the plans to be structured more conservatively. Things have been tightened up compared with several decades ago; I remember when the Horn & Hardart restaurants closed in Philly there were interviews with waitresses and the like who had worked there 30+ years and were told "oops, sorry, there's no money in that pension plan." (And folks wonder why every now and again somebody stomps into a business with guns blazing!)