General Electric's pension obligations total $92B, more than the company's $80B market cap. GE has set aside $69B in assets to meet its $92B obligation, a $22B gap that sounds alarming, but the obligation comprises more than one pension and not all plans are ERISA-based; if a pension is not guaranteed under ERISA, then a company can pay retiree benefits on an annual basis from current cash flow rather than pre-fund it.
https://www.barrons.com/articles/ge-has-massive-pension-costs-but-they-should-fall-analyst-says-51554914737