Company pensions in peril as shortfalls hit record

This year actually was supposed to be better for pensions under an accounting trick Congress approved in 2012.

(Read more: Underfunded pensions are red flag for investors: Greenberg)

The move would allow corporations to use a 15-year average of bond yields, rather than the current level, to calculate their obligations.

However, even that didn't work.

Pension return rates fell for a 12th straight year in 2012. slipping to 7.31 percent from 7.6 percent in 2011 and 7.73 percent the year before. That performance has been triggered by falling discount rates, which dropped to 3.93 percent in 2012 from 5.31 percent just two years before.

A number of companies have tried to reach settlements with employees to reduce their obligations, a process known as de-risking.

General Motors, Ford and Verizon Communications all took significant measures, including offering lump-sum payments and annuity purchases for former vested participants and retirees, according to consultant firm Milliman, which measures the obligations of 100 companies.

(Read more: Ford could close US pension funding gap by end of 2014)

The firms included in the Milliman 100 reduced their burdens by $45 billion, but were still left overall with a record shortfall.

GM, for instance, reduced its obligation by $30 billion but still had a $111 billion deficit.

While Fed policies of near-zero interest rates and $85 billion in money creation each month have helped boost the S&P 500 stock index, pension-burdened companies have been hammered.

"Because the Federal Reserve has announced that it plans to keep interest rates low through 2014 (and perhaps longer, until the overall unemployment rate reaches 6.5 percent), there is little expectation that rising discount rates will contribute to improvements in the funded status of the Milliman 100 pension plans," Milliman said in a report.

S&P's Silverblatt said young workers should be paying attention.

"For baby boomers it may already be too late to safely build up assets, outside of working longer or living more frugally in retirement," he said. "For younger workers, they need to start to save early, permitting time to compound their returns for their retirement. Corporations have shifted the responsibility to them, and if they don't step up now, they won't have anything for retirement."

—By CNBC's Jeff Cox. Follow him @JeffCoxCNBCcom on Twitter.