The dashing gentleman in the Porsche was none other than Ev Buckhardt, the ex catalog president of Lake Forest, IL( where $5,000,000 homes are dime a dozen). Ev's face has been all over the local and national papers as he is carrying the torch for all of the retirees, as he more or less agrees with your posts, "Sears made a promise, so keep it Art". Ev's salary was probably over $500K when he retired in '92, his death benefit is probably over $100K. Most retirees have a very small death benefit to start with, not like old Ev.
Most people think this is a low-ball move but fund investors love to see costs get cut as retailers in general offer skimpy benefits. Sure, this affects 125,000 former associates, but is it money out of the general publics' pocket? Nope, it is just a small PR pimple that will go away with a little time. Stock price won't go down on this one. Not enough people or big investors care unfortunately.