The tfa says that almost all of this went to big public automakers. Enraging. I initially thought that this was going to some small biz thing that at least would slosh the money around through the owners. But nope - corp welfare!
Short answer: no.
The government just gave money to every executive in the company, and your argument is that because the company stock is also held by pension funds, they were supporting pension funds? Makes little sense.
Just giving the money straight to the pension funds would be much more efficient. This method enriches a bunch of non-contributors along the way.
If you're claiming otherwise, it would be fascinating to see the evidence.