I knew a guy about 20 years ago who lost his pension. He worked as a hot linotypist – the guys who used to set hot type for the publishing industry, a now all-but-forgotten trade – and his union bailed on him. Poor guy, I thought. What are the odds?
Well, apparently, they're getting better every day. We ran two stories in a row earlier this week, both about the once-sacrosanct notion that your company or municipality could run out of money.
The first stated that the Pension Benefit Guaranty Corp. could go down in flames in a decade if some underfunded multiemployer pension plans, including the Teamsters, don't get their acts together. The New York Times thought it was so important they ran the news as their lead story on page one.
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