As hundreds of thousands of participants in the Central States Pension Fund brace for major pension cuts and millions of participants in other multiemployer plans don’t brace since they don’t grasp the depth of the funding problems facing union plans, the Pension Benefit Guaranty Corporation (PBGC) released their 2016 annual report which they ironically chose to subtitle “Keeping Our Commitment to America’s Workers.”

The author is an actuary who writes about pensions.