To clarify: Multiemployer = Union plan. Union plans have been used for years to give compensation increases that don’t cost anything at the time they’re given. Now the bill is coming due.
That is a helpful distinction, thanks for pointing it out.
So the single employer plans are basically solvent, because they’re probably managed by the company, farming out the actual asset management to a professional fund manager.
The multi-employer plans have likely been pillaged by corrupt unions over the years to enrich the union leadership. Is that plausible? Or, just simply a case of chronically underfunding the plans and hoping for a bailout WTSHTF.