Unions, Default Risk, and Pension Underf unding

An explanation is provided for the following seemingly unrelated pieces of evidence concerning unions and pension plans in the United States: 1) The pension wealth of union members is greater than that of other workers, but 2) union pension plans are more often underfunded and 3) more likely to be terminated by default

Cause and effect of recent mergers

"Original draft October 1986. Latest revision June 1988."--p. [3] of prelim