Seriously now.... Editorial: Private union pensions the next bailout? THE ORANGE COUNTY REGISTER For years another potential multibillion fiscal catastrophe has been brewing, obscured by higher-profile storms created by taxpayer bailouts of Detroit and Wall Street and the looming crash of underfunded public employee pension plans. For the first time, taxpayers may become responsible for the nongovernmental pension liabilities of union collective bargaining contracts in construction, trucking and other industries in which workers move from one employer to another. Some estimate that these multiemployer pensions are $165 billion short of committed obligations for paying retirees' defined benefits. Editorial: Private union pensions the next bailout? | pension, private, plan - Opinion - The Orange County Register .