Union pensions are in trouble, and financial watchdogs such as Moody’s Investor Services are starting to sound the alarm. Not only are many union retirement plans critically underfunded, but some are so badly underfunded that even current retirees could end up getting pennies on the dollars they were promised. Unions are reluctant to admit their problems and are resisting genuine reforms to fix the problem or soften the blow. Why? Former Labor Department official F. Vincent Vernuccio went looking for answers.