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This report, by Senior Fellow Diana Furchtgott-Roth, examines what unions do not tell prospective recruits: that there is a widespread pattern of poor performance among collectively-bargained defined benefit pension plans. These plans perform poorly when compared to plans sponsored unilaterally by single employers for non-union employees. This updated paper — two previous editions were published in 2008 and 2009 — presents evidence showing the disparity between union and non-union pension plans, and suggests that union members recognize their leaders’ responsibility to close that gap and demand that they act to do so.