It definitely is a problem! The pivot pin will often dry up and cause enough friction to move it shearing the retainer pin. It is not common and I would moniter it in the future.
ok on that paticular pin there is no zert fiting to add grease that I know of? I used to have a L3400 a great machine. I do now have a L4400 and last week I took off the front end loader and had to pull those pins and there is no way one could even add grease if needed. Even with that on the L4400 this bolt has been replaces with just a pin that is squissed on both ends and it more or less just floats in another tab to keep it from rotating but there is no stress on it. I sort of agree with the one post that on the L3400 that the use of bolts on that model that they were over torqued in the begining and it just eventually failed.
krackerjack, I think you are thinking about the wrong pin. The pin to remove the loader is below the pin he had trouble with. Look at his picture and you'll see that pin just below it.
I think the zerk fitting for the pin he had trouble with is on the underside of the loader boom....but then again I'm may be remembering things wrong again. But I'm pretty sure that pin has a zerk fitting. The pin you remove to take the loader off does not have a grease fitting.