They seem to be wobbling a little in their application of this scripture nowadays. This passage from a 2004 WT tries to cover all possibilities. In practice, the older dubs that I know who were schooled the past decades are still on the watch for the "cry of Peace and Security"
WT 2004 2/1 p 21
"Aware that his end is approaching, Satan since 1914 has been stepping up his efforts to mislead “the entire inhabited earth.” Always the master deceiver, Satan works behind the scenes, putting on the stage the world’s leaders and trendsetters as role players. (2 Timothy 3:13; 1 John 5:19) One of his goals is to deceive mankind into thinking that his way of governing can bring them true peace. By and large, his propaganda has succeeded, for people remain optimistic in spite of mounting evidence that conditions are going from bad to worse. The apostle Paul foretold that just before this system of things is destroyed, there will be a notable expression of satanic propaganda. He wrote: “Whenever it is that they are saying: ‘Peace and security!’ then sudden destruction is to be instantly upon them just as the pang of distress upon a pregnant woman.”—1 Thessalonians 5:3; Revelation 16:13.
In recent years, politicians have often used the phrase “peace and security” to describe various human schemes. They even dubbed 1986 the International Year of Peace, although that year did not live up to its name. Do such efforts by world leaders constitute the complete fulfillment of 1 Thessalonians 5:3, or was Paul referring to a specific event of such dramatic proportions as to claim world attention?
Since Bible prophecies are often fully understood only after they are fulfilled or are in the process of fulfillment, we will have to wait and see. It is of interest, though, that Paul compared the sudden destruction following the cry of “Peace and security!” to the birth pang of a pregnant woman. Over a period of about nine months, an expectant mother becomes increasingly aware of the baby that is growing within her. She may be able to hear her baby’s heartbeat or feel its movements in the womb. It may even kick her. The signs often become more and more pronounced until, one day, she feels a sharp pain, a pang, indicating that the hoped-for event—the baby’s birth—has arrived. Hence, however the prophesied cry of “Peace and security!” may be fulfilled, it will lead to a sudden, painful, but ultimately blessed event—the destruction of wickedness and the beginning of a new world system."
