Drew McManus on the orchestra business.
The American Federation of Musicians and Employers’ Pension Fund (AFM-PEF) continues to scrape along. Back in March 2020 they managed to settle a suit filed against Trustees that alleged poor management and unnecessarily risky investment strategies. Both sides have claimed victory in the suit, and the reality is the AFM-EPF agreed to a $26.85 million settlement. According to Deadline.com, $17 million of that will be paid by the Plan’s fiduciary insurers. …
While it comes as no surprise, the recent announcement from the American Federation of Musicians and Employers’ Pension Fund (AFM-EPF) heralding massive cuts to member benefits is sure to bring more than its fair share of angst among AFM members who are part of the plan. While the plan has to be approved by the US Treasury Department before it goes into effect, the 1/7/2020 edition of The New York Times …
At the beginning of July, 2017 the American Federation of Musicians & Employers’ Pension Fund (AFM-EPF) distributed a notice informing members the Plan continues to be in critical status and “it remains likely that the Plan will become critical and declining at some point in the future, perhaps as early as…April 1, 2018.” For the most part, AFM-EPF Trustees adopted a “here’s what the problem is and what we would like …
On 1/17/2017 we examined the growing problems within the American Federation of Musicians & Employers’ Pension Fund (AFM-EPF) that led to the Board of Trustees to send a letter to plan members explaining how the fund has suffered since the economic downturn and their plan for recovery. Since then, that letter does not appear to have assuaged anxiety among some AMF-EPF members. A group of AMF member musicians met in New York City …
Pensions; can’t live with them, can’t avoid a crippling social collapse without them. Recently, the American Federation of Musicians & Employers’ Pension Fund (AFM-EPF) Board of Trustees sent a letter to plan members explaining how the fund has suffered since the economic downturn and their plan for recovery. Unlike other union pension plans, the AFM-EPF is a defined benefit multiemployer pension plan. The organization describes the distinction to a single employer …