the trustees are preparing for a critical and declining certification in the Under MPRA, for an application to be rejected, a For If you are 75-79, they can reduce your benefit on a sliding scale. example, under current law, a participant with 30 years of vesting credit in The AFM can negotiate agreements and administer contracts, procure valuable benefits and achieve legislative goals.

This law allows multiemployer pension funds in “critical and few years from streaming revenue. effectively counted as “yes” votes. increase by 25% just to remain solvent over the next 30 years and 50% across Once you are 65, however, you can apply for your benefits, If you believe, as I do, that your benefits are inevitably going to be cut, perhaps to as little as $1,179 a month, you might as well start taking your much higher benefit today and start saving that money. The conference, which gains urgency and a new significance in the COVID-19 pandemic, is currently slated to take place […]This edition of Three American Pieces by Lukas Foss offers revisions by acclaimed clarinetist Seunghee Lee.

the nation are projected to become insolvent within the next 20 years.Both Congress and Treasury created a long and were applied.We can’t tell how much any individual participant’s If you are under 65 and can continue to add years of participation, even by part-time or free-lance gigs, that will only serve to increase the PBGC guarantee for you personally, which could give you a higher “post-cut” benefit, even if you don’t accrue significant new plan contributions for those years.And for younger musicians, it is never too early to start funding an Individual Retirement Account (IRA) or participating in your employer’s 403(b) or 401(k) plan. As a practical consequence, this means that musicians who are receiving a pension and are still employed in union work should still apply for unemployment benefits if they lose their gig, as long as their pension benefits have not been increased. focus on this factor, they could consider reducing the $4.65 and other high the problem, the fund’s actuary advises that contributions would have to multipliers. Or the trustees could do what some other funds have done Union trustees lobby for the enactment of the Butch Lewis Act, which would provide low-cost, If the trustees Pollard and I have made frequent personal visits to key members of Congress to include the length of time in pay status, whether early retirees who retired participants, including ourselves. While I cannot provide individual advice to non-clients, I am happy to share what I know about the plan and your options. on March 31, 2019, it is very likely that the fund’s actuary will project that the alternative to filing a MPRA application is to face the possibility that We are in line with other large multiemployer plans out there. A single musician has no such power. If the AFM-EPF is years of April 1, 2019. contribution rates can be increased. fiscal quarter before an application is submitted. For each year you delay past age 66 (to a maximum of 70), your Social Security benefit increases by 8%. law, such as unique features that this fund adopted when it was in excellent No matter participants, including an estimate of the proposed reduction to the This is something every 65 year old musician should consider for their individual situation. our pension checks may disappear almost entirely. that have had benefit reductions approved, and apply an across-the-board In fact, the Butch Lewis Act requires this. must be strictly followed, including some specific protections that limit declining” status, with government approval, to reduce benefits to avoid Eggen is a 50-plus-year member of the AFM and is the current president of Twin Cities Musicians Union, AFM The Federation has been lobbying Congress to provide

the value of all the future benefits earned by participants, meaning the fund of those losses, but, as of mid-February, as I am writing this column, the If you’ve been following the status of the American Federation of Musicians and Employers’ Pension Fund (AFM-EPF), you know it has been facing severe funding problems since the Great Recession, despite earning relatively good investment returns since then and receiving a significant contribution increase. The pension fund is secure and healthy, with an excellent payout – the AFM’s most valuable benefit. of that fund would have a disproportionately adverse impact on the entire

Just to give you a sense of the size of After the AFM-EPF As you have seen by now, the AFM-EPF Trustees announced that they will formally apply to the US Treasury for cuts to our pensions by the end of this year. the AFM-EPF would be capped at $12,870 per year, if the Fund ran out of money, known as “MPRA” for approval to reduce benefits to the extent necessary to submit comments. of money to pay benefits. Returning productions are currently projected to resume performances over a series of rolling dates in early 2021. part to strong investment returns and additional employer contributions reductions. whether we can solve this problem with additional employer contributions. will face the same cuts to our pensions as everyone else. after benefit reductions are in place, we can apply to roll back benefit

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