SAVE THE DATE
Nationwide Meeting for all AFM Musicians
March 21, 2018 at 5pm
New York City (venue TBA)
LIVE STREAMING ON FACEBOOK
BREAKING AFM PENSION NEWS!
• Musicians for Pension Security recently obtained the AFM-EPF trustees’ own documents made public by law. (read them here) These documents reveal that the pension trustees have been planning cuts to our pension benefits going all the way back to August of 2015. According to those documents the trustees are targeting a 25-30% cut to existing benefits. MPS now believes the trustees could set an MPRA application into motion as early as June 2018, which starts the process that allows the trustees to cut our benefits.
• MPS hired Tom Lowman, a nationally recognized pension actuary, to review the situation. At the March 21 meeting, Tom will show how our trustees are proceeding upon assumptions that we would like to change and will explain why. He will present a plan to stabilize our pension in the near term and he will recommend measures to assure the long-term stability of the plan.
• Tom Lowman thinks that delaying cuts and working on improving the funding is the way to go. Cutting now may result in larger cuts than needed and cutting now while hoping to restore some of those cuts later would be difficult. He will explain why at the March 21 meeting.
• At the meeting you will also hear from Jonathan Kantor, our legal counsel, who will explain the process that our trustees are following to obtain the cuts, together with legal options that they -- and we -- have.
It is critical that all AFM members make every effort to attend this meeting. For those across the country who can’t be there, the meeting will be streamed via Facebook LIVE on the MPS Facebook page. Your attendance at the MPS National meeting will help to give you a better understanding of what is happening to our pension and the solutions we think will make a difference.
Please click here to RSVP to the March 21st meeting.
Who is MPS? Click HERE.
What is MPRA? Click HERE.
Musicians for Pension Security
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