UPDATE ON NATIONAL MEETING
Save the date:
Nationwide Meeting for all AFM Musicians
March 21, 2018 at 5pm
St. Malachy's Church
239 W 49th St, New York, NY
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 a 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 questionable 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 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 benefits now may result in larger cuts than needed. Also, cutting now while hoping to restore some of those cuts later would be difficult. He will explain why at the March 21 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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*As pointed out in the AFM-EPF Pension Fund Notes on 3/1, because of an editing error, an MPS email sent out on 2/23 about the upcoming MPS national meeting misstated the timetable for potential cuts to benefits. While the trustees will be making a decision about cuts to benefits in June 2018 and possibly starting the process through a MPRA application, the entire procedure that would end in benefits reductions would take the better part of a year to unfold. (read the 3/1 Pension Fund Notes email here)
The trustees' in the AFM-EPF Pension Fund Notes went on to say that the prospect of 25 to 30 % cuts is just MPS “guesswork” and represents merely “hypothetical scenarios.” To be clear, MPS posted copies of the trustees’ own documents and they clearly show that cuts in the 25-30% range have been seriously contemplated for over two years now. The trustees undermine their credibility when they attempt to disavow facts contained in their own documents. (See our previous article here.)