This is good news. “Every year, if investment returns don’t make up this shortfall, the Fund has to draw down assets, which leaves less of an asset base on which to generate investment returns the following year.”As part of the reduction, the fund says that some of its “unique benefit features that were instituted when the Fund was in excellent financial condition” --including a subsidized early retirement benefit that participants received if they retired before the age of 65 prior to June 1, 2010 -- may be eliminated.Not all participants will receive a reduction. The AFM is comprised of a broad spectrum of musicians from all areas of the industry, including those who work in film and TV, on sound recordings, in operas and symphonies and in musical theater productions. For more than two years, patently false claims have besmirched our Pension Plan … The plaintiffs said in the settlement that the “decision to hire Meketa was a disaster” and that the trustees’ decision to retain Meketa as OCIO monitor “reflected their continuing breaches of duty, bad judgment, and resistance to retaining advisers with the requisite degree of independence.” The trustees are required to replace Meketa with a new OCIO Monitor pursuant to a request for proposals (RFP) process approved by the plaintiffs.Although the settlement signals an end to the litigation, both sides claimed victory and continued to take verbal jabs at each other.“For more than two years, patently false claims have besmirched our pension plan while the trustees have been doing everything possible to steer it toward financial stability,” the plan’s trustees said in a statement following the settlement. The Board of Trustees and staff of the Fund have always taken our fiduciary responsibilities very seriously. With a membership of 80,000, it is the largest musicians' union in the world.According to the trustees, the fund’s current liabilities total $3 billion versus assets of just $1.8 billion as of March 2019, putting the AFM-EPF’s “funding percentage” at just 60%. Meanwhile, those with relatively small pensions will be only minimally affected, if at all, and pensioners ages 75-79 will receive “partial protection” from the reductions. Contribution increases that high are not achievable,” reads a statement on its website.Additionally, the fund says that while it is actively pushing for legislation in Congress that would provide assistance to the AFM-EPF along with 120 other multi-employer pension funds currently facing insolvency (called the The fund also notes that while the federal government’s Pension Benefit Guaranty Corporation (PBGC) was set up to insure benefits for multi-employer plans like the AFM-EPF, that agency too is projected to The Biz premium subscriber content has moved to Billboard.com/business.To simplify subscriber access, we have temporarily disabled the password requirement. Lawsuit Settlement Ends an Undermining Distraction for the AFM-EPF Plaintiffs fail to prove claims, Board of Trustees remains unchanged On Wednesday, March 25, we informed participants that a settlement had been reached to end litigation against certain current and former AFM-EPF Trustees. The worst hit will be younger pensioners and those with relatively large pensions, according to the fund, though trustees say they are considering including a “maximum percentage benefit reduction” with the MPRA filing “so that no participant can have his or her benefit reduced more than this maximum percentage.”The fund indicates the MPRA filing is a last-ditch effort, and that contribution increases are not a feasible way to keep the AFM-EPF solvent.
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