You need more knowledge of US pension law than I possess to grasp the latest twist in the Philadelphia Orchestra bankruptcy escape. But one thing is clear: old players lose out.
Read here.
UPDATE: And here’s more, more depressing still.
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Wish there more details. The only way this would be acceptable is if it affected ONLY newly hired players. I would hate to think a musician with 20-30 years or more is suddenly going to receive less per year than what he/she had planned on.
A pension of 80 000$ a year? Please…