US musicians raise alarm about their union pension fundmain
We have been sent a link to ‘a newly formed pension awareness group’ of US-based musicians who are worried about the management of the AFM pension pot.
Here’s how it begins:
As you may have heard, our hard-earned pension benefits could be slashed to a negligible monthly payout once we retire. Our Fund Trustees say this is due to a series of unfortunate events, but it seems more and more clear that the true unfortunate event is that they are responsible for a decade of poor performance, and have been less than transparent about the health of the Fund.
It’s true that in 2008 we incurred catastrophic losses to our pension fund. That was a terrible year in the market for all, and during that crash almost every multiemployer fund suffered substantial losses. But our pension fund performed much worse … AFM-EPF lost nearly 40% (AFM website) of assets spanning the 18 months surrounding the crash, while other funds suffered an average of 25%. After that difficult period, the majority of multiemployer pension funds bounced back, and 60% of those plans were back in the Green Zone by 2011 (PBGC). Not ours, however. The AFM-EPF fund continued to underperform every single year.
Let’s talk numbers here for a minute…
Read on here.