The American Federation of Musicians and Employers’ Pension Fund informed participants on Friday that the Fund is entering “critical and declining” status. This means that the Fund is projected to run out of money to pay benefits (or become “insolvent”) within 20 years.
Because the Fund is entering critical and declining status, the Trustees are now able to, and now intend to, apply to the government to reduce earned benefits under the Multiemployer Pension Reform Act in order to prevent the Fund from becoming insolvent.
More information here.
Last update here.
The consequences for thousands of musicians are alarming.