The American Federation of Musicians and Employers’ Pension Fund has applied once more to the U.S. Treasury Department for permission to slash benefits for around half of its 51,521 members.
The pension fund is currently in ‘critical and declining’ status, following years of warnings from musicians that it was being mishandled. It is now expected to run dry within 20 years.
If approved by the Treasury, the new cuts will kick in next January 1.
Over-80s will not be affected.