Musicians Union’s Pension Fund To Again Ask Treasury Department For Permission To Reduce Benefits To Prevent Insolvency In 20 Years
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deadline.comTrustees of the American Federation of Musicians’ pension fund told participants today that they will submit a second application to the U.S.
Treasury Department to reduce benefits to prevent the Fund’s insolvency within the next 20 years. If approved, the proposed benefit reductions would go into effect on January 1, 2022, and participants and beneficiaries of deceased participants will be notified early next month of their estimated reduced benefits — some by as much as 40%.The Fund, which is currently in “critical and declining” status, is in trouble because as of March 2019, its $3 billion in liabilities exceeded its $1.8 billion in assets, meaning that it was underfunded by about $1.2 billion.Last December, the American Federation of
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