Trustees Share Concerns with Congress About New Multiemployer Pension Reform Proposal

December 13, 2019

U.S. Senators Charles Grassley (R-IA) and Lamar Alexander (R-TN) released a "Multiemployer Pension Recapitalization and Reform Plan" on November 20. As we informed participants in a recent issue of Pension Fund Notes, this proposal would provide financial relief to troubled multiemployer pension plans and make significant structural changes to the multiemployer pension system.

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Certain Benefits Are Protected Under the Multiemployer Pension Reform Act

December 6, 2019

When the Trustees apply to reduce benefits to try to save the AFM-EPF, some participants have certain protections under current law. If the benefit reduction is approved, benefit payments will not be reduced until January 1, 2021. Following the legal requirements, we will provide individual monthly benefit reduction estimates in the first week of January 2020. However, we know now that many participants will either have no benefit reduction at all, or the size of their reduction will be limited because the Multiemployer Pension Reform Act (MPRA) provides certain protections for age, disability and small benefits.

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Senators Grassley and Alexander Release Multiemployer Pension Reform Proposal

November 21, 2019

U.S. Senators Charles Grassley (R-IA) and Lamar Alexander (R-TN) yesterday released a proposal that would provide financial relief to troubled multiemployer pension plans and make some structural changes to the multiemployer pension system. Sens. Grassley and Alexander are chairmen of the Senate Finance and Senate Health, Education, Labor and Pensions Committees, respectively. We are encouraged to see activity in the Senate to try to address the nationwide multiemployer pension crisis.

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What You Need to Know About the Pension Benefit Guaranty Corporation (PBGC)

October 16, 2019

As announced earlier this year, the AFM-EPF Trustees and the Plan's advisors are preparing an application to the U.S. Treasury Department to reduce benefits under the Multiemployer Pension Reform Act (MPRA). These benefit reductions are necessary to prevent the AFM-EPF from running out of money to pay benefits in the future. By putting the Plan on stronger financial footing, we are taking the steps necessary for the Plan to be around to pay benefits to current and future retirees for decades to come.

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The MPRA Process and Timeline for Benefit Reductions

September 19, 2019

As we informed participants in May, the Trustees and the Fund's advisors are preparing an application to the U.S. Treasury Department to reduce benefits under the Multiemployer Pension Reform Act (MPRA). These benefit reductions are necessary to prevent the AFM-EPF from running out of money to pay benefits in the future. By putting the Fund on stronger financial footing, we are helping to ensure that the Fund will be around to pay benefits to current and future retirees for decades to come.

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American Federation of Musicians and Employers' Pension Fund