AFM-EPF Enters ''Critical and Declining'' Status - Trustees Will Apply to Treasury Department to Reduce Benefits Under Multiemployer Pension Reform Act
May 24, 2019
At this week's Board of Trustees meeting, our actuaries advised that the AFM-EPF is entering ''critical and declining'' status, which means the Fund is projected to run out of money to pay benefits within 20 years. We are in this position because of the combination of investment losses during the Great Recession and rising benefit payments that increasingly exceed contributions.
AFM-EPF Fiscal Year Ends March 31, 2019; "Critical" or "Critical and Declining" Status Not Yet Determined
March 31, 2019
Sunday, March 31 is the last day of the current fiscal year for the American Federation of Musicians and Employers' Pension Fund (Fund). Over the next two months, the Fund's actuaries will collect and analyze the year-end data and prepare actuarial projections to determine whether our Fund will remain in "critical" status or move into "critical and declining" status for the new fiscal year. Entering "critical and declining" status means that the Fund is projected to run out of money to pay benefits within 20 years. The Fund's status must be certified by the Fund's actuaries and filed with the federal government by June 28. Once that occurs, we will communicate with our participants through the Fund's website and via email for those who have an email address on file at the Fund Office. The Fund will send all participants and employers the Annual Funding Notice and Zone Status Notice by postal mail or email on or before July 26, 2019.
AFM-EPF Will Likely Enter "Critical and Declining" Status in 2019
February 24, 2019
The AFM-EPF has been in "critical" status since 2010, and our actuaries project that we will enter "critical and declining" status sometime in the near future.
Congressman Neal Introduces Rehabilitation for Multiemployer Pensions Act
January 12, 2019
On Wednesday, January 9, House Ways & Means Committee Chairman Richard Neal (D-MA) introduced the Rehabilitation for Multiemployer Pensions Act. This bill presents the same solution to the national multiemployer pension crisis that was contained within the Butch Lewis Act in its original form.
It Appears That the Joint Select Committee Will Continue After November 30
November 30, 2018
Joint Select Committee on the Solvency of Multiemployer Pension Plans Co-Chairmen Sen. Orrin Hatch (R-UT) and Sen. Sherrod Brown (D-OH) announced yesterday that although they made "significant progress" and a "bipartisan solution is attainable," more time will be required to produce legislation that will save more than 100 multiemployer pension funds nationwide from future insolvency. In a joint statement, the two Senators promised that "the committee will continue its work."