AFM-EPF EXPENSES / CONSOLIDATION / CHRIS YOUNG WORKSHOP / COMMENT / EVENTS

 

11/9/17

I. THE TRUTH ABOUT AFM-EPF EXPENSES
II. STUDIO CONSOLIDATION – MEMBER COMMENT and LINK
III. ASMAC WORKSHOP WITH CHRISTOPHER YOUNG – NOV. 11th (TOMORROW!)
IV. MEMBER COMMENT
V. EVENTS

…Absolutely guaranteed anonymity – Former Musician’s Union officer

…The one voice of reason in a sea of insanity – Nashville ‘first call’
scoring musician
…Allows us to speak our minds without fear of reprisal – L.A. Symphonic musician

…Reporting issues the Musicians Union doesn’t dare to mention – National touring musician

 

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I. THE TRUTH ABOUT AFM-EPF EXPENSES

 

Musicians for Pension Security has discovered more

manipulation of the facts by AFM-EPF Trustees who

are trying to spin the truth about the performance of

our pension fund. Recently posted to the AFM-EPF

website is an updated presentation concerning our

fund performance (you can find it here) where the

Trustees state that AFM-EPF administrative expenses

are “comparatively low” within the peer group.

 

The peer group consists of five other pension plans,

all in the entertainment industry.
 
Given the Trustees’

spotty record for accuracy in these matters we decided

to check it out. Not surprisingly, MPS found the Trustees’

statements to be inaccurate and misleading.

Our analysis found that the administrative costs of AFM-EPF

are by far the highest in the peer group. We did this by using

a standard measurement for cost efficiency, comparing the

administrative expenses to assets under management.

What we found is that the average in the peer group was

0.73% whereas the AFM-EPF is 1.21%.  The AFM-EPF’s

expenses are 49.4% higher than the average in the peer

group of five other entertainment industry pension funds*.

We also compared the salary of the highest paid employee

in the peer group. As many of you know, Maureen Kilkelly,

the Fund Administrator of AFM-EPF since 1997, as of 2015

makes $422,667 per year. The peer group average is $231,346.
AFM-EPF Fund Administrator Maureen Kilkelly’s salary is

57.7% higher than the average for the peer group.

Clearly, all that extra expense does not produce better

performance at the AFM-EPF.  We came to this conclusion

by comparing the peer group of five entertainment industry

pension plans funded ratios versus funded ratio of the

AFM-EPF.  Pension plans track their financial health each

year by calculating its funded ratio through a simple formula

that divides plan assets by the present value of benefits

they must pay to participants.

 

The average funded ratio for the peer group is 89.5%.

Ours is 69%.  AFM-EPF Funded Ratio is 25.8% lower

than the peer group.

Finally, we compared net cash flow of the peer group

vs. AFM-EPF. We found that each of the five peer funds

are strongly cash flow positive, while ours is the only

one that is cash flow negative.

 

We are losing $121.2 million per year.

In last week’s email, we highlighted a statement that

President of Local 802 Tino Gagliardi (AFM-EPF Trustee

since 2010 and Investment Committee member) made

about the state of the pension fund:

“In the eight years since the end of the financial crisis,

the Fund’s average annualized return is 9.8% before fees.

That’s good, particularly since, in three of those years,

the fund didn’t make its target 7.5% assumed rate of

return**.”
Using numbers straight from the Trustee’s own investment

reports MPS showed plan participants just how bad the

investment performance has been, and how off base President

Gagliardi’s assessment is.

This week MPS again took the Trustees’ own numbers, from

their updated AFM-EPF presentation, to bring clarity to the

issue of expenses and we have come to the same conclusion:

They continue to spin the numbers and  they are not straight

with us. We have to ask again: Where is the accountability?

Where is the transparency? And when are the Trustees

going to do something to address the poor performance

of this pension fund?

________________________________________________

Screen Actors Guild (SAG)
International Alliance of Theatrical

Stage Employees (IATSE)

Producer-Writers Guild of America

Pension Plan (PW)
Directors Guild of America (DG)

American Federation of Television and Radio Artists (AFTRA)

American Federation of Musicians (AFM)

 

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II. STUDIO CONSOLIDATION – MEMBER COMMENT and LINK

Another Change for the neighborhood. Consolidation. While new players are entering
the business, Amazon, Apple, Netflix, etc.the big four are inevitably were going to feel
the squeeze. CBS Hollywood Sale has shown how the

Business is retiring from the old business model to survive the new kids on the block.

So what have WE done? Let LA Burn for the few.

When the big four made themselves distributors of film years ago to control the product
in movie theaters, now with a future of streaming, who needs distribution. People
will watch where and what ever they want.

See Link:

http://www.latimes.com/business/hollywood/la-fi-ct-disney-fox-sale-talks-20171106-story.html#share=email~story

 

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III. ASMAC WORKSHOP WITH CHRISTOPHER YOUNG – NOV. 11th (TOMORROW!)
This coming November 11th, ASMAC will be having a
winning masterclass with Award Winning Composer
Christopher Young!

Join ASMAC for an exciting Master Class
with Christopher Young!
“Scoring Genre Films”
Moderated by Sylvester Rivers
Saturday, November 11th – 11:00am – 2:00pm
Over the years Chris has scored over 125 movies including Spider-Man 3,
The Rum Diary starring Johnny Depp, The Hurricane with Denzel
Washington, The Shipping News with Kevin Spacey and Drag Me
To Hell. Chris has been on the faculty of the USC Screen Scoring
program for over ten years, a two-term past president of The Film
Music Society and the president of the Madrid Film Music Festival
in Spain. Young teaches and mentors around the world in countries
including Bulgaria, Ireland, Germany and Australia and in 2010
established the “Tilden House” residency program, providing
housing assistance to those who might not otherwise be able to
start or continue their composing careers in Los Angeles
MODERATOR
Composer, arranger and pianist Sylvester Rivers has recorded with
numerous hit artists including Lionel Richie, Diana Ross, The
Jacksons, Sammy Davis, Jr., Dionne Warwick, Nancy Wilson,
Kenny Rogers, Johnny Mathis, Aretha Franklin, New Edition,
Smokey Robinson, The Temptations, Gladys Knight & The
Pips, Barry White, Marc Bolan & T. Rex, Ray Parker, Jr. &
Raydio, Deniece Williams, The Fifth Dimension and many others.
Composing, arranging and orchestrating for television and film,
as well, such as the television series, “Fame,” songs for the Kevin
Bacon/ Laurence Fishburne film, “Quicksilver,”
“Breakin’ 2: Electric Boogaloo,” “The Arsenio Hall Show”
and numerous others, he has been prolific in producing music
throughout a wide spectrum.

The masterclass will take place at
Rancho Cordillera del Norte
9015 Wilbur Ave
Northridge, California 91324
ranchodelacordillera.com

Cost will be $25 for members and students.
$40 for non-members

 

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IV. COMMENT

Re: Ripinsky – Moving company is holding
our archive. Being kept safe.
2,400 sq. foot area for archive.
74 filing cabinets of contracts.
some out -of-work musicians could be employed to
go through all 74 cabinets of those contracts, and
with Mr Ripinsky’s guidance, find some of us the
money we will never have otherwise. (i wonder..
how many contracts were destroyed in that
mysterious fire ?)
i have suggested this to union bigwigs since Max
Herman days; they all looked at me like i was nuts.
there’s work dues in those files, you idiots !

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V. EVENTS
DEAN AND RICHARD
are now at Culver City Elks the first 
Friday of 
every month.
7:30pm-10:30pm,
11160 Washington Pl.
Culver City, 90232
310-839-8891

 

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11/9/17

Orchestre Surreal
Thursday November 9th – 8PM

The El Portal Theatre
5269 Lankershim Blvd
North Hollywood, CA 91601

Ticket Price – $30

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11/12/17

DOCTOR WU at VITELLO’S
Sunday, November 12th, 2017

If you love the music of Steely Dan, please join us for this
special night as The Doctor Wu Band returns to Vitello’s
(upstairs) for another great show.  This is a beautiful listening
room with delicious Italian cuisine. With the passing of the
great Walter Becker, co-founder of Steely Dan, shortly after
our last show, we are honored to be back and playing this
timeless music for you once again.

** Table reservations/Advanced Tickets are $10 and strongly
recommended. Click here to make your reservation:
http://www.vitellosrestaurant.com/purchase-tickets

Please note: Vitello’s recently implemented a $10 increase
in the cover at the door on the day of the show so be sure
to reserve in advance **

818.769.0905
4349 Tujunga Ave
Studio City, California 91604
Valet or street parking

About the The Doctor Wu Band:
Steely Dan produced an amazing number of recognizable
radio hits well known to all.  The Doctor Wu Band’s recreations
of this astonishing string of chart-toppers and album favorites
have thrilled fans all over Southern California for over a decade!
With a full line-up that includes a 4-piece horn section, this
talented group of professional players love to have fun and
share the joy of performing the music of Steely Dan.

Members of Doctor Wu have performed and recorded with the
likes of Chicago, Dave Benoit, Echo & the Bunnymen, Stanley
Clarke, UB40, Dionne Warwick, Chaka Khan, Poncho Sanchez,
The Temptations, Jay Graydon and more.

Line up:
Tony Egan: Lead Vocals
Leigh DeMarche & Lauri Reimer: background vocals
Gil Ayan: Guitar
Steve Bias: Bass and backgorund vocals
Mark Harrison: Keyboards
Roch Bordenave: Trombone
Jeff Dellisanti: Saxophones
Frank Villafranca: Saxophones
Kurt Walther: Drums
Andy Weiner: Trumpet

 

We look forward to seeing you there!
The Doctor Wu Band
http://www.doctorwuband.com/
https://www.facebook.com/doctorwuband

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UNTIL NEXT TIME,

THE COMMITTEE FOR A MORE RESPONSIBLE LOCAL 47

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