7\/28\/17<\/p>\n
I. MINUTES OF LAST MEETING (FIRST QUORUM IN 16 MONTHS)<\/p>\n
II. LAWSUIT CLAIMS AFM PENSION MISMANAGEMENT<\/p>\n
III. EVENTS<\/p>\n
…Absolutely guaranteed anonymity – Former Musician’s Union officer<\/p>\n
…The one voice of reason in a sea of insanity – Nashville ‘first call’\u2028scoring musician
\n…Allows us to speak our minds without fear of reprisal – L.A. Symphonic musician<\/p>\n
…Reporting issues the Musicians Union doesn’t dare to mention – National touring musician<\/p>\n
===========================================<\/p>\n
I. UNION MEETING MINUTES MONDAY,\u00a0 JULY 24TH.<\/p>\n
Union meeting Monday \u2013 July 24th<\/p>\n
For the first time in 16 months the meeting reached a quorum.<\/p>\n
Quorum was met at 7:41, surprising for a July meeting.
\nA vast majority (but not all) were invested either as board or
\ncommittee members.<\/p>\n
President Acosta talked about building plans and
\nplans for the union.<\/p>\n
The Strategic Planning Committee
\nJohn Acosta, President
\nRick Baptist, VP
\nGary Lasley, Secretary
\nBooker White, Rank and File Rep \u2013 Disney Copyist
\nDavid Wheatley, Rank and File Rep
\nLydia Reichenbach, Rank and File Rep
\nSteve Dress, (Acosta listed him as Rank and File Rep,<\/p>\n
not bothering to point out that he is also president of<\/p>\n
the RMALA.)<\/p>\n
Jefferson Kemper, Local 47 organizing coordinator<\/p>\n
Their Priorities
\nDEVELOP EMPLOYMENT
\n-Generate union work oppor. \/Increase Union Density<\/p>\n
(composers, Contractors, Producers, Music -Coordinators<\/p>\n
Agents<\/p>\n
-Tax Credits for recording
\n-Improved contracts
\n-Interactive
\n-1-hour independent film Festival Call
\n-Benefits only jobs.
\nEmployer Outreach and Education<\/p>\n
PROVIDE MEMBERSHIP SERVICES AND BENEFITS
\n-Online Resources
\n-Contract Access
\n-Healthcare
\n-Pension
\n-Responsiveness \/ Efficiency
\n-Tech<\/p>\n
ENGAGE AND EDUCATE MEMBERS
\n-Survey Memberships to join u
\n-Create reasons to join union
\n-New Building Launch
\n-Perf Space
\n-New Member Showcase<\/p>\n
GETTING MEMBERS TO COME BACK
\n-New Member Training
\n-Masterclasses
\n-Establish Brand
\n-Foster Volunteerism
\n-Increase Responsiveness<\/p>\n
BUILD \/ REBUILD ALLIANCES RELATIONSHIPS
\n-elected officials
\n-Labor Union
\n-Personal Outreach
\n-Educational Institutions
\n-Community
\n-Employers
\n-Alliance of Woman Film Composers
\n-Composers Caucus<\/p>\n
BE POLITICALLY ACTIVE \u2013 LAWS PASSED
\n-Tax Credits
\n-National Right to work
\n-ACA \/ CHC affordable health care
\n-Musicians pol Action committee
\n-Encourage Activism
\n-Support Volunterism<\/p>\n
CONTRIBUTE TO COMMUNITY
\n-Relief Fund
\n-Musicians Foundation
\n-Music ED
\n-Promote Member contributions
\n-Encourage Volunteerism
\n-Guidelines for Donating Musical Services.<\/p>\n
PRIORITIZE PRIORITIES
\n-Craft a positive and dynamic Local 47
\nMission Statement that aligns with priorities
\n-1,3, 5 year plan
\n-Establish Goals for each strategy
\n-Present it to the members
\n-Ratify Strategic Plan
\n-Form Committees to achieve goals.<\/p>\n
Various questions from various people.<\/p>\n
Members need to get word out to the public and decision makers.<\/p>\n
RMA leaders took over meeting for 10 minutes,<\/p>\n
until Pres. Acosta said \u201cThank you\u201d
\nTheir Leaders blew a lot of smoke talking about how
\nTax incentives will a bring a lot of work back.
\nIt\u2019s the BACKEND! Everyone knows this.<\/p>\n
Members Asked about benefit only projects \u2013 Charities,
\nto enable folks to play for those events. Only charities<\/p>\n
mentioned. Pres. – Tough to allow, but need strict requirements.<\/p>\n
Comm. Member \u2013 to reach a goal you have to know how
\nyou\u2019re going to get there.<\/p>\n
Comm. Member \u2013 Plan is for the membership.
\nNeed to support the leaders.<\/p>\n
Chair makes motion to adopt the plan:
\nPlan is adopted\u00a0 – that will do nothing to fix the situation
\nwithout taking on the backend.<\/p>\n
PRESIDENT REPORT<\/p>\n
Lots about the move to Burbank.
\n3220 Wiwona \u2013 are in the back
\nin two modular buildings.<\/p>\n
In Phase I –\u00a0 all offices, afm offices, rehearsal rooms – Sept 8th.
\nBuilding\u00a0 – 5.5 million budget \u2013 says it\u2019s all union labor.
\nPhase II \u2013 Exterior painting – Over 1 MILLION Budget for Phase II
\nBuilding cost 13 million.
\nSo total spent is over 18 million. With the total sales of the
\nbuilding coming to approx – 24 million.<\/p>\n
That leaves about 4.5 million<\/p>\n
Investment monies left over: $4.5 million left over.<\/p>\n
When did the board decide to change the terms.<\/p>\n
We were told it would be 10-12 million left over<\/p>\n
for investment, now we hear it\u2019s going to be 4.5<\/p>\n
million.<\/p>\n
[Recap: initial building was going to cost $10,000,000,<\/p>\n
plus three businesses to cover the property taxes of<\/p>\n
approx. $120,000. The sale was approved on these<\/p>\n
terms.<\/p>\n
Then, lost that building, wound up paying 13 million<\/p>\n
for a building with NO businesses to cover property<\/p>\n
taxes. Pig in a poke?]<\/p>\n
We believe that money will be gone in less than 5 years,
\nUNLESS backend payments are reduced or illuminated.<\/p>\n
SAG\/AFTRA CREDIT UNION now combined with
\nLocal 47 Credit Union.<\/p>\n
Will be vending area \/ Musicians Lounge.
\nWill be an elevator.
\n3 big band rooms.<\/p>\n
LA Phil, LA Opera, New West, Angelica, San Bernadino,
\nPasadena Sym, nego., Dance at the music center, Riverside
\nongoing, plus others.<\/p>\n
Legal: Prevailed against Magic Castle,.. mostly. Lost on<\/p>\n
shift changes<\/p>\n
Instrumental Casting \u2013 Trashed that group. Discussed<\/p>\n
nonunion<\/p>\n
gig at Hollywood venue. Charges were filed.
\nUnion protestors were almost arrested at (Instrumental<\/p>\n
Casting) protest.<\/p>\n
Wordless music, planned non-union job music to film \u2013<\/p>\n
filed charges. (More jobs lost to professional musicians<\/p>\n
only trying to pay their bills)<\/p>\n
Union screws the rank and file again who aren\u2019t the<\/p>\n
privileged.<\/p>\n
Organizing: Discussed plans.<\/p>\n
[EC: Why do these folks keep talking about TAX<\/p>\n
Credits as though that will make any difference<\/p>\n
at all except for the have\u2019s.<\/p>\n
We all know why, don’t we.]<\/p>\n
OCTOBER 7th \u2013 Will honor Lalo Schifrin to raise<\/p>\n
money for the music fund.<\/p>\n
VP REPORT
\n-Oct 16th \u2013 golf tournament to benefit music fund.<\/p>\n
I\u2019m the chair.
\n-Going to Central Avenue Jazz Festival will be<\/p>\n
honoring Clora Bryant on Saturday.
\n-Going to NY to nego, live TV contract.
\n-Went to Cabrillo Music Festival to see Peter<\/p>\n
Pan. Dan Redfeld conducted.<\/p>\n
Archive: is in storage \u2013 74 Three drawer filing<\/p>\n
cabinets of old contracts. Rehearsal rooms \u2013<\/p>\n
Talked to groups that rehearse \u2013 starting on<\/p>\n
Sept 14th: 13 piano, 7 sets, 6 Timp, Will have<\/p>\n
mikes and speakers. Can room be rented for<\/p>\n
recitals? \u2013 Yes, to a degree.<\/p>\n
SECRETARY:
\nGeneral fund: 1st quarter
\nRevenue $1,643,291
\nExpenses $1,105,038
\nOver 500,000 in profit.<\/p>\n
Overture is printed 4 times a year, but everyone<\/p>\n
month electronically.<\/p>\n
Can download app. For your phone.<\/p>\n
Music Club
\nRev 81,782
\nExp. 1150.995
\n$69,215 dollars in the red<\/p>\n
Final sale of building. 24,750,000
\nCost of New building 13,431.98
\nOver $500,000 paid by Music Club<\/p>\n
to settle bills.<\/p>\n
$43,000 plus for legal
\n$175,000 lease back
\n$1,392,751 to renovations
\n$1,880 for utilities
\n$3,933 \u2013 accounting
\n$1,280 on elevator repair
\n$5,074 insurance
\n$6,464 dollars on office furniture.<\/p>\n
Over 5 million put with Merrill Lynch.
\n$2,400.000 in fixed income
\n$2,100,000 equities<\/p>\n
Investment policy:
\nFirst priority: Preserve principal
\n55% bonds-fixed income \/ 45% in stocks and mutual.<\/p>\n
OLD BUSINESS<\/p>\n
Member asked:
\nApril 24 there was no quorum \u2013 was the resolution<\/p>\n
passed? Was amended version Published?
\n[Yes]
\nDid Amended version go through the legislative<\/p>\n
process?
\nA replacement amendment was published.
\nIf so, you cannot amend an outstanding motion.
\nParliamentarian: Process at meeting was followed<\/p>\n
as per bylaws and Robert Rules of Order.\u2019
\n[We don\u2019t think they followed proper procedure,<\/p>\n
hoping no one would press it.]<\/p>\n
NEW BUSINESS<\/p>\n
President Acosta Announced: Isabel Baskoff<\/p>\n
passed, service Friday at 10 am.<\/p>\n
Adjourned 9:30 PM<\/p>\n
================================================<\/p>\n
II. LAWSUIT CLAIMS MISMANAGEMENT OF MUSICIANS<\/p>\n
UNION’S TROUBLED PENSION PLAN
\nDavid Robb\u00a0 July 24, 2017 5:09pm – DEADLINE HOLLYWOOD<\/p>\n
UPDATED with statement from the plan\u2019s executive director:<\/p>\n
The American Federation of Musicians\u2019 beleaguered $2<\/p>\n
billion pension plan, which had a $122 million shortfall<\/p>\n
last year, has been hit with a class-action lawsuit that<\/p>\n
claims its trustees have made a series of risky<\/p>\n
investments that have endangered the pensions of<\/p>\n
thousands of musicians. The suit, filed in the U.S.<\/p>\n
District Court in Manhattan, seeks the appointment<\/p>\n
of an independent fiduciary to administer the plan<\/p>\n
and the management of its investments.<\/p>\n
Like many multi-employer pension plans, the<\/p>\n
AFM plan was hit hard by the recession and<\/p>\n
market downturn of 2008. But the musicians\u2019<\/p>\n
plan was hit harder than most, losing 40% of<\/p>\n
its value in 18 months.\u00a0A lawsuit filed by musicians<\/p>\n
Andrew Snitzer and Paul Livant in New York<\/p>\n
District Court claims that the plan\u2019s trustees<\/p>\n
and investment committee tried to make up<\/p>\n
for this staggering loss by investing in<\/p>\n
questionable stocks.<\/p>\n
REX\/Shutterstock
\n\u201cWith the fund in critical status resulting from<\/p>\n
bad investment decisions,\u201d the 66-page suit<\/p>\n
claims (read it here), \u201cdefendants chased<\/p>\n
recovery of lost investment returns by repeatedly<\/p>\n
gambling on the hope of high investment returns<\/p>\n
from the highest risk asset classes, in breach of<\/p>\n
their fiduciary duties under the Employee<\/p>\n
Retirement Income Security Act. Defendants<\/p>\n
failed to prudently invest hundreds of millions<\/p>\n
of dollars of fund assets and monitor and manage<\/p>\n
risk tolerance and exposure in the stressed financial<\/p>\n
circumstances facing the fund.\u201d<\/p>\n
Maureen Kilkelly, executive director of the pension<\/p>\n
plan, called the suit \u201centirely without merit,\u201d saying<\/p>\n
that the board of trustees and staff of the fund \u201chave<\/p>\n
always taken our fiduciary responsibilities very<\/p>\n
seriously. Every step of the way, we have consulted<\/p>\n
with respected and experienced investment experts<\/p>\n
in the industry, closely reviewed investment options,<\/p>\n
and always acted in the best interests of the fund\u2019s<\/p>\n
nearly 50,000 participants and beneficiaries.\u201d<\/p>\n
According to the lawsuit, \u201cDefendants invested<\/p>\n
approximately $243.5 million of the fund\u2019s assets<\/p>\n
over the period since 2010 in high-risk, high-cost<\/p>\n
international emerging markets equities, gambling<\/p>\n
on outsized growth in international emerging markets\u2019<\/p>\n
economies and coincident investment returns consistent<\/p>\n
with returns in the previous decade. Defendants further<\/p>\n
gambled on the investment managers they hired to<\/p>\n
outguess the market and produce better returns for<\/p>\n
their excessively high costs and fees. As the investment<\/p>\n
lost market value, defendants chased recovery of the<\/p>\n
lost returns with further fund assets. Defendants<\/p>\n
knew, or should have known, this continuing and<\/p>\n
increasingly risky gamble exposed the fund to<\/p>\n
imprudent and excessive risk when the fund\u2019s<\/p>\n
returns were vital to recovery.\u201d<\/p>\n
The suit claims that the trustees tried to recoup<\/p>\n
losses by investing ever greater percentages of<\/p>\n
the fund\u2019s assets in risky emerging markets<\/p>\n
equities. \u201cDefendants knew the average pension<\/p>\n
plan had 4.5% of total assets invested in emerging<\/p>\n
markets equities,\u201d it alleges. \u201cDefendants approved<\/p>\n
a policy to invest up to 5% of total Fund assets in<\/p>\n
emerging markets equities, and then, following<\/p>\n
negative returns, more than doubled the high<\/p>\n
risk investment to 11%, only to again double-down<\/p>\n
and increase the fund\u2019s investment to an extra-<\/p>\n
ordinary 15% of fund assets. Defendants\u2019 process<\/p>\n
of chasing recovery of lost returns with increasingly<\/p>\n
risky asset allocations, in an attempt to meet or<\/p>\n
beat the actuarial return assumption, was imprudent<\/p>\n
and resulted in substantial injury to the fund. Like a<\/p>\n
gambler chasing his losses, defendants did so<\/p>\n
despite the high-risk nature of the asset class,<\/p>\n
substantial and continuing declines in the market<\/p>\n
value of the investment, increased uncertainty<\/p>\n
concerning volatility and growth prospects in<\/p>\n
emerging markets, substantial underperformance<\/p>\n
by the managers, substantial underperformance<\/p>\n
of the fund versus its peers, and the mounting<\/p>\n
substantially negative impact of the investment<\/p>\n
on the fund\u2019s returns.\u201d
\nIn December, the trustees told participants that<\/p>\n
the fund \u201chas now been in critical status for six<\/p>\n
years and is projected to remain so for the<\/p>\n
foreseeable future\u2026We currently have a plan<\/p>\n
that incorporates reasonable measures available<\/p>\n
under the law to address our situation. At this<\/p>\n
time, we are reliant on the fund\u2019s investment<\/p>\n
performance and to a much lesser extent<\/p>\n
employer contributions.\u201d<\/p>\n
In her statement to Deadline, the plan\u2019s exec<\/p>\n
director Kilkelly said the suit \u201cis directed at<\/p>\n
the performance of fund investments, but<\/p>\n
there are many other causes of the fund\u2019s<\/p>\n
present financial predicament. Many<\/p>\n
multiemployer pension plans across the<\/p>\n
nation are struggling with a similar \u2018perfect<\/p>\n
storm\u2019 of challenging factors.<\/p>\n
These include the volume of Baby Boomers<\/p>\n
taking retirement; more benefits being paid<\/p>\n
out to retirees and beneficiaries than<\/p>\n
contributions coming in from actives;<\/p>\n
and significantly longer pay-outs because<\/p>\n
participants are thankfully living longer.<\/p>\n
Additionally, two major recessions since 2000,<\/p>\n
the one in 2008-09 being of epic proportions<\/p>\n
and causing the collapse of financial markets<\/p>\n
worldwide, have profoundly impacted pension<\/p>\n
plans across the nation.\u201d<\/p>\n
She said that she and the trustees and the<\/p>\n
staff of the fund \u201chave responded prudently<\/p>\n
to all challenges and have consistently based<\/p>\n
their decisions on the counsel of proven<\/p>\n
investment advisors and actuaries. We will<\/p>\n
vigorously contest this lawsuit, and expect<\/p>\n
to prevail. Our focus will continue to be<\/p>\n
on doing everything we can to preserve the<\/p>\n
hard-earned benefits of our participants<\/p>\n
and beneficiaries.\u201d<\/p>\n
FROM DEADLINE HOLLYWOOD<\/p>\n
\n===========================================<\/p>\n
III. EVENTS
\nDEAN AND RICHARD
\nare now at Culver City Elks the first \u2028Friday of \u2028every month.
\n7:30pm-10:30pm,
\n11160 Washington Pl.
\nCulver City, 90232
\n310-839-8891
\n————————————-
\nLA WINDS JAZZ KATS 584
\nNO COVER, NO MINIMUM.
\nEvery 2nd and 4th Tuesday of the month at
\nViva Cantina
\n7:30-10:00.
\n900 Riverside Drive, \u2028Burbank.<\/p>\n
Free parking across the street at Pickwick Bowl.
\nCome hear your favorite charts played the way
\nthey \u2028should \u2028be. \u2028\u2028We are in the back room called
\nthe Trailside Room. \u2028\u2028\u2028Come on down.<\/p>\n
Guaranteed to swing.<\/p>\n
http:\/\/www.responsible47.com<\/p>\n
—————————————-<\/p>\n
7\/29\/17<\/p>\n
SESSIONS AT THE LOFT<\/p>\n
ASHLEY BRODER AND FRIENDS<\/p>\n
Event to be held at the following time, date, and location:
\nSaturday, July 29, 2017 from 7:30 PM to 9:30 PM (PDT)
\nSessions at the Loft
\n2465 Ventura Blvd
\nCamarillo, CA 91320<\/p>\n
———————————–<\/p>\n
7\/30\/17<\/p>\n
The BBB\u00a0featuring\u00a0Bernie Dresel
\n(Direct from Italy!)<\/p>\n
THIS SUNDAY July 30\u00a0from \u00a07:00pm-8:30pm
\nat\u00a0Bogies\u00a0in Westlake Village, CA
\n(right off the 101 at Lindero Canyon Road exit.)
\nBig Band Extravaganza!!!
\n32001 Agoura Road,\u00a0Westlake Village, CA 91361
\nCall 818-889-2394 for ticket reservations!!
\nor Go to:\u00a0http:\/\/www.bogies-bar.com\/events\/
\nand click on the RSVP tab for our July 30 show.
\nor cross your fingers and JUST SHOW UP!
\n$20 cover charge<\/p>\n
Come join\u00a0The BBB featuring Bernie Dresel,
\n(13 horns, upright bass, guitar, and plenty of<\/p>\n
drums) swingin’ &\u00a0rockin\u2019 selections from\u00a0our<\/p>\n
brand new album, Live n\u2019 Bernin\u2019.<\/p>\n
The club is gorgeous, the food is great, and<\/p>\n
the sound system is perfect! \u00a0Come welcome<\/p>\n
me & Vicky as we arrive back to Los Angeles<\/p>\n
from our beautiful honeymoon in Italy!!<\/p>\n
Our new album\u00a0Live n\u2019 Bernin\u2019\u00a0will be<\/p>\n
available for\u00a0sale at this show.<\/p>\n
(Also available online at CDBaby Amazon,<\/p>\n
and ElusiveDisc; as well as\u00a0downloads on<\/p>\n
iTunes, CDBaby and Amazon).<\/p>\n
—————————————-<\/p>\n
8\/2\/17<\/p>\n
PRESS RELEASE\/Wed AUGUST 2, 2017 at<\/p>\n
12:10-12:40 pm at the Free Admission
\nGLENDALE NOON CONCERTS\/<\/p>\n
Pianist NANCY FIERRO:
\nMusic from the Belle Epoque.<\/p>\n
Thank you!
\nJacqueline Suzuki
\nCurator, Glendale Noon concerts
\n818 -249-5108
\nhttp:\/\/www.glendalenoonconcerts.blogspot.com<\/p>\n
UNTIL NEXT TIME,\u2028\u2028THE COMMITTEE FOR A MORE RESPONSIBLE LOCAL 47<\/p>\n","protected":false},"excerpt":{"rendered":"
7\/28\/17 I. MINUTES OF LAST MEETING (FIRST QUORUM IN 16 MONTHS) II. LAWSUIT CLAIMS AFM PENSION MISMANAGEMENT III. EVENTS …Absolutely guaranteed anonymity – Former Musician’s Union officer …The one voice of reason in a sea of insanity – Nashville ‘first call’\u2028scoring musician …Allows us to speak our minds without fear of reprisal – L.A. Symphonic […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-429","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"http:\/\/www.responsible47.com\/index.php?rest_route=\/wp\/v2\/posts\/429","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.responsible47.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.responsible47.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.responsible47.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.responsible47.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=429"}],"version-history":[{"count":0,"href":"http:\/\/www.responsible47.com\/index.php?rest_route=\/wp\/v2\/posts\/429\/revisions"}],"wp:attachment":[{"href":"http:\/\/www.responsible47.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=429"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.responsible47.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=429"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.responsible47.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=429"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}