<\/p>\n
11\/9\/17<\/p>\n
I. THE TRUTH ABOUT AFM-EPF EXPENSES
\nII. STUDIO CONSOLIDATION – MEMBER COMMENT and LINK
\nIII. ASMAC WORKSHOP WITH CHRISTOPHER YOUNG – NOV. 11th (TOMORROW!)
\nIV. MEMBER COMMENT
\nV. 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
================================<\/p>\n
<\/p>\n
I. THE TRUTH ABOUT AFM-EPF EXPENSES<\/p>\n
<\/p>\n
Musicians for Pension Security has discovered more<\/p>\n
manipulation of the facts by AFM-EPF Trustees who<\/p>\n
are trying to spin the truth about the performance of<\/p>\n
our pension fund. Recently posted to the AFM-EPF<\/p>\n
website is an updated presentation concerning our<\/p>\n
fund performance (you can find it here) where the<\/p>\n
Trustees state that AFM-EPF administrative expenses<\/p>\n
are \u201ccomparatively low\u201d within the peer group.<\/p>\n
<\/p>\n
The peer group consists of five other pension plans,<\/p>\n
all in the entertainment industry.\u2028\u00a0\u2028Given the Trustees\u2019<\/p>\n
spotty record for accuracy in these matters we decided<\/p>\n
to check it out.\u00a0Not surprisingly, MPS found the Trustees\u2019<\/p>\n
statements to be inaccurate and misleading.<\/p>\n
Our analysis found that the administrative costs of AFM-EPF<\/p>\n
are by far the highest in the peer group. We did this by using<\/p>\n
a standard measurement for cost efficiency, comparing the<\/p>\n
administrative expenses to assets under management.<\/p>\n
What we found is that the average in the peer group was<\/p>\n
0.73% whereas the AFM-EPF is 1.21%.\u00a0 The AFM-EPF\u2019s<\/p>\n
expenses are 49.4% higher than the average in the peer<\/p>\n
group of five other entertainment industry pension funds*.<\/p>\n
We also compared the salary of the highest paid employee<\/p>\n
in the peer group. As many of you know, Maureen Kilkelly,<\/p>\n
the Fund Administrator of AFM-EPF since 1997, as of 2015<\/p>\n
makes $422,667 per year. The peer group average is $231,346.
\nAFM-EPF Fund Administrator Maureen Kilkelly\u2019s salary is<\/p>\n
57.7% higher than the average for the peer group.<\/p>\n
Clearly, all that extra expense does not produce better<\/p>\n
performance at the AFM-EPF.\u00a0 We came to this conclusion<\/p>\n
by comparing the peer group of five entertainment industry<\/p>\n
pension plans funded ratios versus funded ratio of the<\/p>\n
AFM-EPF.\u00a0 Pension plans track their financial health each<\/p>\n
year by calculating its funded ratio through a simple formula<\/p>\n
that divides plan assets by the present value of benefits<\/p>\n
they must pay to participants.<\/p>\n
<\/p>\n
The average funded ratio for the peer group is 89.5%.<\/p>\n
Ours is 69%.\u00a0 AFM-EPF Funded Ratio is 25.8% lower<\/p>\n
than the peer group.<\/p>\n
Finally, we compared net cash flow of the peer group<\/p>\n
vs. AFM-EPF. We found that each of the five peer funds<\/p>\n
are strongly cash flow positive, while ours is the only<\/p>\n
one that is cash flow negative.<\/p>\n
<\/p>\n
We are losing $121.2 million per year.<\/p>\n
In last week\u2019s email, we highlighted a statement that<\/p>\n
President of Local 802 Tino Gagliardi (AFM-EPF Trustee<\/p>\n
since 2010 and Investment Committee member) made<\/p>\n
about the state of the pension fund:<\/p>\n
\u201cIn the eight years since the end of the financial crisis,<\/p>\n
the Fund\u2019s average annualized return is 9.8% before fees.<\/p>\n
That\u2019s good, particularly since, in three of those years,<\/p>\n
the fund didn\u2019t make its target 7.5% assumed rate of<\/p>\n
return**.\u201d
\nUsing numbers straight from the Trustee\u2019s own investment<\/p>\n
reports MPS showed plan participants just how bad the<\/p>\n
investment performance has been, and how off base President<\/p>\n
Gagliardi\u2019s assessment is.<\/p>\n
This week MPS again took the Trustees’ own numbers, from<\/p>\n
their updated AFM-EPF presentation, to bring clarity to the<\/p>\n
issue of expenses and we have come to the same conclusion:<\/p>\n
They continue to spin the numbers and\u00a0 they are not straight<\/p>\n
with us. We have to ask again: Where is the accountability?<\/p>\n
Where is the transparency? And when are the Trustees<\/p>\n
going to do something to address the poor performance<\/p>\n
of this pension fund?<\/p>\n
________________________________________________<\/p>\n
Screen Actors Guild (SAG)\u2028International Alliance of Theatrical<\/p>\n
Stage Employees (IATSE)<\/p>\n
Producer-Writers Guild of America<\/p>\n
Pension Plan (PW)\u2028Directors Guild of America (DG)<\/p>\n
American Federation of Television and Radio Artists (AFTRA)<\/p>\n
American Federation of Musicians (AFM)<\/p>\n
<\/p>\n
=========================================<\/p>\n
<\/p>\n
II. STUDIO CONSOLIDATION – MEMBER COMMENT and LINK<\/p>\n
Another Change for the neighborhood. Consolidation. While new players are entering
\nthe business, Amazon, Apple, Netflix, etc.the big four are inevitably were going to feel
\nthe squeeze. CBS Hollywood Sale has shown how the<\/p>\n
Business is retiring from the old business model to survive the new kids on the block.<\/p>\n
So what have WE done? Let LA Burn for the few.<\/p>\n
When the big four made themselves distributors of film years ago to control the product
\nin movie theaters, now with a future of streaming, who needs distribution. People
\nwill watch where and what ever they want.<\/p>\n
See Link:<\/p>\n
http:\/\/www.latimes.com\/business\/hollywood\/la-fi-ct-disney-fox-sale-talks-20171106-story.html#share=email~story<\/p>\n
<\/p>\n
====================================<\/p>\n
<\/p>\n
III. ASMAC WORKSHOP WITH CHRISTOPHER YOUNG – NOV. 11th (TOMORROW!)
\nThis coming November 11th, ASMAC will be having a
\nwinning masterclass with Award Winning Composer
\nChristopher Young!<\/p>\n
Join ASMAC for an exciting Master Class\u2028with Christopher Young!
\n\u201cScoring Genre Films\u201d
\nModerated by Sylvester Rivers
\nSaturday, November 11th \u2013 11:00am \u2013 2:00pm
\nOver the years Chris has scored over 125 movies including Spider-Man 3,
\nThe Rum Diary starring Johnny Depp, The Hurricane with Denzel
\nWashington, The Shipping News with Kevin Spacey and Drag Me
\nTo Hell. Chris has been on the faculty of the USC Screen Scoring
\nprogram for over ten years, a two-term past president of The Film
\nMusic Society and the president of the Madrid Film Music Festival
\nin Spain. Young teaches and mentors around the world in countries
\nincluding Bulgaria, Ireland, Germany and Australia and in 2010
\nestablished the \u201cTilden House\u201d residency program, providing
\nhousing assistance to those who might not otherwise be able to
\nstart or continue their composing careers in Los Angeles
\nMODERATOR
\nComposer, arranger and pianist Sylvester Rivers has recorded with
\nnumerous hit artists including Lionel Richie, Diana Ross, The
\nJacksons, Sammy Davis, Jr., Dionne Warwick, Nancy Wilson,
\nKenny Rogers, Johnny Mathis, Aretha Franklin, New Edition,
\nSmokey Robinson, The Temptations, Gladys Knight & The
\nPips, Barry White, Marc Bolan & T. Rex, Ray Parker, Jr. &
\nRaydio, Deniece Williams, The Fifth Dimension and many others.
\nComposing, arranging and orchestrating for television and film,
\nas well, such as the television series, \u201cFame,\u201d songs for the Kevin
\nBacon\/ Laurence Fishburne film, \u201cQuicksilver,\u201d
\n\u201cBreakin\u2019 2: Electric Boogaloo,\u201d \u201cThe Arsenio Hall Show\u201d
\nand numerous others, he has been prolific in producing music
\nthroughout a wide spectrum.<\/p>\n
The masterclass will take place at
\nRancho Cordillera del Norte
\n9015 Wilbur Ave
\nNorthridge, California 91324
\nranchodelacordillera.com<\/p>\n
Cost will be $25 for members and students.
\n$40 for non-members<\/p>\n
<\/p>\n
===========================<\/p>\n
IV. COMMENT<\/p>\n
Re: Ripinsky \u2013 Moving company is holding\u2028our archive. Being kept safe.\u20282,400 sq. foot area for archive.\u202874 filing cabinets of contracts.
\nsome out -of-work musicians could be employed to
\ngo through all 74 cabinets of those contracts, and
\nwith Mr Ripinsky\u2019s guidance, find some of us the
\nmoney we will never have otherwise. (i wonder..
\nhow many contracts were destroyed in that
\nmysterious fire ?)
\ni have suggested this to union bigwigs since Max
\nHerman days; they all looked at me like i was nuts.\u2028there\u2019s work dues in those files, you idiots !<\/p>\n
===========================<\/p>\n
<\/p>\n
V. 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<\/p>\n
<\/p>\n
——————————————<\/p>\n
<\/p>\n
11\/9\/17<\/p>\n
Orchestre Surreal
\nThursday November 9th – 8PM<\/p>\n
The El Portal Theatre
\n5269 Lankershim Blvd
\nNorth Hollywood, CA 91601<\/p>\n
Ticket Price – $30<\/p>\n
————————————-<\/p>\n
11\/12\/17<\/p>\n
DOCTOR WU at VITELLO’S
\nSunday, November 12th, 2017<\/p>\n
If you love the music of Steely Dan, please join us for this
\nspecial night as The Doctor Wu Band returns to Vitello’s
\n(upstairs) for another great show.\u00a0 This is a beautiful listening
\nroom with delicious Italian cuisine. With the passing of the
\ngreat Walter Becker, co-founder of Steely Dan, shortly after
\nour last show, we are honored to be back and playing this
\ntimeless music for you once again.<\/p>\n
** Table reservations\/Advanced Tickets are $10 and strongly
\nrecommended. Click here to make your reservation:
\nhttp:\/\/www.vitellosrestaurant.com\/purchase-tickets<\/p>\n
Please note: Vitello’s recently implemented a $10 increase
\nin the cover at the door on the day of the show so be sure
\nto reserve in advance **<\/p>\n
818.769.0905
\n4349 Tujunga Ave
\nStudio City, California 91604
\nValet or street parking<\/p>\n
About the The Doctor Wu Band:
\nSteely Dan produced an amazing number of recognizable
\nradio hits well known to all.\u00a0 The Doctor Wu Band\u2019s recreations
\nof this astonishing string of chart-toppers and album favorites
\nhave thrilled fans all over Southern California for over a decade!
\nWith a full line-up that includes a 4-piece horn section, this
\ntalented group of professional players love to have fun and
\nshare the joy of performing the music of Steely Dan.<\/p>\n
Members of Doctor Wu have performed and recorded with the
\nlikes of Chicago, Dave Benoit, Echo & the Bunnymen, Stanley
\nClarke, UB40, Dionne Warwick, Chaka Khan, Poncho Sanchez,
\nThe Temptations, Jay Graydon and more.<\/p>\n
Line up:
\nTony Egan: Lead Vocals
\nLeigh DeMarche & Lauri Reimer: background vocals
\nGil Ayan: Guitar
\nSteve Bias: Bass and backgorund vocals
\nMark Harrison: Keyboards
\nRoch Bordenave: Trombone
\nJeff Dellisanti: Saxophones
\nFrank Villafranca: Saxophones
\nKurt Walther: Drums
\nAndy Weiner: Trumpet<\/p>\n
<\/p>\n
We look forward to seeing you there!
\nThe Doctor Wu Band
\nhttp:\/\/www.doctorwuband.com\/
\nhttps:\/\/www.facebook.com\/doctorwuband<\/p>\n
——————————————–<\/p>\n
UNTIL NEXT TIME,\u2028\u2028THE COMMITTEE FOR A MORE RESPONSIBLE LOCAL 47<\/p>\n","protected":false},"excerpt":{"rendered":"
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’\u2028scoring musician …Allows […]<\/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-475","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"http:\/\/www.responsible47.com\/index.php?rest_route=\/wp\/v2\/posts\/475","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=475"}],"version-history":[{"count":0,"href":"http:\/\/www.responsible47.com\/index.php?rest_route=\/wp\/v2\/posts\/475\/revisions"}],"wp:attachment":[{"href":"http:\/\/www.responsible47.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=475"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.responsible47.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=475"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.responsible47.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=475"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}