<\/p>\n
12\/16\/17<\/p>\n
I. AFM RETURNS WORST IN CLASS
\nII. AFM SPENDING MORE PENSION DOLLARS
\nIII. AFM’S LATEST ON THE SUBJECT
\nIV. COMMENTS
\nV. EVENTS<\/p>\n
HAPPY THANKSGIVING FROM THE COMMITTEE!<\/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. AFM RETURNS WORST IN CLASS<\/p>\n
How the AFM-EPF’s Investment Fees
\nActually Measure Up<\/p>\n
When the trustees recently made a major statement about
\nhow low the AFM-EPF\u2019s investment fees are, we checked it out.<\/p>\n
EXPENSES
\nAs we know all too well, the trustees spin the facts,
\nespecially when assessing their own performance.
\nEverything they say must be checked thoroughly.
\nSo, when the trustees recently made a major statement
\nabout how low the AFM-EPF\u2019s investment fees are,
\nwe checked it out. And not surprisingly, we found
\ntheir statement failed to tell the whole story.<\/p>\n
In their December 9 email, they point out that
\ntheir investment fees compare favorably with
\naverages contained in a broad industry study
\nperformed by Greenwich Associates. Since
\nthe Greenwich Associates study is only
\navailable to high paying subscribers (and
\nthat does not include MPS), we thought we
\nwould simply compare the AFM-EPF
\ninvestment expenses to the peer group in
\nthe entertainment industry.[1] In any event,
\nwe think the peer comparison provides a
\nmore accurate measurement than a broad,
\nill-defined industry study.<\/p>\n
We took the industry standard measurement,
\nwhich is the ratio of investment fees[2] to
\nassets under management. It turns out
\nthat AFM-EPF investment fees are 84.3%
\nhigher than the mean[3] for the\u00a0entertainment
\nindustry peer group:<\/p>\n
AFTRA: 0.36 Investment\/Assets (%)
\nDG: 0.25 Investment\/Assets (%)
\nIATSE: 0.024 Investment\/Assets (%)
\nPW: 0.21 Investment\/Assets (%)
\nSAG: 0.78 Investment\/Assets (%)
\n(MEAN): 0.25 Investment\/Assets (%)<\/p>\n
AFM: 0.615 Investment\/Assets (%)<\/p>\n
<\/p>\n
We also looked at how AFM-EPF compares
\nwith our sister fund in Canada, The Musicians
\nPension Fund, which is affiliated with the
\nAFM. The investment fees of the AFM-EPF are
\n78% higher than our Canadian sister fund.<\/p>\n
MUSICIANS PENSION FUND OF CANADA:
\n0.27 Investment Fees\/Assets (%)
\nAFM: 0.615 Investment Fees\/Assets (%)<\/p>\n
<\/p>\n
To get one more relevant comparison, we
\nlooked at the investment fees for an index
\nfund like Vanguard. The investment fees
\nof the AFM-EPF are 175% higher than
\nVanguard\u2019s:<\/p>\n
VANGUARD: 0.04 Investment Fees\/Assets (%)
\nAFM: 0.615: Investment Fees\/Assets (%)<\/p>\n
We need to remember that all these investment
\nfees paid out by AFM-EPF produced worse
\nperformance than any of the funds cited
\nabove. To take one example, the 10-year
\nannual average return earned by the Vanguard
\npassive index was 6.83%. [4] The 10-year
\nannual average return at AFM-EPF was 3.2%.
\nOverpaying for investment fees has a corrosive
\neffect on investment returns, especially over
\nlong time horizons. Here\u2019s a good explanation
\nof this phenomenon from Vanguard:<\/p>\n
\u201cInvestment costs might not seem like a
\nbig deal but they add up, compounding
\nalong with your investment returns. In
\nother words, you don\u2019t just lose the tiny
\namount of fees you pay, you also lose
\nall the growth that money might have
\nhad for years into the future. Imagine
\nyou have $100,000 invested. If the
\naccount earns 6% a year for the next 2
\n5 years and had no costs or fees, you
\nend up with about $430,000. If on
\nthe other hand you pay 2% a year in
\ncosts, after 25 years you\u2019d only have
\nabout $260,000. That\u2019s right: the 2%
\nyou paid every year would wipe out
\nalmost 40 percent of your final account
\nvalue. 2% doesn\u2019t sound so small
\nanymore does it?\u201d[5]<\/p>\n
Our trustees refuse to acknowledge that
\nthe AFM-EPF has an expense problem.
\nAs we have previously pointed out (see
\nprior post here), the AFM-EPF has
\nmultiple layers of investment managers.
\nFirst, they have two investment consultants
\nwho are taking substantial fees for their
\noverall management of the fund. These
\ntwo firms choose no less than 25 outside
\ninvestment managers, each of whom take
\na cut of the assets under management.
\nThen under these 25 managers, there
\nare often sub-managers who take a further
\ncut. On top of all that expense, AFM-EPF
\npension plan has a full staff of over 70
\npeople, headed by an executive who
\nearns $425,000 per year.\u00a0Given the layers
\nof consultants, outside managers, sub-
\nmanagers, and the full in-house staff, it
\nis no wonder that the AFM-EPF pays by
\nfar the most expensive investment fees
\nin the relevant peer group, and has returns
\nthat are worst in class.<\/p>\n
===================================<\/p>\n
II. AFM-EPF Trustees Find New Ways to Spend Your
\nPension Dollars
\nDC Pollster Hired to Run Focus Groups<\/p>\n
Participants in the AFM-EPF Pension Plan have recently
\nbegun receiving e-mails from Geoff Garen, President of
\nthe well-known Washington DC polling and political
\nstrategy firm Hart Associates. They are offering $100
\nto musicians to participate in focus groups: \u201cWe believe
\nthe insights you possess and the experiences you have
\nhad would be extremely valuable to the Fund as it seeks
\nto better understand the perspective of plan participants
\nand to provide them with helpful and timely information
\nabout the fund.\u201d<\/p>\n
So, who is Geoff Garen, and why is he being paid with
\nour hard earned and scarce pension dollars?<\/p>\n
Geoff Garen is a pollster and political strategist who
\nhas worked on the campaigns of many Democratic
\npoliticians, including Hillary Clinton, Chuck Schumer,
\nDick Durbin, Mark Warner and Diane Feinstein. He is
\nthe man behind the now much-ridiculed attempt to
\nre-brand the Democratic Party: the so-called \u201cBetter
\nDeal\u201d economic agenda, which was rolled out in July
\n2017. Widely seen as a poll-driven and focus group-
\ndriven set of talking points, \u201cThe better deal is
\ncovered not as an ongoing messaging effort but
\nas one event in July that quickly lost voters\u2019
\nattention,\u201d said the Washington Post. \u201cIt quickly
\ndisappeared.\u201d<\/p>\n
We are sure Geoff Garen is very good at what
\nhe does, which is furthering the careers of image-
\nconscious politicians. The problem is that the
\nAFM-EPF trustees are not politicians. They
\nare supposed to be guardians and fiduciaries
\nof our pension, not supporting their own
\nself-interests.<\/p>\n
When they hire a political consultant, it is not
\nbecause they want to understand us better or
\nto communicate with us better. It is because
\nthey want to limit the reputational damage
\nthat they have suffered from their miserable
\nstewardship of our pension fund. But the
\ntrustees have a problem: their failures are just
\ntoo obvious at this point and no political
\nstrategist will be able to fix that. Other pension
\nfunds in the entertainment industry are
\noperating at healthy levels and with expenses
\nwell within their means. Our own sister fund
\nin Canada is doing fine. Our pension plan
\nstands alone for its remarkably abysmal
\nperformance. No amount of spinning or
\nmessaging\u00a0is going to be able to change that.<\/p>\n
As our pension plan approaches critical and
\ndeclining status, trustees should be making
\nextraordinary efforts to cut down on expenses.
\nInstead, our trustees are burning through our
\nhard-earned pension dollars more than ever
\nbefore. They are hiring layers upon layers of
\nexpensive investment managers, consultants,
\nlaw firms and now pollsters. In a year when
\nAFM-EPF narrowly staved off being in critical
\nand declining status, every dollar is precious.
\nThe trustees are spending our hard-earned
\npension dollars to rehabilitate their image,
\nand that is an outrage.<\/p>\n
You don\u2019t need a pollster to know that.<\/p>\n
*We\u2019ve received multiple emails asking
\nwhether plan participants should take part
\nin these focus groups.\u00a0Our response is you
\nshould absolutely. Ask the tough questions,
\ntell Geoff Garen what actions you would
\nlike the trustees to take and let the data
\nthey collect communicate how you feel
\nabout the current leadership of the AFM-EPF.<\/p>\n
================================================<\/p>\n
III. AFM’S LATEST ON THE SUBJECT
\n(Why is our money being spent on this?)<\/p>\n
Our Commitment: Timely, Transparent Communications
\nand Listening to Participants<\/p>\n
The American Federation of Musicians and Employers\u2019
\nPension Fund (\u201cthe Fund\u201d) and its Trustees are
\ncommitted to n this\/ensuring that all participants
\nhave access to timely and accurate information
\nabout the Fund and its financial status. We want
\nto hear your questions and concerns, as well as
\nyour communications preferences.<\/p>\n
To this end, the Fund recently engaged the firm of
\nHart Research Associates to assist us in this effort.
\nHart is a well-respected firm that has deep experience
\nassisting unions, including those in the entertainment
\nindustry, in listening to the needs and concerns of
\nmembers. Hart will conduct several telephone focus
\ngroups to help us gain insights into our participants\u2019
\nknowledge, views and questions about their pension
\nbenefits and the financial status of the Fund.<\/p>\n
This is part of our ongoing commitment to transparency.
\nWe will use the insights gained from this process to
\nidentify and answer the most pressing questions on
\nthe minds of our participants\u2014and help keep you
\nwell-informed as we explore actions we can take
\nto protect your benefits.<\/p>\n
We recognize that participants rely on different
\nsources of information, so we will be utilizing a
\nnumber of tools to listen to and inform participants
\nof important news regarding your pension benefits.
\nSoon, you will receive an invitation to participate
\nin a webinar that the Fund will host in January 2018
\nthat will include a question-and-answer session
\nwith the Trustee Co-Chairs, Fund Staff and Plan Advisors.<\/p>\n
We believe that, while there are costs involved, it
\nis a necessary, appropriate and responsible use of
\nFund resources to enhance and increase our
\ncommunications with participants at this time,
\nparticularly given the ongoing barrage of
\nmisinformation being put forth by individuals with
\ntheir own political agenda.<\/p>\n
You can find additional information on our website at
\nwww.afm-epf.org.<\/p>\n
================================================
\nIV. COMMENTS<\/p>\n
the afm\/pension plan folks are SO full of shit !!<\/p>\n
the mps (info@musiciansforpensionsecurity.com)
\nis So right on. thank you, Committee, for
\nshining the light on this dichotomy !<\/p>\n
and come on everyone, please check out
\nMusicians for Pension Security, and let’s
\nhelp them put a stop to the AFM’s plan
\nto cut our pensions A LOT !!!<\/p>\n
———–<\/p>\n
Re: Strike Vote by Pasadena Symphony<\/p>\n
CONTAGIOUS !!!!!!!!!!!!!!<\/p>\n
What comes around goes around.<\/p>\n
Now they get a taste of what those
\nwho came before them.<\/p>\n
Letting it go for almost three years
\nsince 2015 ?<\/p>\n
The symphony thought the pops would
\nbring in more money from a different
\nsubscriber group. I guess maybe it hasn’t.<\/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
12\/17\/17<\/p>\n
ASMAC\/LAJS Holiday party @ Catalina\u2019s in Hollywood<\/p>\n
Dec 17 @ 11:30 am \u2013 3:00 pm<\/p>\n
Bill Cunliffe Trio with special guest Denise Donatelli<\/p>\n
———————————–
\n12\/20\/17
\nGLENDALE NOON CONCERTS
\nPianist HAROUT SENEKEREMIAN
\nperforms works by
\nHaydn, Tchaikovsky, and Stravinsky.<\/p>\n
Concert at 12 noon.<\/p>\n
http:\/\/www.glendalenoonconcerts.blogspot.com
\nThank you!
\nJacqueline Suzuki
\nCurator, Glendale Noon Concerts
\n818-249-5108<\/p>\n
————————————-<\/p>\n
12\/21\/17<\/p>\n
John and Gerald Clayton
\nFather\/Son concert at
\nBACCHUS KITCHEN<\/p>\n
December 21, 2017
\n6pm
\nJohn & Gerald Clayton performing at
\nBacchus Kitchen
\n626.594.6377
\n1384 E. Washington Blvd, Pasadena 91104
\nhttp:\/\/www.bacchuskitchen.com<\/p>\n
—————————————-<\/p>\n
1\/17\/17<\/p>\n
CalStateLA Symphony Orchestra\/Olympia Youth Orchestra<\/p>\n
You are cordially invited to attend the admission FREE concert
\ngiven by the CalStateLA Symphony Orchestra\/Olympia Youth
\nOrchestra on Sunday, January 14, 2018 at 3PM at the San
\nGabriel Mission Playhouse, 320 S Mission Drive, San Gabriel, CA 91776.<\/p>\n
This concert will feature the 2017 ASTA-LA Competition
\nGrand Prize winner, 15 year old cellist Jessica Lee as soloist
\nin the 4th movement of the Elgar cello concerto. The
\nrepertoire will also include Suppe Poet & Peasant Overture,
\nSibelius Karelia Suite and Schubert Unfinished Symphony.<\/p>\n
Young musicians age 12 through college in the orchestra
\ngain admittance to the orchestra through our annual
\ncompetitive audition. This is the first concert of this 2017-2018
\nconcert season of the orchestra.<\/p>\n
Please come give these young musicians the support they deserve.<\/p>\n
Looking forward to seeing all of you there.<\/p>\n
Sincerely,
\nFung Ho
\nMusic Director & Conductor
\nCalStateLA Symphony Orchestra\/Olympia Youth Orchestra<\/p>\n
<\/p>\n
——————————————-<\/p>\n
<\/p>\n
The Pacific Northwest Film Scoring Program at the Seattle Film Institute<\/p>\n
is now accepting applications for the one-year<\/p>\n
Master of Music in Film Composition<\/p>\n
One of the Top 4 Film Music Programs in the World!<\/p>\n
Recently rated as the #4 school in the world for film scoring education by\u00a0Music School Central.<\/p>\n
“in just one year, the school places students into a pressure cooker of intense learning resulting in a professional demo reel that can be used to obtain future paid commercial opportunities.”<\/p>\n
<\/p>\n
Learn from Industry Professionals<\/p>\n
All PNWFS faculty are active professional film and game composers, orchestrators, copyists, and engineers, including the program’s creator and lead instructor Dr.\u00a0Hummie Mann. \u00a0Hummie is the two-time Emmy Award winning film composer of “Robin Hood: Men in Tights” and featured in Variety Magazine’s article\u00a0“Leaders in Learning”.<\/p>\n
Our Program Features:
\n\u2022 9 live recording sessions with professional musicians at Studio X, Seattle’s premiere, world-class studio.
\n\u2022 Opportunities to work with student directors to score actual films from film programs all over the world.
\n\u2022 \u2028Training in all major software programs used in the industry.
\n\u2022 \u2028A state-of-the-art workstation assigned to each student fully installed with the latest versions of all software, sample libraries and plug-ins needed to complete the program.<\/p>\n
<\/p>\n
Accelerated and Affordable<\/p>\n
We are a one-year Master of Music in Film Composition program which not only gives our graduates the opportunity to enter the industry and start their careers a year sooner than other programs but saves them an entire year of living expenses. In addition to our accelerated format we also offer the most affordable tuition out of competing programs. Our students have access to FAFSA financial assistance, loans, and scholarships as well.<\/p>\n
<\/p>\n
History of Success<\/p>\n
We are very proud to have a high success rate for our graduates who have gone on to work on television shows such as Castle, Empire, and Once Upon a Time; video games such as World of Warcraft, Spate, and Destiny; and films such as The Revenant, Trolls, The Dark Tower, and Guardians of the Galaxy Vol. 2.\u00a0Apply now\u00a0and you could be joining their ranks!<\/p>\n
Applications are being accepted for the Fall 2018\u00a0school year.
\nWe offer rolling admissions – no deadline to apply.<\/p>\n
<\/p>\n
<\/p>\n
(800) 882-4734 | www.pnwfilmmusic.com
\n——————————————–<\/p>\n
UNTIL NEXT TIME,\u2028\u2028THE COMMITTEE FOR A MORE RESPONSIBLE LOCAL 47<\/p>\n","protected":false},"excerpt":{"rendered":"
12\/16\/17 I. AFM RETURNS WORST IN CLASS II. AFM SPENDING MORE PENSION DOLLARS III. AFM’S LATEST ON THE SUBJECT IV. COMMENTS V. EVENTS HAPPY THANKSGIVING FROM THE COMMITTEE! …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 […]<\/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-488","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"http:\/\/www.responsible47.com\/index.php?rest_route=\/wp\/v2\/posts\/488","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=488"}],"version-history":[{"count":0,"href":"http:\/\/www.responsible47.com\/index.php?rest_route=\/wp\/v2\/posts\/488\/revisions"}],"wp:attachment":[{"href":"http:\/\/www.responsible47.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=488"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.responsible47.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=488"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.responsible47.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=488"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}