{"id":827,"date":"2019-02-01T20:41:59","date_gmt":"2019-02-02T03:41:59","guid":{"rendered":"http:\/\/www.responsible47.com\/?p=827"},"modified":"2019-02-01T20:41:59","modified_gmt":"2019-02-02T03:41:59","slug":"pension-decentralization-comments","status":"publish","type":"post","link":"http:\/\/www.responsible47.com\/?p=827","title":{"rendered":"Pension \/ Decentralization \/ Comments"},"content":{"rendered":"\n<ol class=\"wp-block-list\"><li><strong>LATEST\nON THE PENSION<\/strong><\/li><li><strong>DECENTRALIZATION<\/strong><\/li><li><strong>COMMENTS\non 802 CLEAN SWEEP<\/strong><\/li><\/ol>\n\n\n\n<p><strong>===================================<\/strong><\/p>\n\n\n\n<ol class=\"wp-block-list\"><li><strong>LATEST ON THE PENSION<\/strong><\/li><\/ol>\n\n\n\n<h5 class=\"wp-block-heading\"><a href=\"https:\/\/www.musiciansforpensionsecurity.com\/news\/2019\/1\/25\/mps-2019-pension-update-where-were-headed-and-what-you-can-do\">MPS\n2019 Pension Update: Where We&#8217;re Headed and What You Can Do<\/a> <\/h5>\n\n\n\n<p><a href=\"https:\/\/www.musiciansforpensionsecurity.com\/news\/2019\/1\/25\/mps-2019-pension-update-where-were-headed-and-what-you-can-do\">January\n25, 2019<\/a> <\/p>\n\n\n\n<p>The AFM-EPF is most likely a few months away\nfrom entering critical and declining status.[1]The Trustees\u2019 own projections\nsay this. If and when this is announced \u2013 probably in April or May of this year\n&#8212; the Trustees then have the ability, if they so choose, to apply to the US\nTreasury for permission to cut our pension benefits.&nbsp;<br>\n&nbsp;<br>\nIt is worth remembering that of the 1400 multiemployer plans in this country,\nonly 25 have applied to have their benefits cut: about 1.7%. The AFM-EPF may\nsoon join that 1.7%. According to a recent study by Milliman, the funded\npercentage of all multiemployer plans stands at 83%. Ours is at 63% and\ndropping as we approach the end of the fiscal year, March 31, 2019.<br>\n&nbsp;<br>\nThe Butch Lewis Act has unfortunately collapsed for now.&nbsp;Two bills have\nbeen introduced in the House to bring it back to life.&nbsp;MPS will stay\nengaged in Washington to get the help we need.&nbsp;But as long as the\nRepublicans control the Senate, the path forward in Washington remains\nmurky.[2]&nbsp;<br>\n<br>\nOur main task now is to push our Trustees to do the right thing. There are\nstill things they can do to improve the situation.<\/p>\n\n\n\n<p>Improve Investment Returns:<\/p>\n\n\n\n<p>The AFM-EPF\u2019s investment performance this\nfiscal year is&nbsp;2.2% (through 9\/30\/18), while the median performance in our\npeer group is 3.8%. The new investment manager, Cambridge Associates, hired in\nOctober 2017, has added negative value in this fiscal year. You read that\nright: they have added negative value.[3] According to the Trustees\u2019 own\nactuary, Milliman, \u201cthe primary driver of multiemployer health continues to be\nasset performance.\u201d It is exactly in this area that our Trustees continue to\nfail us.<br>\n&nbsp;<br>\nIncrease Employer Contributions:<\/p>\n\n\n\n<p>A significant reason for the crisis at AFM-EPF\nis the low level of employer contributions to the pension fund. According to\nrecent Congressional testimony before the Joint Select Committee in Congress,\naggregate contributions to multiemployer pension plans for 2009 to 2014\nincreased by 6.9% per year. Compare that to what our trustees project as the\ngrowth rate in employer contributions over the next 20 years: 2.5%. This is\nsoon to be raised to 3%, but that is still a far cry from what is necessary.\nThis plan is not just a little behind in employer contributions but vastly\nunderperforming the industry standard of 6.9%. The Trustees\u2019 own documents show\nhow increasing the level of employer contributions can postpone our pension\ncuts.<br>\n&nbsp;<br>\nControl Expenses:<br>\n<br>\nIt is unacceptable that as the AFM-EPF heads into critical and declining\nstatus, there have still been no expense cuts. The Executive Director still makes\nover $425,000 per year, and there are still about 20 people on staff who earn\nsix-figure salaries. There are two outside investment managers. There are two\nlaw firms. And there is a Washington DC polling firm on retainer.&nbsp;<br>\n&nbsp;<br>\nAppoint Qualified Trustees:<br>\n<br>\nMPS has argued that we have an entrenched, unaccountable and unqualified Board,\nand if this is permitted to continue, so will the mismanagement of our pension\nplan. To avoid this scenario, MPS proposed replacing 5 of the 8 Union\nTrustees&nbsp;with investment, pension, and actuarial experts.&nbsp;We believe\nthese simple steps that would make this board of Trustees more capable, more\ndynamic and more accountable.<br>\n<br>\nThat\u2019s what the Trustees can and should do. Here\u2019s what AFM musicians across\nthe country can do.<br>\n<br>\nRaise Your Voices:<br>\n<br>\nThe next AFM convention is coming up quickly&nbsp;in June. Your local\npresidents will be attending and their attitudes and agenda should be shaped by\nyou, the membership.&nbsp;Now is the time to let your local presidents and\nelected officials know that they must help influence our lead Trustee Ray Hair\nto improve investment returns, increase employer contributions, control\nexpenses and appoint qualified trustees as detailed above.&nbsp;<\/p>\n\n\n\n<p><br>\nGet Active:<br>\n<br>\nIf your local union leadership is not representing your wishes as members, it\nmay be time for a change. Last month, the Musicians for Change party of Local\n802 in New York City (led by several MPS organizers) swept the elections and\nthus ousting an entrenched administration that refused to address the pension crisis\nin a strategic way. (Read about it&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/www.nytimes.com\/2018\/12\/05\/arts\/music\/union-local-802-ameican-federation-musicians.html\" target=\"_blank\">here<\/a>&nbsp;in the New York Times). Musicians for Change has\nshown that grassroots activism works. It can work at your local too by voicing\nyour concerns, demanding accountability, and by making leadership changes where\nnecessary.<br>\n<br>\nWe are entering uncharted territory for this pension plan, for the AFM and\npersonally for each of us. This is not the time to be passive. The Trustees are\nabout to make decisions that will alter the lives of thousands of AFM musicians\nacross the country.&nbsp;It is time to let the Trustees know\nthat&nbsp;musicians are organized and speaking with one voice. We\nare&nbsp;demanding accountable leadership and a cohesive strategy to address\nthe issues facing the pension fund. Since this crisis began in December of\n2016, we have yet to see&nbsp;either of those things.<\/p>\n\n\n\n<p>[1]\u201cProjections\nshow critical and a declining status for April 1, 2019 (does not reflect market\ndownturn through October).\u201d November 8, 2018 Actuarial Valuation, page 17.<\/p>\n\n\n\n<p>[2]We continue to be amazed that anyone calls\nButch Lewis a bailout. Of course, Butch Lewis is not a bailout. It\u2019s a loan\nguarantee program. There are currently over 100 federal loan and loan guarantee\nprograms, assisting small businesses, homebuyers, veterans, students, farmers,\ndisaster recovery, export-import transactions, and infrastructure projects.\nThere is currently $4.34 trillion of federal loans outstanding under these\nprograms. No one calls these federal loan programs bailouts. No one should call\nButch Lewis a bailout either. But those arguments are on hold for now.<\/p>\n\n\n\n<p>[3]September 30, 2018 Investment Report to\nAFM-EPF, Cambridge Associates.<\/p>\n\n\n\n<figure class=\"wp-block-embed-facebook wp-block-embed is-type-rich is-provider-facebook\"><div class=\"wp-block-embed__wrapper\">\nhttps:\/\/www.facebook.com\/199008993946148\/posts\/543716062808771\/\n<\/div><\/figure>\n\n\n\n<p><strong>==============================<\/strong><\/p>\n\n\n\n<ol class=\"wp-block-list\"><li><strong>ANOTHER\nINDUSTRY DEVELOPMENT: DECENTRALIZATION CONTINUES<\/strong><\/li><\/ol>\n\n\n\n<p><strong>Even BYUtv is\nlooking at filming elsewhere, as Utah\u2019s $8M budget for film incentives can\u2019t\nkeep up with demand <\/strong><\/p>\n\n\n\n<p>By\nScott D. Pierce<\/p>\n\n\n\n<p>Disney wants to produce more TV series and movies in Utah \u2014\nbut it\u2019s looking elsewhere. Oscar nominee Taylor Sheridan would like to film\nhis upcoming movie in Utah \u2014 but production will take place in New Mexico.\nBYUtv is exploring options for producing TV series in Georgia or Canada.<\/p>\n\n\n\n<p>Why? Because Utah\u2019s tax incentive program for film and\ntelevision is limited to $8.29 million a year. And compared with the demand \u2014\nand the additional millions some other states provide \u2014 that\u2019s not much to\noffer an industry that considers incentives a key part of the bottom line.<\/p>\n\n\n\n<p>Mary\nAnn Hughes, Disney\u2019s vice president of film and television production planning,\ntold a recent meeting of the Governor\u2019s Office of Economic\nDevelopment, \u201cYou will not find the productions going anywhere without\nincentives. It\u2019s become an integral part of our planning.\u201d<\/p>\n\n\n\n<p>Disney is budgeted to get Utah incentives estimated at $3.7\nmillion for<a rel=\"noreferrer noopener\" href=\"https:\/\/www.sltrib.com\/artsliving\/tv\/2018\/10\/11\/high-school-musical-will\/\" target=\"_blank\"> its new series \u201cHigh School Musical: The Musical.\u201d<\/a> But if\na pilot that Disney shot in Utah last year, \u201cThe A Girl,\u201d gets picked up as a\nseries, the company says it will film elsewhere, because the likelihood of Utah\nhaving several million dollars more in incentive money available is slim, due\nto the limited budget and other projects (including Disney\u2019s).<\/p>\n\n\n\n<p>\u201cTax credits are a big driver of our decision-making,\u201d said\nSusette Hsiung, executive vice president of Disney Channels Worldwide.<\/p>\n\n\n\n<p>BYUtv filmed Season 1 of its upcoming show \u201cDwight in Shining\nArmor\u201d in West Valley City, but it\u2019s reportedly considering moving to Georgia\nor Canada. <a rel=\"noreferrer noopener\" href=\"http:\/\/archive.sltrib.com\/article.php?id=4858525&amp;itype=CMSID\" target=\"_blank\">BYUtv managing director Michael Dunn<\/a> didn\u2019t want to comment\ndirectly on \u201cDwight\u201d and said Utah \u201cremains at the top of our list of\nproduction options.\u201d<\/p>\n\n\n\n<p>But he added that BYUtv \u201cmust consider other locations outside\nof Utah, particularly because of the lucrative tax incentives offered. These\nadditional incentives dramatically offset our limited budgets,\u201d he said, and\nthey &#8220;are critical for the long-term viability of a series.\u201d<\/p>\n\n\n\n<p>Utah \u201chas attracted more business than the incentive will\nsupport at this point. So BYUtv starts looking at going to Canada,\u201d said Matias\nAlvarez, one of the producers of \u201cDwight.\u201d \u201cIt\u2019s just crazy.\u201d<\/p>\n\n\n\n<p>The Motion Picture Association of Utah \u2014 where Alvarez is a\nboard member \u2014 will lobby the upcoming Utah Legislature and Gov. Gary Herbert\nto provide more money for incentives. Sheridan and actor\/director\/producer Amy\nRedford said they\u2019d do whatever they can to help make that happen.<\/p>\n\n\n\n<p>\u201cAnything I could do that could possibly help the Legislature\nunderstand this, I&#8217;m eager to do,\u201d Sheridan said.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Getting\nit made in Utah <\/h4>\n\n\n\n<p>Utah\u2019s incentive program is \u201cconservative,\u201d according to\nVirginia Pearce, director of the Utah Film Commission. It rebates up to 25\npercent of the cost of goods and services that are bought in the state, and of\nthe salaries of Utahns on the crew.<\/p>\n\n\n\n<p>Producers submit an estimate of how much they plan to spend in\nthe state and \u2014 if approved \u2014 incentive money is budgeted by the Utah Film\nCommission. If the project doesn\u2019t go into production, it doesn\u2019t get anything.\nIf it spends less than expected, it gets less \u2014 and that\u2019s determined by a\npostproduction audit.<\/p>\n\n\n\n<p>The film commission has to budget carefully because \u201cwe have\nrun out the last couple of years,\u201d Pearce said. \u201cWe\u2019re kind of a victim of our\nown success.\u201d<\/p>\n\n\n\n<p>Disney\u2019s\nHughes pointed out that, in 2018,<a rel=\"noreferrer noopener\" href=\"http:\/\/archive.sltrib.com\/article.php?id=5138217&amp;itype=CMSID\" target=\"_blank\"> Season 3 of \u201cAndi Mack\u201d<\/a> received a $4.8 million rebate,\nand \u201cThe A Girl\u201d pilot got $400,000. Those payments, combined with its\nestimated 2019 rebate for \u201cHigh School Musical: The Musical,\u201d are $610,000 more\nthan the annual budget of Utah\u2019s incentives (albeit spread over two years).<\/p>\n\n\n\n<p>\u201cAnd this is just the Disney Channel,\u201d Hughes said. \u201cIt causes\nus to have some tough conversations\u201d about taking productions elsewhere.<\/p>\n\n\n\n<p>One common pushback on increasing incentives is \u201cwhy would we\ngive Hollywood people money?\u201d Alvarez said. He finds that frustrating.<\/p>\n\n\n\n<p>Utah\u2019s incentives support the hiring of Utahns, Alvarez points\nout \u2014 not \u201cTom Cruise coming here and taking millions of dollars out of the\nstate.\u201d<\/p>\n\n\n\n<p>Studios have to pay stars big bucks regardless of where films\nare produced, Redford said.<\/p>\n\n\n\n<p>\u201cThe six people that make a lot of money on a film are going\nto make that money no matter where you go,\u201d she said. \u201cTheir deals are not\ncontingent on the incentives.\u201d<\/p>\n\n\n\n<p>The employment contracts of the crew, however, are.<\/p>\n\n\n\n<p>The incentives are \u201cnot giving money to millionaires,\u201d said\nSheridan, the creator\/writer\/producer\/director of the<a rel=\"noreferrer noopener\" href=\"https:\/\/www.sltrib.com\/news\/2018\/06\/14\/to-escape-la-taylor-sheridan-created-yellowstone-and-brought-it-to-utah\/\" target=\"_blank\"> made-in-Utah TV series \u201cYellowstone.\u201d<\/a> \u201cIt\u2019s giving money\nto construction workers and drivers and catering companies and electricians.\u201d<\/p>\n\n\n\n<p>Sheridan employs up to 110 construction workers, 45\nelectricians and 40 drivers at a time on \u201cYellowstone,\u201d which has been approved\nfor more than $7 million in incentives in each of its first two seasons. Both\nthat show and \u201cAndi Mack\u201d are receiving deferred payments, which allow the film\ncommission to pay out incentives of more than $2 million over three years. But\nthat still comes out of the $8.29 million budgeted annually.<\/p>\n\n\n\n<p>And that\u2019s one of the reasons Sheridan said he can\u2019t afford to\nmake his upcoming film (which he\u2019s keeping under wraps) here \u2014 incentives just\naren\u2019t available for a movie with a budget \u201cin the $50 million range. That\u2019s a\nlot of money to spend in a state,\u201d he said.<\/p>\n\n\n\n<p>Even if only half that budget was spent in Utah, a 25 percent\nrebate would amount to $6.25 million \u2014 75 percent of Utah\u2019s annual incentives.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\u2018It\nreally is about the economy of Utah\u2019 <\/h4>\n\n\n\n<p>In Utah, innumerable businesses \u2014 from the arena that\u2019s home\nto the Utah Jazz to the Walmart down the street \u2014 receive some kind of tax\nbreak. Offering the same benefit to film and television productions is an\ninvestment, Redford said.<\/p>\n\n\n\n<p>\u201cIt\u2019s not just about Hollywood saving money,&#8221; she said.\n&#8220;It\u2019s really about supporting and nourishing an industry that could really\ngive Hollywood a run for its money. It really is about the economy of Utah.\u201d<\/p>\n\n\n\n<p>According to Pearce, a recent study indicated that for every\ndollar spent on film incentives, $7 is added to Utah\u2019s GDP, or gross domestic\nproduct, the value of goods and services produced within the state.<\/p>\n\n\n\n<p>The increase is generated not just by what each production\nspends in the state \u2014 with at least 75 percent of its budget not rebated \u2014 but\nby \u201cthe crew member who gets paid, who takes his wife out to dinner, who buys a\nnew car, who is able to live and work here instead of living and working in\nL.A.,\u201d Pearce said.<\/p>\n\n\n\n<p>\u201cYellowstone\u201d \u201cemploys hundreds of people, and the vast\nmajority of them are local,\u201d Sheridan said. \u201cAnd the ones who are coming in,\nthey\u2019re renting properties, they\u2019re standing in line at the grocery store.\nThey\u2019re staying here. They\u2019re moving in.<\/p>\n\n\n\n<p>\u201cIt\u2019s just a money dump,\u201d he said with a laugh. \u201cWe show up\nand spend an extreme amount of money, employ a workforce and then leave. And\nshowcase the state.\u201d<\/p>\n\n\n\n<p>Movies and TV shows filmed in Utah are sort of accidental\nadvertisements. Tourists are still visiting East High more than a decade after\nthe third and final \u201cHigh School Musical\u201d movie was released.<\/p>\n\n\n\n<p>\u201cWe\u2019ve done some studies, and 30 percent of tourists that come\nto the state said that some kind of television show or movie influenced their\ndecision,\u201d Pearce said.<\/p>\n\n\n\n<p>Redford plans to shoot the film \u201cCowboys and Indians\u201d \u2014 which\nshe called \u201csort of a cultural collision between Hindus from Queens and\nranchers from the southern part of Utah\u201d \u2014 in the state this spring.<\/p>\n\n\n\n<p>It will be, she said, \u201ca love letter to all that Utah has to\noffer \u2014 a big advertisement to come and spend your vacations in southern Utah\nand enjoy all of the riches.\u201d<\/p>\n\n\n\n<p>But she added: \u201cIf I can\u2019t say to the investors, \u2018OK, I get to\nsave that 30 percent on your money with the incentives,\u2019 then they\u2019ll say,\n\u2018Then we\u2019re going to go to New Mexico.\u2019 And I can\u2019t \u2026 totally argue with that.\u201d<\/p>\n\n\n\n<p>She said she\u2019s \u201csweating a bit\u201d because she fears \u201cif a couple\nof Disney films come in, then that knocks all of the independent filmmakers\nout. It\u2019s like, don\u2019t tell anybody how wonderful Utah is to shoot because\nthey\u2019re going to suck up all the [incentive] <\/p>\n\n\n\n<h4 class=\"wp-block-heading\">A look at the competition<\/h4>\n\n\n\n<p>There\u2019s a reason that all the Marvel superhero movies, all the\n\u201cHunger Games\u201d movies and a slew of TV series \u2014 including \u201cThe Walking Dead,\u201d\n\u201cMacGyver,\u201d \u201cDynasty,\u201d \u201cStranger Things\u201d and, yes, \u201cAtlanta\u201d \u2014 film in Georgia.<\/p>\n\n\n\n<p>There\u2019s no cap on Georgia\u2019s incentives, which provide up to a\n30 percent rebate and apply to the salaries of both Georgians and\nnon-Georgians. In the 2017-18 fiscal year, that state paid $800 million in\nincentives to 455 productions, which spent $2.7 billion in the state. The\ngovernor\u2019s office estimated a total economic impact of $9.5 billion.<\/p>\n\n\n\n<p>\u201cGeorgia\u2019s rebate \u2014 it\u2019s completely changed the movie\nbusiness,\u201d Sheridan.<\/p>\n\n\n\n<p>Georgia easily outspent New York ($420 million) and California\n($320 million) and New Mexico ($50 million). At the other end of the spectrum,\nMichigan eliminated its incentives in 2015, and production there has virtually\nceased.<\/p>\n\n\n\n<p>But Utah\u2019s conservative approach looks good compared with\nwhat\u2019s happened in New Mexico.<\/p>\n\n\n\n<p>That state grants incentives of up to 30 percent, and there\u2019s\nno cap on the amount productions can qualify for \u2014 but there is a $50 million\ncap on what the state can pay out each year. So New Mexico owed film and TV\nproducers $180 million at the end of 2018, a figure that\u2019s expected to more\nthan triple in five years. (It may take Sheridan years to get the rebates on\nhis upcoming film.)<\/p>\n\n\n\n<p>Netflix has purchased a production studio in Albuquerque that\nis expected to bring 1,000 jobs \u2014 with help from $14.5 million in tax\nincentives from the city and the state.<\/p>\n\n\n\n<p>Utah also competes with the U.K., Australia and New Zealand.\nBetween the provinces and its federal government, Canada alone distributed more\nthan half a billion dollars in incentives last year, a figure Pearce doesn\u2019t\never see Utah approaching.<\/p>\n\n\n\n<p>\u201cI don\u2019t think it makes sense for a state our size and the\ndiverse economy that we\u2019ve built up,\u201d she said.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\u2018Make a\nreal impact\u2019<\/h4>\n\n\n\n<p>Still, expanding the film and TV business would only be good\nfor Utah, said Sheridan, a Wyoming native who moved here \u201dto make a living in\nmovies and not live in California.\u201d<\/p>\n\n\n\n<p>\u201cAside from clogging up some traffic in spots, I don\u2019t know\nthe negatives. And I think the positives greatly outweigh that,\u201d Sheridan said.\n\u201cAll we do is run around and just leave a trail of money behind us.<\/p>\n\n\n\n<p>Productions don\u2019t leave \u201cany residual trash or any toxic waste\nto clean up or anything,\u201d Alvarez agreed. Another benefit to expanding\nincentives and the industry in Utah, he added, is keeping talented young Utahns\nhome.<\/p>\n\n\n\n<p>He\u2019s carved out a 30-year career as a director\/producer\nworking mainly in Utah. But he\u2019s the exception.<\/p>\n\n\n\n<p>\u201cI see tons of kids graduating from [Brigham Young University]\nand [Utah Valley University] and the [University of Utah] in media production\nwho don&#8217;t have anywhere to go in Utah,\u201d he said. \u201cThe best ones end up leaving\nand going to L.A. or Georgia. A lot of those kids have family here, they grew\nup here and they want to stay in Utah, but there are just no jobs here in that\nindustry \u2014 or at least not enough jobs.\u201d<\/p>\n\n\n\n<p>Redford, the daughter of Robert Redford, moved back to Utah to\nestablish a production company. She said there\u2019s a huge amount of talent here,\n\u201cand the kids that go to film school should be able to then put all of that\ntalent back into the state. But a lot of them are getting to a point where they\nsay, \u2018You know what? There\u2019s just not enough work. I\u2019ve got to go.\u2019\u201d<\/p>\n\n\n\n<p>Pearce said she\u2019s proud of what the Utah Film Commission has\nbeen able to accomplish. Still, she told a meeting of GOED, \u201cOur biggest concern\nright now is just the cap size.\u201d<\/p>\n\n\n\n<p>Sheridan would like to see rebates upped to 30 percent and the\ncap removed. And he\u2019d like to see incentives applied to above-the-line costs\n(cast, stunt performers, producers) as well as below-the-line (goods and crew\nmembers).<\/p>\n\n\n\n<p>\u201cIt would entice even more productions,\u201d he said. \u201cThat\u2019s what\nGeorgia has done, and it\u2019s how they\u2019ve been so successful.\u201d<\/p>\n\n\n\n<p>Redford suggests greater incentives for shooting in\n\u201ceconomically challenged areas\u201d and a bump for using local music talent \u201cso you\ncan turn these really talented young musicians into composers and writers.\u201d She\nalso like the idea of an expat program, which would allow people born and\nraised in Utah to qualify for incentives even if they left the state to find\nwork elsewhere.<\/p>\n\n\n\n<p>Alvarez, too, wants Utah to make a bigger commitment.<\/p>\n\n\n\n<p>\u201cIt\u2019s like you\u2019re dabbling in it and\nyou have this small incentive, but it\u2019s not enough to make a real impact,\u201d he\nsaid. \u201cI feel like it\u2019s a half-measure that we\u2019re stuck with right now.&#8221;<\/p>\n\n\n\n<p>===============================================<\/p>\n\n\n\n<p> COMMENTS ON LOCAL 802 CLEAN SWEEP<\/p>\n\n\n\n<p>-A good start. I thought Tino was going to come after me when I asked\nwhether we need some people on the Pension board who knew something about\ninvestments at the TMA meeting a few months ago. Of course the Broadway\nmusicians have a huge interest in the plan, as they are putting a huge\npercentage of their checks into the plan (I think it is 18%).<\/p>\n\n\n\n<p>Getting Tino\u2019s predecessor and Vince Trombetta off the board wouldn\u2019t hurt\neither.<\/p>\n\n\n\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;-<\/p>\n\n\n\n<p>-A typical response by someone without\nknowledge of how the AFM-EPF and its board of trustees works. The board does\nnot directly act in investing, hiring the same well-known actuaries and\ninvestment firms as do other funds. B\u2019way musicians do not contribute out of their\nchecks .Mgt. does the contributing based on an arbritator\u2019s (Turkus) award from\nthe \u201960s giving musicians a percentage of ticket sales which has grown over the\nyears as ticket prices have increased. Union-side trustees are appointed by the\nAFM president so no change there unless he wants it.<\/p>\n\n\n\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;-<\/p>\n\n\n\n<p>-A series of mistakes by actuaries\nresponding to the Fed\u2019s \u201coverfunding\u201d rules leading to upping the multiplier to\n4.65 to current and RETROACIVE accounts plus the \u201908 financial meltdown led to\nthe AFM-EPF\u2019s current troubles. Nobody took the money. 802\u2019s president is but\none of 16 trustees, unable to cure the fund\u2019s problems as the new know-nothing\npresiddent will find out. He will not even be appointed to the board.<\/p>\n\n\n\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;-<\/p>\n\n\n\n<p>Getting a larger membership won\u2019t fund\nwhat\u2019s already underfunded.<br>\nThat money should already be there by the pension contributions so far.<br>\nWhere did the money go? Did someone take it or was it invested poorly?<\/p>\n\n\n\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n\n\n\n<p>Hello Friends<br>\nWhere has the blog gone? I sure hope it has not gone away!<br>\nThank you for it!<\/p>\n\n\n\n<p>EC: STILL HERE, JUST LESS FREQUENT!<\/p>\n\n\n\n<p>Till Next Time&#8230;.<\/p>\n\n\n\n<p>The COMMITTEE<\/p>\n\n\n\n<figure class=\"wp-block-embed\"><div class=\"wp-block-embed__wrapper\">\nhttps:\/\/www.sltrib.com\/artsliving\/2019\/01\/13\/disney-others-want-film\/\n<\/div><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>LATEST ON THE PENSION DECENTRALIZATION COMMENTS on 802 CLEAN SWEEP =================================== LATEST ON THE PENSION MPS 2019 Pension Update: Where We&#8217;re Headed and What You Can Do January 25, 2019 The AFM-EPF is most likely a few months away from entering critical and declining status.[1]The Trustees\u2019 own projections say this. If and when this is [&hellip;]<\/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-827","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"http:\/\/www.responsible47.com\/index.php?rest_route=\/wp\/v2\/posts\/827","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=827"}],"version-history":[{"count":0,"href":"http:\/\/www.responsible47.com\/index.php?rest_route=\/wp\/v2\/posts\/827\/revisions"}],"wp:attachment":[{"href":"http:\/\/www.responsible47.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=827"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.responsible47.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=827"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.responsible47.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=827"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}