{"id":882,"date":"2020-03-30T21:58:34","date_gmt":"2020-03-31T04:58:34","guid":{"rendered":"http:\/\/www.responsible47.com\/?p=882"},"modified":"2020-03-30T21:58:34","modified_gmt":"2020-03-31T04:58:34","slug":"882","status":"publish","type":"post","link":"http:\/\/www.responsible47.com\/?p=882","title":{"rendered":""},"content":{"rendered":"\n
  1. Navigating CARES Act Unemployment Assistance<\/li>
  2. PHILADELPHIA INQUIRER REPORTS<\/li>
  3. MPS CHALLENGES THE TRUSTEES<\/li>
  4. GLENDALE NOON CONCERT STREAM THIS WEDNESDAY<\/li><\/ol>\n\n\n\n

    …Absolutely guaranteed anonymity – Former Musician’s Union\nofficer\u2028<\/p>\n\n\n\n

    …The one voice of reason in a sea of insanity – Nashville\n‘first call’\u2028scoring musician<\/p>\n\n\n\n

    …Allows us to speak our minds without fear of reprisal –\nL.A. Symphonic musician<\/p>\n\n\n\n

    …Reporting issues the Musicians Union doesn’t dare to mention – National touring musician<\/p>\n\n\n\n

    ==============================================<\/p>\n\n\n\n

    1. Navigating CARES Act Unemployment Assistance<\/li><\/ol>\n\n\n\n

      As you know, the entertainment industry is experiencing an\nunprecedented increase in unemployment as a result of the COVID-19 pandemic.\nFortunately, the CARES Act passed by congress last week will provide $260\nbillion in enhanced and expanded unemployment insurance (UI) to thousands of\nentertainment workers throughout the country who are being furloughed, laid\noff, or finding themselves without work through no fault of their own.<\/p>\n\n\n\n

      There are a number of resources (listed below) that can help you\nnavigate UI or the benefits provided by the CARES Act, but the first and\nforemost should be your state\u2019s unemployment office website, as most of the\nCOVID-19 economic relief funding will be distributed through state UI programs. <\/p>\n\n\n\n

      Links to each state\u2019s unemployment office website(s)<\/a><\/p>\n\n\n\n

      National Employment Law Project fact sheet on who qualifies for CARES Act aid
      <\/a>

      <\/p>\n\n\n\n

      Helpful graphic provided by the AFL-CIO\u2019s Department for\nProfessional Employees on navigating COVID-19 UI<\/a><\/p>\n\n\n\n

      Please keep in mind that as the unemployment rate continues to\nincrease, many state unemployment offices may be overwhelmed by the influx in\napplications. This makes it even more crucial that individuals start the\nprocess as early as possible and be persistent even if phone lines and online\nforms are malfunctioning. <\/p>\n\n\n\n

      In solidarity, <\/p>\n\n\n\n

      IATSE Communications<\/p>\n\n\n\n

      FROM MUSICIANS FOR PENSION SECURITY<\/p>\n\n\n\n

      ==========================================<\/p>\n\n\n\n

      II. Philadelphia Inquirer Reports <\/strong><\/p>\n\n\n\n

      Philadelphia Inquirer Reports on<\/strong>
      AFM-EPF Class Action Settlement<\/strong>
      While Trustees’ Risky Bets Continue to This Day<\/strong> \u00a0 First and foremost, we at MPS hope that all of our subscribers and their loved ones are staying safe and healthy during this time of crisis. This is a difficult time to be thinking of anything other than the health and well being of our friends and family, but there continues to be news surrounding the Pension Fund and MPS will not waiver in our commitment to keep Plan Participants informed.

      Here\u2019s the latest:

      As many of you know, Local 802 members Paul Livant and Andrew Snitzer filed a class action lawsuit against the AFM-EPF trustees in 2017. That lawsuit is in the process of being settled on financial terms\u00a0MPS predicted<\/a>\u00a0shortly after the lawsuit was filed. For those interested in more details on the class action settlement right now, click\u00a0here<\/a>\u00a0to see a feature article in today\u2019s\u00a0Philadelphia Inquirer<\/a>. The proposed settlement also contains some interesting governance reforms, which we will be writing about in an upcoming post.
      Trustees’ Risky Bets Continue to This Day<\/strong>\u00a0
      In the meantime, we thought we would call to your attention certain disclosures that are made in the court documents filed in support of the settlement. Those court documents can be accessed\u00a0      here<\/a>\u00a0and\u00a0here<\/a>.
      \u00a0
      Plaintiff attorneys reviewed over 64,000 documents, took 24 depositions and hired multiple experts to assist them in the case.
      \u00a0
      Our main takeaway from the court papers is not that the trustees were reckless in their investment decisions. We already knew that, and the Federal Judge supervising the case has said so on multiple occasions.
      \u00a0
      The real news is that the overly risky investment strategy persists to this day and remains out of pattern with the way comparable multiemployer plans are run. (See our previous article\u00a0      here<\/a>.)
      \u00a0
      Here are the critical conclusions in the court papers:
      \u00a0 Currently, AFM-EPF\u2019s investment allocations are way out of pattern with other multiemployer pension plans with assets over $1 billion. AFM-EPF continues to bet heavily on foreign stocks (16% of the portfolio compared to the average of 4.4% for other plans) and also has a heavy bet of 8.1% to emerging market stocks compared to the average of 6.3%. AFM-EPF also is currently betting heavily on private equity (22.9% of the portfolio compared to the median of other plans of 8.7%) and an allocation of 16.6% to hedge funds compared to the median of other plans of 5.9%. The trustees\u2019 own full analysis of their current investment allocations, compared to the allocations of other multiemployer plans, can be found\u00a0      here<\/a>. The trustees have no intention to alter these allocations. Their long-term target allocations are essentially the same as today\u2019s allocation.\u00a0 \u00a0
      That\u2019s alarming.
      \u00a0
      Here are some other disclosures we found in the court documents:
      \u00a0
      Beginning 2010, the trustees made a series of increasingly risky asset allocation investment bets, including outsized bets on Emerging Markets Equities (EMEs) and Private Equity while reducing its investment in domestic equities below 20%.
      \u00a0
      Given the bull market in U.S. stocks beginning in 2010, the reduction of the Plan\u2019s U.S. equities investment resulted in huge opportunity losses for the Plan.
      \u00a0
      These asset allocations were way out of pattern with other large multiemployer plans.
      \u00a0
      By December 2011, Plan actuary Milliman was projecting that the Plan would likely not emerge from the red zone.\u00a0 At their depositions, the primary reason the trustees gave for doubling and tripling down on their increasingly risky asset allocation bets was to attempt to \u201cshoot for the fences\u201d in the hope that outsized investment returns would improve the projections.\u00a0
      \u00a0
      It\u2019s one thing to make mistakes in the past. It\u2019s another to keep making them. The trustees\u2019 overly risky asset allocation persists to this day and their refusal to change only provides further evidence that they are not up to the task of governing a large pension fund.

      ====================================== \u00a0
      III. MPS Challenges the Trustees<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

      MPS Challenges the Trustees to Release Court Evidence \u00a0 We understand the trustees\u2019 distress about the mounting evidence of their continuing recklessness in their handling of the Plan\u2019s investments. Perhaps that is why in their recent post about the class action settlement the trustees have thrown more heat than light on the subject matter at hand. We offer a simple suggestion: unseal the court record so we can all see the evidence for ourselves.
      \u00a0
      It\u2019s easy to selectively quote from the court record when that record has been sealed.
      \u00a0
      Even without access to all the evidence in the case, the evidence that has emerged is disturbing to say the least: In their own sworn testimony, the trustees\u2019 investment strategy was to \u201cshoot for the fences.\u201d The Federal Judge supervising the case, Valerie Caproni, called the trustees\u2019 investment strategy \u201can exceedingly risky strategy\u201d and stated that they invested in \u201cvery risky illiquid investments which just doesn\u2019t seem like what a pension fund should be invested in.\u201d The exceedingly risky investment strategy persists to this day even though it is completely out of alignment with other large multiemployer pension funds. (The trustees\u2019 attempt to obfuscate this plain fact \u2013 shown in their own analysis \u2013 notwithstanding.) \u00a0
      In the case, the trustees hired expert witnesses to bolster their defense. In their recent post, the trustees quote these experts\u2019 conclusion that the trustees did a great job. If indeed these experts said that, let\u2019s see those reports. But let\u2019s also see the expert reports of the plaintiff experts who said the trustees did a terrible job. And let\u2019s see the depositions of those experts so we can see how they held up under cross-examination.
      \u00a0
      The trustees say their investment returns over the past decade were excellent. But the plaintiff experts say the trustees\u2019 reckless decisions caused the Plan grave financial harm. Again, let\u2019s see the reports and we can all judge for ourselves.
      \u00a0
      What better way to get to the truth than to release these documents?
      \u00a0
      Otherwise, we will have to bear the trustees issuing self-serving, selectively quoted and at best half true statements all saying the same depressing thing: We did nothing wrong; anyone who criticizes us has impure motives; and we will never change. \u00a0 <\/td><\/tr>
      \n \n \n \n \n \n \n Please share on social media or forward to your colleagues.\n \n \n \n \n \n \n  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n  \n \n \n \n \n \n \n www.musiciansforpensionsecurity.com<\/a>\n \n \n \n \n \n \n <\/td><\/tr>
      <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

      ==========================================I<\/p>\n\n\n\n

      IV. GLENDALE NOON CONCERT<\/p>\n\n\n\n

      GLENDALE NOON CONCERT STREAMING THIS WEDNESDAY<\/p>\n\n\n\n

      During the Covid-19 “Safer at\nHome” period in Los Angeles County,<\/p>\n\n\n\n

      Glendale Noon Concerts will bring our\nprograms to you<\/p>\n\n\n\n

      via streaming on Facebook Live and\nYoutube:<\/p>\n\n\n\n

      The APRIL 1, 2020 program can be\nviewed at this link<\/p>\n\n\n\n

      beginning at 12:10 pm PST: <\/p>\n\n\n\n

      Violist-Composer Jonah Sirota &\nOboist Regina Brady will perform<\/p>\n\n\n\n

       Benjamin Britten, J.S. Bach,\nand Jonah Sirota (a premiere!)<\/p>\n\n\n\n

      \nhttp:\/\/glendalenoonconcerts.blogspot.com\/2020\/03\/on-facebook-live-stream-glendale-noon.html\n<\/div><\/figure>\n\n\n\n

      The concert will also be available\nfor viewing at Jonah Sirota’s Youtube Channel:<\/p>\n\n\n\n

      \nhttps:\/\/www.youtube.com\/channel\/UCyiKPxIQ8EaZHBQd2pDC_jA\/\n<\/div><\/figure>\n\n\n\n

      RELAX DURING YOUR LUNCH HOUR WITH\nLIVE MUSIC<\/p>\n\n\n\n

      Facebook LIVE stream: GLENDALE NOON\nCONCERTS<\/p>\n\n\n\n

      Every FIRST & THIRD WEDNESDAY at\n12:10-12:40 pm<\/p>\n\n\n\n

      Presented by Glendale City Church<\/p>\n\n\n\n

      <\/p>\n\n\n\n

      =======================================<\/p>\n\n\n\n

      <\/p>\n\n\n\n

      Until Next Time, be safe<\/p>\n\n\n\n

      The COMMITTEE<\/p>\n","protected":false},"excerpt":{"rendered":"

      Navigating CARES Act Unemployment Assistance PHILADELPHIA INQUIRER REPORTS MPS CHALLENGES THE TRUSTEES GLENDALE NOON CONCERT STREAM THIS WEDNESDAY …Absolutely guaranteed anonymity – Former Musician’s Union officer\u2028 …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 musician […]<\/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-882","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"http:\/\/www.responsible47.com\/index.php?rest_route=\/wp\/v2\/posts\/882","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=882"}],"version-history":[{"count":0,"href":"http:\/\/www.responsible47.com\/index.php?rest_route=\/wp\/v2\/posts\/882\/revisions"}],"wp:attachment":[{"href":"http:\/\/www.responsible47.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=882"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.responsible47.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=882"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.responsible47.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=882"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}