AMENDMENT NUMBER NINE TO THE AMERICAN FEDERATION OF MUSICIANS AND EMPLOYERS’ PENSION PLAN (As Amended and Restated Effective as of January 1, 2002)

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Amendment No. 9

AMENDMENT NUMBER NINE TO THE
AMERICAN FEDERATION OF MUSICIANS AND EMPLOYERS' PENSION PLAN
(As Amended and Restated Effective as of January 1, 2002)

WHEREAS, on February 20, 2002, the Board of Trustees (the "Board") of the American Federation of Musicians and Employers' Pension Fund (the "Fund") adopted the American Federation of Musicians and Employers' Pension Plan, as amended and restated effective as of January 1, 2002 (the "Plan"); and

WHEREAS, pursuant to Article 9, Section 9.01 of the Plan, the Board reserves the right to amend the Plan at any time; and

WHEREAS, on February 22, 2007, the Board adopted an amendment to the Plan as set forth herein;

WHEREAS, the Board agreed to execute a formal written document memorializing such amendment. 

NOW, THEREFORE, the Plan is hereby amended, effective as of the dates set forth below, as follows:

1. Article I ("Definitions"), Section 1.08 ("Beneficiary") is hereby amended, effective January 1, 2002, by deleting the existing text thereof and replacing it with the following:

Section 1.08        BENEFICIARY.  The term "Beneficiary" shall mean that person entitled to payments following the death of the Participant in accordance with a properly made designation by the Participant on a form provided by the Fund, and subject to the rules set forth below.

(a) Death After the Annuity Starting Date.  For purposes of guaranteed benefits payable in accordance with Section 6.03(c)(2)(B), 8.01(b)(1), or 8.04(c), a Participant may designate up to three individuals (or if greater, the number of the Participant's natural children or children placed with the Participant for adoption) as primary Beneficiary, and up to three individuals (or if greater, the number of the Participant's natural children or children placed with the Participant for adoption) as alternate Beneficiary. The designated primary Beneficiary(ies) will be considered to be the Beneficiary for purposes of this subsection (a) except as set forth in subsection (a)(3) and (d) below.

(1) In lieu of designating up to three individuals as primary or alternate Beneficiary, a Participant may designate his or her estate, or a single trust, as a primary and/or alternate Beneficiary.

(2) If more than one primary Beneficiary is designated, any payments under this subsection (a) will be divided ratably among them.  If  one or more (but not all) dies before the Participant's death, before receiving all of the guaranteed payments to which the Beneficiary is entitled, the remaining guaranteed payments will be divided ratably among the living primary Beneficiaries.

(3) A designated alternate Beneficiary shall become the Beneficiary only if none of the persons named as primary Beneficiary is alive (or the designated trust is no longer in existence) on the date of the Participant's death. 

(4) If  for any reason a deceased Participant failed to file a statement designating a primary or alternate Beneficiary, or there is no designated primary or alternate Beneficiary living (or in existence, in the case of a designated estate or trust) to receive all guaranteed payments to which the Beneficiary is entitled under this subsection (a), the term Beneficiary shall refer to the first surviving person or persons in the following classes of successive preference: (i) the surviving spouse of the deceased Participant, (ii) the children of the deceased Participant, (iii) the parents of the deceased Participant, (iv) the siblings of the deceased Participant, or (v) the duly appointed executor or administrator of the estate of the deceased Participant; provided, however, that if there are one or more Beneficiaries in a prior enumerated class, any Beneficiaries in a subsequent class shall not be entitled to any benefit payments, and if there is more than one Beneficiary in a class entitled to benefits, the amount shall be distributed ratably among all such Beneficiaries in that class.  In cases where there are no Beneficiaries in any of the foregoing enumerated classes, and no executor, administrator or other representative of the deceased Participant's estate has been duly appointed, no further benefit shall be paid on behalf of the deceased Participant.

(b) Death Before the Annuity Starting Date.  For purposes of the pre-retirement benefit payable in accordance with Section 7.03, a Participant may designate up to three individuals (or if greater, the number of the Participant's natural children or children placed with the Participant for adoption) as primary Beneficiary, and up to three individuals (or if greater, the number of the Participant's natural children or children placed with the Participant for adoption) as alternate Beneficiary. The designated primary Beneficiary(ies) will be considered to be the Beneficiary for purposes of this subsection (b) except as set forth in subsection (b)(3) and (d) below.

(1) A Participant may not designate a trust or his or her estate as a primary or alternate Beneficiary for purposes of this subsection (b).

(2) If more than one primary Beneficiary is designated, any payments under this subsection (b) will be divided ratably among them.  If  any one or more (but not all) dies before the Participant's death, the benefit payable under Section 7.03 will be divided ratably among the living primary Beneficiaries. 

(3) A person named as an alternate Beneficiary shall become the Beneficiary only if none of the persons named as primary Beneficiary is alive on the date of the Participant's death. 

(4) If the Participant does not have an Eligible Spouse and is legally married to a person of the same gender at his or her date of death, that person shall be the Beneficiary in the event there is no living primary or alternate Beneficiary.

(5) If  for any reason a deceased Participant failed to file a statement designating a primary or alternate Beneficiary, or there is no designated primary or alternate Beneficiary living  to receive all payments to which the Beneficiary is entitled under this subsection (b), the payments shall be forfeited.

(c) Designation of Minors.  A Participant may designate a minor as a primary or alternate Beneficiary only if such designation is properly made in accordance with the requirements of the designation forms provided by the Plan Administrator for such purpose.

(d) Eligible Spouse as Beneficiary.  Notwithstanding anything in this Section to the contrary, to the extent required by Articles 6, 7 and 8 of the Plan, the deceased Participant's surviving Eligible Spouse shall automatically be the Beneficiary for all purposes of the Plan.

(e) Joint Annuitant as Beneficiary.  Notwithstanding anything in this Section to the contrary, for purposes of Sections 5.09, 8.07, 8.08, 10.03, 11.05, 11.06, and 11.14 of the Plan, the term "Beneficiary" shall also include a Joint Annuitant.

2.     Article 5 ("Pension Eligibility and Amounts"), Section 5.03 ("Regular Pension Benefit Amount") of the Plan is hereby amended, effective April 1, 2007, by restating the chart contained in subsection (a) thereof in its entirety to read as follows:

3. Article 5 ("Pension Eligibility and Amounts"), Section 5.07 ("Redetermination of Pension Benefits") of the Plan is hereby amended, effective April 1, 2007, by restating subsection (b) of such Section to read as follows: 

(b)  Reretirement of Regular Pension Benefits and Disability Pension Benefits Payable Under Section 5.05(a) With Respect to Contributions Based on Covered Employment On or After January 1, 1996. The following provisions shall apply with respect to any additional pension benefits that may become payable to a Pensioner who initially retires and commences receiving payment of a Regular Pension Benefit or Disability Pension Benefit payable under the provisions of Section 5.05(a) prior to attaining Normal Retirement Age, and then returns to Covered Employment and earns additional Covered Earnings in any calendar year after his or her initial Annuity Starting Date and on or after January 1, 1996, but prior to his or her attaining Normal Retirement Age, which would otherwise have entitled such Pensioner to a redetermined benefit under the provisions of subsection (a) of this Section (for purposes of this subsection (b) only, referred to as an "early retirement Pensioner").

Any additional pension benefit that may become payable to an early retirement Pensioner with respect to Contributions based on Earnings earned by such early retirement Pensioner after his or her initial Annuity Starting Date prior to his or her attainment of Normal Retirement Age shall commence to be distributed to such early retirement Pensioner on the first day of the month following his or her attainment of Normal Retirement Age.  Such day shall be deemed the Annuity Starting Date with respect to the additional monthly benefit payable to the early retirement Pensioner with respect to such Contributions (for purposes of this Section only, referred to as the "later Annuity Starting Date"), and the commencement of this additional pension benefit may not be deferred beyond the later Annuity Starting Date. 

Subject to adjustment where the early retirement Pensioner's initial pension benefit is being paid in the form of a Joint and Survivor Annuity or where the additional pension benefit is to be paid in the form of a Joint and Survivor Annuity, the amount of the additional monthly pension benefit that will become payable to an early retirement Pensioner commencing on the later Annuity Starting Date shall be the greater of the two amounts computed under paragraphs (1) and (2) below; provided, however, that if the additional monthly pension benefit payable commencing on the later Annuity Starting Date is paid in the form set forth in Section 8.01(b), the guaranteed amount of such additional benefit shall equal 100 times the portion of the additional monthly benefit amount that is attributable to Contributions credited on behalf of the early retirement Pensioner prior to January 1, 2004 only.

(1) The following amount: (i) the monthly benefit computed using the Basic Monthly Amount dollar rates set forth in Section 5.03(a) applicable to age 65 and all Contributions credited on behalf of the early retirement Pensioner for all periods of time (including such Contributions which were used in calculating his or her original pension benefit), less (ii) the monthly Actuarial Equivalent value of the pension benefits actually paid to such early retirement Pensioner from his or her initial Annuity Starting Date up to the end of the month during which he or she attains Normal Retirement Age which are attributable to Contributions credited on behalf of the early retirement Pensioner for all such periods of time, minus (iii) the amount of the monthly pension benefit that was payable to the early retirement Pensioner immediately prior to his or her later Annuity Starting Date attributable to Contributions credited on behalf of the early retirement Pensioner for all such periods of time.  This calculation shall be performed separately for each period of time set forth as a separate column in the chart in Section 5.03(a).

(2)      The sum of the additional monthly benefits that would have become payable to the early retirement Pensioner annually up to the end of the month during which he or she attains Normal Retirement Age with respect to Contributions based on Covered Earnings earned from the later of January 1, 1996 and his or her initial Annuity Starting Date up to the end of the month during which he or she attains Normal Retirement Age if those benefits were calculated in accordance with the provisions of subsection (a) of this Section, without regard to the last paragraph of subsection (a).

A Participant or former Participant who retires prior to attaining Normal Retirement Age and receives a lump-sum payment of his or her pension benefit in accordance with the provisions of Section 8.05 of the Plan, and then returns to Covered Employment and earns additional Covered Earnings, shall be considered an early retirement Pensioner for purposes of this subsection (b); provided, however, that with respect to such an early retirement Pensioner, the amounts used in the calculation of the additional pension benefit payable as of the later Annuity Starting Date under paragraph (1) of this subsection (b), which are based on the monthly value of benefits actually paid to an early retirement Pensioner, shall be computed as the monthly Actuarial Equivalent value of the lump-sum payment received by the early retirement Pensioner as of his or her initial Annuity Starting Date (plus subsequent lump-sum payments received by the early retirement Pensioner with respect to additional benefits based on Covered Earnings earned prior to 1996, calculated in accordance with subsection (a) of this Section, if any).

In the event that an early retirement Pensioner who has earned an additional monthly pension benefit described in this subsection (b) dies prior to his or her later Annuity Starting Date, the provisions concerning the amount and distribution of pre-retirement death benefits set forth in Sections 7.02 and 7.03 shall apply with respect to distribution of the death benefit attributable to Contributions credited on behalf of the early retirement Pensioner based on Covered Employment performed after the Pensioner's initial Annuity Starting Date; provided, however, that the $2,000/$4,000 minimum described in Section 7.02 shall not apply.

4.     Article 5 ("Pension Eligibility and Amounts"), Section 5.07 ("Redetermination of Pension Benefits") of the Plan is hereby amended, effective as of April 1, 2007, by restating subsection (d) of such Section to read as follows: 

(d) Redetermination of Pension Benefits With Respect to Contributions Based on Covered Employment On or After January 1, 1996.  The following provisions shall apply with respect to any additional pension benefits that may become payable to a Pensioner who returns to Covered Employment and earns additional Covered Earnings in any calendar year after attaining Normal Retirement Age which would otherwise have entitled such Pensioner to a redetermined benefit under the provisions of subsection (a) of this Section. 

Notwithstanding anything herein to the contrary, if a Pensioner's original pension benefit and/or benefit commencing on the later Annuity Starting Date are being paid in the form set forth in Section 8.01(b), the balance of the guaranteed amount of such pension benefit(s) which is payable to the Participant's Beneficiary upon the Participant's death, if any, shall be reduced by the additional benefits paid to the Participant with respect to Covered Employment performed after attainment of Normal Retirement Age, and there shall not be a new guaranteed amount payable with respect to any additional benefit paid in the form set forth in Section 8.01(b) based on Covered Employment performed after attainment of Normal Retirement Age.

The additional benefits that may become payable to a Pensioner based on Covered Employment performed after attainment of Normal Retirement Age shall be distributed in accordance with the provisions of subsection (a) of this Section.  With respect to Covered Employment performed prior to January 1, 2004, the amount of the additional monthly benefit shall be calculated in accordance with subsection (a) of this Section.  With respect to Covered Employment performed on or after January 1, 2004, subject to adjustment where the Pensioner's pension benefit is being paid in the form of a Joint and Survivor Annuity and where the additional pension benefit is to paid in the form of a Joint and Survivor Annuity, the amount of the additional monthly benefit that may become payable to such a Pensioner with respect to Covered Employment performed during calendar year 2004 or later shall be (i) the amount of the additional monthly benefit that would be payable under the provisions of subsection (a) with respect to Covered Earnings earned during that calendar year (except that "1/1/08" shall be substituted for "4/1/07" in determining the the applicable Basic Monthly Amount dollar rate set forth in Section 5.03(a) applicable to such calendar year), minus (ii) the monthly Actuarial Equivalent value of the benefits actually paid to such Pensioner during that same calendar year (i.e., the calendar year in which the additional Covered Earnings were earned) based on Covered Earnings earned on or after January 1, 2004.

If a Pensioner initially commences receiving payment of a Regular Pension Benefit on or after attaining Normal Retirement Age, and thereafter returns to Covered Employment and earns additional Covered Earnings, the form of payment of any additional benefits that may become payable to such a Pensioner shall be the same as that of the Pensioner's initial Regular Pension Benefit.

If an early retirement Pensioner or early disability Pensioner performs Covered Employment after Normal Retirement Age, the form of payment of any additional benefits payable with respect to Contributions based on Covered Employment after attaining Normal Retirement Age shall be the same as that elected by the early retirement Pensioner or early disability Pensioner as of his or her later Annuity Starting Date determined under subsection (b) or (c) of this Section, as applicable.  If an early retirement Pensioner or early disability Pensioner does not have a later Annuity Starting Date because he or she first returned to Covered Employment and earned additional Covered Earnings after attaining Normal Retirement Age, the first date that additional benefits become payable under the provisions of this subsection (d) shall be the Annuity Starting Date of such additional pension benefit.  The form of payment elected at that time shall also apply to all subsequent additional pension benefits that become payable to him or her thereafter, if any.

          IN WITNESS WHEREOF, the Trustees have executed this Amendment Number 9 on this 31st day of May 2007.