The Pension Protection Act of 2006 (“PPA”) requires an annual actuarial status determination for multiemployer pension plans including the American Federation of Musicians and Employers’ Pension Plan (the “Plan”). On April 15, 2010, the Plan was certified by its actuary to be in critical status, also known as the “red zone”, for the plan year beginning on April 1, 2010. The Plan was further certified in critical status each plan year thereafter to date. The PPA requires that the board of trustees of a multiemployer pension plan that has been certified by its actuary as being in critical status develop a rehabilitation plan.
Accordingly, the Board adopted its initial rehabilitation plan (the “Rehabilitation Plan”) on April 15, 2010. The Rehabilitation Plan has been updated over time and was most recently updated in June 2018.