U.S. Treasury Department Denies the AFM-EPF's MPRA Application
August 11, 2020
Today, the U.S. Department of the Treasury officially notified the American Federation of Musicians and Employers' Pension Fund (AFM-EPF, the Plan) that it has denied our application, which we filed to protect our Plan's solvency by reducing benefits under the Multiemployer Pension Reform Act (MPRA). Treasury's letter explained that its denial is based on a disagreement over the reasonableness of two of the actuarial assumptions used in our application.
Treasury Staff Will Recommend Denying the AFM-EPF's MPRA Application.
Plan's Trustees and Actuaries Dispute Treasury Staff's Conclusions
August 5, 2020
In December 2019, the American Federation of Musicians and Employers' Pension Fund (AFM-EPF, the Plan) filed an application with the U.S. Treasury Department to reduce benefits under the Multiemployer Pension Reform Act (MPRA) in an attempt to save the Plan and avoid insolvency (running out of money). Treasury has a deadline of August 11, 2020 to decide whether to approve or deny our application.
ACT NOW: Tell Congress to Protect Your Pension Benefits in the Upcoming COVID-19 Bill
July 24, 2020
Right now, Republicans and Democrats in Congress are negotiating the contents of the next COVID-19 relief bill, which is currently expected to pass by early August. One of the issues up for negotiation is whether to include assistance for struggling multiemployer pension plans, and, if so, what that assistance package should contain.
Now is the time to tell your Members of Congress to include a legislative solution that would prevent the AFM-EPF from becoming insolvent and to avoid any measures that would be harmful to our Plan and our participants and beneficiaries.
US. Treasury Department Reopens MPRA Application Comment Period through July 15
July 8, 2020
The U.S. Treasury Department has reopened the public comment period for the AFM-EPFs MPRA application for one week. The comment period was reopened today and will remain open through Wednesday, July 15.
MPRA Benefit Reductions Explained: Re-retirement and Re-determination Benefits Are Changing
June 2, 2020
The purpose of this Pension Fund Notes newsletter is to explain benefit changes that were previously announced by the Trustees - this is not an announcement of additional changes.