Musicians Retirement

[Darrell Criswell]

In today's New York Times there is an article about problems with Professional Musicians pension/retirement fund which specifically mentions Sonny Garrish, Steel Guitarist, as an example. Does anyone have any additional info?

[Jim Cohen]

Can you post a link to the NY Times article? I can't seem to locate it online...

[Lee Baucum]

Click Here

[Darrell Criswell]

In today's New York Times there is an article about problems with Professional Musicians pension/retirement fund which specifically mentions Sonny Garrish, Steel Guitarist, as an example. Does anyone have any additional info?

Sorry got my papers mixed up, it was in The Tennessean.

[Damir Besic]

unbelievable ...

[David Ball]

Pension funds in general are in pretty sketchy shape these days. With all the baby boomers retiring or nearing retirement, many of these funds--especially if mismanaged--aren't going to be able to keep up with the ongoing and upcoming demands. I don't think that anyone in a pension plan is necessarily safe. A music buddy of mine who drove for UPS for years before retirement had his benefits cut recently. He's still getting his pension, but not as much as he was before. When even the huge, presumably properly managed pension funds like UPS/Teamsters have problems, it's a big deal.

I wish the best for the Musicians Union members. Getting to an age where you can't work anymore only to find, out of the blue, that the plans that you've made and paid into for continued income in retirement suddenly get yanked out from under you truly sucks.

Dave

[Joe Krumel]

makes me sick!

[Damir Besic]

don't worry, is not only in US, this s happening all over the world, friend of mine, steel player from Croatia who was a professional musician his whole life, just retired, and his pension is $150 a month ... try to live on that ...

[Brooks Montgomery]

Personally, I think all pensions should, by law, be federally insured just like FDIC bank accounts.
In America today many good men and women have dedicated their decades of work years to a job, a corporation, or a trade with a union, only to have that corporation, or union, or state or city government job go broke, or sell, or renegotiate the terms and amounts of the pension. I can’t think of a dagger twisted in a worse way. Why should a bank savings account be any more protected?
And apologies, probably a little too political for this forum.....

[Earnest Bovine]

I think all pensions should, by law, be federally insured

As long as you're paying for it, I'll give myself a big unfunded pension.

[Damir Besic]

Personally, I think all pensions should, by law, be federally insured....

of course they should, the rest of the western developed world has it done..but even then , if government runs out of money, you get screwed...

[Tony Glassman]

Most “pension “ funds,like IRAs, are invested in stocks, mutual funds etc to keep pace with demand and inflation Unlike a bank account, there are no guarantees. These plans are subject to the same risks that are present in all investment markets.

That said, the situation is often exacerbated by mismanagement or conflicts-of—interest by the responsible officials.

[Donny Hinson]

...“With the fund in critical status resulting from bad investment decisions,” the 66-page suit claims (read it here), “defendants chased recovery of lost investment returns by repeatedly gambling on the hope of high investment returns from the highest risk asset classes, in breach of their fiduciary duties under the Employee Retirement Income Security Act. Defendants failed to prudently invest hundreds of millions of dollars of fund assets and monitor and manage risk tolerance and exposure in the stressed financial circumstances facing the fund.”

Maureen Kilkelly, executive director of the pension plan, called the suit “entirely without merit,” saying that the board of trustees and staff of the fund “have always taken our fiduciary responsibilities very seriously. Every step of the way, we have consulted with respected and experienced investment experts in the industry, closely reviewed investment options, and always acted in the best interests of the fund’s nearly 50,000 participants and beneficiaries.”

According to the lawsuit, “Defendants invested approximately $243.5 million of the fund’s assets over the period since 2010 in high-risk, high-cost international emerging markets equities, gambling on outsized growth in international emerging markets’ economies and coincident investment returns consistent with returns in the previous decade. Defendants further gambled on the investment managers they hired to outguess the market and produce better returns for their excessively high costs and fees. As the investment lost market value, defendants chased recovery of the lost returns with further fund assets. Defendants knew, or should have known, this continuing and increasingly risky gamble exposed the fund to imprudent and excessive risk when the fund’s returns were vital to recovery...”

Whole article here:

https://deadline.com/2017/07/afm-lawsui ... 202135150/

[Brooks Montgomery]

I think all pensions should, by law, be federally insured

As long as you're paying for it, I'll give myself a big unfunded pension.

Not talking about unfunded. Talking about earned and paid for pensions.

[Bill McCloskey]

Fortunately my wife was a verizon employee for 30 years, taking early retirement at 47. Been getting a pension and free healthcare insurance since then. And when we married I was covered under her policy as well as my daughter. And we don't worry about her pension being cut.

The best pension a musician can count on is marrying a union gal from the phone company. or a rich bride.

So sad about these folks. One wonders if the mob was involved. Nothing worse than stealing some ones retirement.

[Earnest Bovine]

Not talking about unfunded. Talking about earned and paid for pensions.

Yes, if you worked for it and paid for it, the money will still be there when you need it. It is in good hands. No one like, say, Jimmy Hoffa could ever become trustee of a union pension fund. And certainly not the AFM, led by only the best people; e.g. J C Petrillo.

[Brooks Montgomery]

Not talking about unfunded. Talking about earned and paid for pensions.

Yes, if you worked for it and paid for it, the money will still be there when you need it. It is in good hands. No one like, say, Jimmy Hoffa could ever become trustee of a union pension fund. And certainly not the AFM, led by only the best people; e.g. J C Petrillo.

Hence my remark, should be insured like a FDIC bank account.

[Mike Harris]

I heard on the radio last night that Georg F. Handel, back in the 18th century, gave away most of his fortune to an orphanage and a fund for retired musicians. Maybe some of today's music millionaires could take a cue from GFH.

[Bill McCloskey]

I always said that if I won the powerball I'd set up a fund for aging musicians.

[Barry Blackwood]

I heard on the radio last night that Georg F. Handel, back in the 18th century, gave away most of his fortune to an orphanage and a fund for retired musicians. Maybe some of today's music millionaires could take a cue from GFH.

Not a chance. They're too busy buying (and wrecking) their exotic cars...

[Steve Spitz]

I guess I’m a bit naive. I never thought my pension could be less than what I’m expecting.

I work for one of the worlds largest corporations, AAA+ bond rating, (whatever that means) ,But have to admit I have no idea if that means I could/ couldn’t get screwed.

Sounds like a good time to call my advisor.

We all just expected the money to be there. What a scam.

[Larry Dering]

Steve, any pension funds, government included can become weak or unfunded and you will get less if anything. Look back at the history of some of these. Instead of panic we have to plan for the worse and hope for the best. That means save and be careful with any investment products. Remember the old saying of don't put all your eggs in one basket? Even more true today.

[Barry Blackwood]

Rules to live by?

https://www.shkdirect.com/shkinfo/en_US ... osure.html

[Larry Allen]

I was a member of the AFM for 38 years...during that time one of the New York funds managers stole all the $$$...then, No gold card, No $2000 death benefit , still have to pay dues to work the union clubs...on top of that....DJs and KARAOKE took the work...

[Marc Muller]

Sorry, thought this thread was a funeral announcement.....