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AFM Calls For Pension Reform
Website: http://www.afm.org
The American Federation of Musicians (AFM) and Employers Pension Fund (AFMEP) is an important source of retirement income for professional musicians. The fiscal health and stability of the AFMEP is thus essential for their retirement security. The AFMEP is a multiemployer pension plan subject to federal regulation, and the US Congress is actively considering legislation to modify the funding rules applicable to such plans. According to AFM President Tom Lee, "We believe any modifications to funding rules should be designed to strengthen multiemployer pension plans like the AFMEP, and should not be allowed to undermine such plans or harm plan participants like the hardworking members of the Federation."
Proposals supported by the AFM, the AFL-CIO, and the National Coordinating Committee of Multiemployer Plans provide constructive reforms of multiemployer plan funding rules and avoid destructive changes to current rules. In that regard, the 96th Convention of the American Federation of Musicians calls on Congress to enact only those pension reform measures that are endorsed by the National Coordinating Committee for Multiemployer Plans. Congress' overriding objective must be to reinforce multiemployer pension plans—not to weaken them.
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