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Topic: Musicians Retirement |
Darrell Criswell
From:
Maryland, USA
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Posted 19 Mar 2019 3:08 pm |
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| 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? |
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Jim Cohen
From:
Philadelphia, PA
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Lee Baucum
From:
McAllen, Texas (Extreme South) The Final Frontier
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Darrell Criswell
From:
Maryland, USA
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Posted 19 Mar 2019 8:28 pm Re: Musicians Retirement
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| Darrell Criswell wrote: |
| 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. |
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Damir Besic
From:
Nashville,TN.
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David Ball
From:
North Carolina High Country
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Posted 20 Mar 2019 2:05 am
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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 |
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Joe Krumel
From:
Hermitage, Tn.
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Posted 20 Mar 2019 7:14 am
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| makes me sick! |
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Damir Besic
From:
Nashville,TN.
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Posted 20 Mar 2019 7:49 am
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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 ...
_________________
https://steelguitarsonline.com/ |
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Brooks Montgomery
From:
Idaho, USA
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Posted 20 Mar 2019 10:38 am
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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.....
_________________
A banjo, like a pet monkey, seems like a good idea at first. |
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Earnest Bovine
From:
Los Angeles CA USA
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Posted 20 Mar 2019 10:50 am
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| Brooks Montgomery wrote: |
| 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. |
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Damir Besic
From:
Nashville,TN.
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Posted 20 Mar 2019 11:04 am
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| Brooks Montgomery wrote: |
| 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...
_________________
https://steelguitarsonline.com/ |
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Tony Glassman
From:
The Great Northwest
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Posted 20 Mar 2019 11:22 am
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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. |
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Donny Hinson
From:
Glen Burnie, Md. U.S.A.
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Posted 20 Mar 2019 2:17 pm
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| Quote: |
...“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.â€
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.â€
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...â€
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Whole article here:
https://deadline.com/2017/07/afm-lawsuit-claims-mismanagement-of-troubled-pension-plan-american-federation-musicians-1202135150/ |
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Brooks Montgomery
From:
Idaho, USA
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Posted 20 Mar 2019 2:51 pm
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| Earnest Bovine wrote: |
| Brooks Montgomery wrote: |
| 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.
_________________
A banjo, like a pet monkey, seems like a good idea at first. |
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Bill McCloskey
From:
Nanuet, NY
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Posted 20 Mar 2019 5:06 pm
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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.
_________________
Check out the Steel Guitar Union Hall Youtube Channel https://www.youtube.com/@steelguitarunionhall |
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Earnest Bovine
From:
Los Angeles CA USA
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Posted 20 Mar 2019 5:42 pm
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| Brooks Montgomery wrote: |
| 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. |
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Brooks Montgomery
From:
Idaho, USA
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Posted 20 Mar 2019 8:35 pm
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| Earnest Bovine wrote: |
| Brooks Montgomery wrote: |
| 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.
_________________
A banjo, like a pet monkey, seems like a good idea at first. |
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Mike Harris
From:
Texas, USA
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Posted 21 Mar 2019 7:22 am
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| 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. |
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Bill McCloskey
From:
Nanuet, NY
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Barry Blackwood
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Posted 21 Mar 2019 8:43 am
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| Quote: |
| 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... |
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Steve Spitz
From:
New Orleans, LA, USA
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Posted 22 Mar 2019 2:12 pm
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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. |
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Larry Dering
From:
Missouri, USA
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Posted 22 Mar 2019 6:14 pm
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| 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. |
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Barry Blackwood
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Larry Allen
From:
Kapaa, Kauai,Hawaii
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Posted 25 Mar 2019 11:20 am Afm
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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... 
_________________
Excel steels & Peavey amps,Old Chevys & Motorcycles & Women on the Trashy Side |
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Marc Muller
From:
Neptune,NJ USA
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Posted 29 Mar 2019 7:32 pm
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| Sorry, thought this thread was a funeral announcement..... |
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