From the August 2024 Pension Fund Notes:

We are thrilled to announce that on August 12, 2024, the American Federation of Musicians and Employers’ Pension Fund (AFM-EPF) received approximately $1.5 billion in Special Financial Assistance. The Fund received the $1,440,137,839.00 in assistance requested in our application, plus $87,701,535.81 in interest from December 31, 2022 to August 12, 2024. As required, these funds are being kept separate from other Plan assets and will be used to pay benefits and expenses.

The Special Financial Assistance significantly increases the financial security of the Fund. The amount of assistance was calculated to provide our Plan with the additional funding we need so that we are projected to be able to pay benefits and administrative expenses through 2051. Based on assumptions used by the Plan actuary, the Plan is currently projected to be able to pay benefits well beyond that date – actually indefinitely. Many factors that cannot be projected with certainty will impact the Plan’s financial health in the years and decades to come, however, including market conditions, investment returns, work levels and contributions.

For more information about Special Financial Assistance and our Plan, see the Fund Status FAQs on www.afm-epf.org.