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alexwill Heavyweight Member
Joined: 08 Dec 2009 Posts: 6818 Location: Decatur, Georgia
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alexwill Heavyweight Member
Joined: 08 Dec 2009 Posts: 6818 Location: Decatur, Georgia
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alexwill Heavyweight Member
Joined: 08 Dec 2009 Posts: 6818 Location: Decatur, Georgia
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Athos Heavyweight Member
Joined: 09 May 2004 Posts: 805 Location: St Louis
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Posted: Thu Dec 28, 2017 7:24 pm Post subject: |
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The liability is only $8.9M if they shirk their responsibility to pay into the AFM-EP fund. Their actual liability is $4.9M. |
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alexwill Heavyweight Member
Joined: 08 Dec 2009 Posts: 6818 Location: Decatur, Georgia
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Posted: Fri Dec 29, 2017 7:30 am Post subject: |
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https://24904uv1pb7kcgqm1itr5z1j-wpengine.netdna-ssl.com/wp-content/uploads/2017/12/Press-Release-12.28.17-Musicians-of-the-San-Antonio-Symphony.pdf
PRESS STATEMENT FROM THE MUSICIANS of the SAN ANTONIO SYMPHONY
Over the past 24 hours members of the press have been asking us questions about Bruce
Bugg's statements about the AFM multi-employer pension plan. The Symphony Society
of San Antonio (SSSA) is a party to the national American Federation of Musicians' AFM
Employers' Pension Fund. The AFM-EPF is a multi-employer plan.
Mr. Bugg's statements about the pension plan are false. They are so grossly false we can
only assume the falsity is intentional in order to set up the pension plan and SSSA as
scapegoats for a union-busting power play.
The following are verifiable facts.
1. SSSA has $0.00 (zero) debt to the AFM-EPF. The Symphony's auditors and SSSA
board were 100% correct in reporting no debts payable to the Pension Fund for
withdrawal liability.
2. SSSA will never have to incur any payment to the pension fund other than making
pension contributions on a going forward basis. These payments currently are in the
range of $120,000 per year, a far cry from the alleged multi-millions of dollars of liability
and a fair contribution to ensure that the Symphony's hard-working musicians have a
retirement pension after devoting decades of their lives to the San Antonio community.
3. Mr. Bugg has falsely stated and the press has willingly repeated without
investigation that SSSA has a current $4.5 million liability to the pension fund. This is
wildly false. The pension fund letter identifies a $4.5 billion number for the fund's total
net unfunded vested benefits aggregated of all participating employers nationwide and
all participating employees nationwide. This is not a liability figure of SSSA. This number
is included in the Pension Fund's letter as part of the calculation of a hypothetical estimate
of SSSA's withdrawal liability if SSSA were to withdraw from the pension plan.
4. According to the Pension Fund letter, the current $8.9 million estimate can change
if SSSA were ever to withdraw from the Pension Fund in the future.
5. Neither SMSA nor SSSA has ever proposed to the Union that the Symphony
withdraw from the pension plan.
6. Any withdrawal liability estimate is purely speculative. There is no current liability.
There will never be any withdrawal liability unless the Symphony intends to disrupt its
employees' future pensions by withdrawing from the pension plan. The Symphony's only
obligation is to continue making contributions to the Fund for employees' retirement
pension accounts.
7. Any suggestion that SSSA has been or is hiding a pension liability is completely
false. Such suggestion only serves to unfairly and falsely smear the individuals, most of
them highly dedicated to providing world-class orchestral music to the citizens of San
Antonio, who have been involved with the Symphony Society over the past decade. |
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alexwill Heavyweight Member
Joined: 08 Dec 2009 Posts: 6818 Location: Decatur, Georgia
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OldKing Regular Member
Joined: 26 May 2017 Posts: 89 Location: Boerne, TX
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Posted: Fri Dec 29, 2017 6:52 pm Post subject: |
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Very sad. 'Seems they have struggled to stay viable my entire life. Puro San Antonio. _________________ For if the trumpet give an uncertain sound, who shall prepare himself to the battle? - 1 Cor 14:8 |
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alexwill Heavyweight Member
Joined: 08 Dec 2009 Posts: 6818 Location: Decatur, Georgia
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gstump Heavyweight Member
Joined: 14 Nov 2006 Posts: 934
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Posted: Sun Dec 31, 2017 5:59 am Post subject: |
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Hang in there
Gordon Stump _________________ Schilke B5
Couesnon Flug (1967)
Funk Brothers Horn Section/Caruso Student |
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OldKing Regular Member
Joined: 26 May 2017 Posts: 89 Location: Boerne, TX
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Posted: Sun Jan 14, 2018 4:49 am Post subject: |
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Heard Eroica Friday night. You could feel the angst. _________________ For if the trumpet give an uncertain sound, who shall prepare himself to the battle? - 1 Cor 14:8 |
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