Exhibit 4.05(4) 

List of Employers and Employee Organizations 

AFMEPF0230
Exhibit 4.05(4)

List of Employers and Employee Organizations

1. List of Employee Organizations

AMERICAN FEDERATION OF MUSICIANS

AFM LOCAL 148-462 ATLANTA FEDERATION OF MUSICIANS

AFM LOCAL 1 AFM CINCINNATI MUSICIANS ASSOC

AFM LOCAL 10 208 CHICAGO FEDERATION OF MUSICIANS

AFM LOCAL 1000 NONGEOGRAPHIC

AFM LOCAL 103 CENTRAL OHIO FEDERATION OF MUSICIANS

AFM LOCAL 104 AFM SALT LAKE CITY UT

AFM LOCAL 11 637 LOUISVILLE FEDERATION OF MUSICIANS

AFM LOCAL 12 PAYROLL TRUST JOHNNY MATHIS MARIN VETERANS MEMORIAL AUDITORIUM

AFM LOCAL 12 PROFESSIONAL MUSICIANS OF CENTRAL CALIFORNIA

AFM LOCAL 125 NORFOLK MUSICIANS ASSOCIATION

AFM LOCAL 148 462 ATLANTA FEDERATION OF MUSICIANS

AFM LOCAL 154 PIKES PEAK MUSICIANS ASSOCIATION

AFM LOCAL 16 248 NEWARK PATTERSON NJ NORTHERN AND CENTRAL NJ MUSICIANS GUILD

AFM LOCAL 161 710 METROPOLITAN WASHINGTON DC FED OF MUSICIANS

AFM LOCAL 166 MADISON MUSICIANS ASSOCIATION

AFM LOCAL 174 496 AFM NEW ORLEANS LA

AFM LOCAL 198 457 PROVIDENCE FEDERATION OF MUSICIANS

AFM LOCAL 2 197 MUSICIANS ASSOCIATION OF ST LOUIS

AFM LOCAL 20 623 DENVER MUSICIANS ASSOCIATION

AFM LOCAL 21 AFM WILMINGTON DE

AFM LOCAL 23 MUSIC PERFORMANCE FUND

AFM LOCAL 23 SAN ANTONIO TX MUSICIANS SOCIETY

AFM LOCAL 24 AKRON FEDERATION OF MUSICIANS

AFM LOCAL 256 733 AFM BIRMINGHAM AL

AFM LOCAL 257 NASHVILLE MUSICIANS ASSOCIATION

AFM LOCAL 294 GREATER LANCASTER FEDERATION OF MUSICIANS

AFM LOCAL 3 INDIANAPOLIS MUSICIANS ASSOCIATION

AFM LOCAL 30 73 THE TWIN CITIES MUSICIANS UNION

AFM LOCAL 308 AFM SANTA BARBARA CA

AFM LOCAL 325 MUSICIANS ASSOC OF SAN DIEGO COUNTY

AFM LOCAL 34 627 KANSAS CITY FEDERATION OF MUSICIANS

AFM LOCAL 353 LONG BEACH AREA MUSICIANS ASSOC

AFM LOCAL 368 RENO MUSICIANS UNION

AFM LOCAL 369 LAS VEGAS MUSICIANS UNION

AFM LOCAL 389 CENTRAL FLORIDA MUSICIANS ASSOC

AFM LOCAL 399 AFM ASBURY PARK NJ

AFM LOCAL 4 CLEVELAND FEDERATION OF MUSICIANS

AFM LOCAL 40 543 MUSICIANS ASSOC OF METRO BALTIMORE

AFMEPF0231
AFM LOCAL 400 AFM HARTFORD CT

AFM LOCAL 427 721 FLORIDA GULF COAST

AFM LOCAL 433 AUSTIN FEDERATION OF MUSICIANS

AFM LOCAL 443 AFM ONEONTA NY

AFM LOCAL 45 LEHIGH VALLEY MUSICIANS ASSOC

AFM LOCAL 463 LINCOLN MUSICIANS ASSOC

AFM LOCAL 47 LOS ANGELES PROFESSIONAL MUSICIANS

AFM LOCAL 5 DETROIT FEDERATION OF MUSICIANS

AFM LOCAL 542 FLINT FEDERATION OF MUSICIANS

AFM LOCAL 56 GRAND RAPIDS FEDERATION OF MUSICIANS

AFM LOCAL 586 PROFESSIONAL MUSICIANS OF ARIZONA

AFM LOCAL 6 MUSICIANS UNION SAN FRANCISCO

AFM LOCAL 60 471 PITTSBURGH MUSICIANS UNION

AFM LOCAL 618 AFM ALBUQUERQUE NM

AFM LOCAL 625 ANN ARBOR FEDERATION OF MUSICIANS

AFM LOCAL 65 699 HOUSTON PROFESSIONAL MUSICIANS ASSOC

AFM LOCAL 655 SOUTH FLORIDA MUSICIANS ASSOC

AFM LOCAL 677 HAWAII MUSICIANS ASSOC

AFM LOCAL 689 AFM EUGENE OR

AFM LOCAL 7 ORANGE COUNTY MUSICIANS ASSOC

AFM LOCAL 70 558 OMAHA MUSICIANS ASSOCIATION

AFM LOCAL 71 MEMPHIS FEDERATION OF MUSICIANS

AFM LOCAL 72 147 DALLAS FORT WORTH PROFESSIONAL MUSICIANS ASSOC

AFM LOCAL 76 493 SEATTLE MUSICIANS ASSOCIATION

AFM LOCAL 77 PHILADELPHIA MUSICIANS UNION

AFM LOCAL 78 PROFESSIONAL MUSICIANS OF CENTRAL NEW YORK

AFM LOCAL 8 MILWAUKEE MUSICIANS ASSOCIATION

AFM LOCAL 802 ASSOCIATED MUSICIANS OF GREATER NEW YORK

AFM LOCAL 802 SENIOR MUSICIANS ASSOCIATION

AFM LOCAL 9 535 BOSTON MUSICIANS ASSOCIATION

AFM LOCAL 92 BUFFALO MUSICIANS ASSOCIATION

AFM LOCAL 99 AFM PORTLAND OR

AFM LOCAL 661 708 ATLANTIC CITY MUSICIANS ASSOC

OPEIU LOCAL 537 (Represents some Local 47 Staff)

ORGANIZATION OF UNION REPRESENTATIVES (Represents some Local 802 staff)

2. List of Employers

10 21 ENTERTAINMENT LLC

1025 5TH AVENUE JONATHAN CAGNAZZO

12 05 AM PRODUCTIONS LLC

125TH STREET PRODUCTIONS LLC

1313400 ONTARIO INC

1514 PRODUCTIONS LLC

16 QUIET BARS UPTOWN LLC

2 PRODUCERS ENTERTAINMENT

212 PRODUCTIONS LLC

AFMEPF0232
22SQUARED INC

321 THEATRICAL MANAGEMENT

369 PAYROLL SERVICE LLC

3COM CORP

3M

54 BELOW LLC

59 PRODUCTIONS LTD

600 VOLT ENTERTAINMENT LLC

7 17 MUSIC

716 MANAGEMENT INC

8VA MUSIC INC

92ND STREET YM YWHA

A AND E MUSICAL ENTERT INC

A D J PRODUCTIONS

A E G EHRLICH VENTURES LLC

A J SANDERS MUSIC

A T MUSIC LLC

A W R MUSIC LLC

A7X TOURING INC

AARON EINHOUSE

AARON J ESHUIS

AARON LACK MUSIC LLC

AARON LEWIS

AARON TEITELBAUM PRODUCTIONS INC

ABELSON TAYLOR INC

ABHANN PRODUCTIONS LTD

ABINGTON PUBLIC LIBRARY

ACADEMY OF MAGICAL ARTS INC

ACADEMY OF MOTION PICTURE ARTS SCIENCES

ACADEMY OF TELEVISION ARTS AND SCIENCES FOUNDATION

ACADEMY OF VOCAL ARTS

ACCENT ENTERTAINMENT LLC

ACCENT PERFORMANCE LLC

ACCENT RECORDS

ACCLAIM ENTERTAINMENT GROUP LLC

ACE HARDWARE CORP

ACL ENTERPRISES LLC

ACM RECORDS INC

ACONY RECORDS

ACOUSTIC BREW COFFEEHOUSE

ACR RECORDS LLC

ACRO TECH

ACT THEATRE

ACT THREE

ACTORS THEATRE OF LOUISVILLE INC

ACTORS THEATRE SERIES INC

ADAM AND EVE DDB

AFMEPF0233
ADAM HOOD MUSIC

ADAM SANDERS ENTERTAINMENT LLC

ADAM SHOENFELD

ADAMS LAW FIRM

ADLONNI LLC

ADRIAN COURT PRODUCTIONS INC

ADULT SWIM

AFFINITY MUSIC CORPORATION

AFM AND E PENSION FUND

AFM AND SAG AFTRA INTELLECTUAL PROPERTY RIGHTS DISTRIBUTION FUND

AFSC NEW HAMPSHIRE

AFTERHOURS MUSIC INC

AGD ENTERTAINMENT CO AND MANNY BLU MUSIC

AIRGO MUSIC INC

AIRSTRIP MUSIC INC

AJG MUSIC GROUP

AK WORLDWIDE PRODUCTIONS INC

AL DUBIN MUSICAL LLC

AL HIRSCHFELD THEATRE MOULIN ROUGE

AL HIRSHFIELD THEATRE KINKY BOOTS

AL MEDIA

ALABAMA BICENTENNIAL COMMISSION FOUNDATION INC

ALABAMA CIVIC CHORALE

ALABAMA SYMPHONIC ORCHESTRA

ALAMO CITY OPERA DBA OPERA PICCOLA OF SA

ALAMO HEIGHTS UNITED METHODIST CHURCH

ALAN CHAN

ALAN YANKEE DBA LEGACY ARTISTS

ALANDA LTD

ALBANY SYMPHONY ORCHESTRA

ALD PRODUCTIONS INC

ALEX DONNER ENTERTAINMENT CORP

ALEX TORREZ

ALEXANDER LEWIS

ALEXANDRE STANKE COMMUNICATIONS INC

ALEXANDRIA CHORAL SOCIETY

ALGERNON INC

ALHAMBRA LODGE

ALIGN RECORDING LLC

ALIVE MUSICAL LLC

ALL PEOPLES CHRISTIAN CHURCH

ALL SAINTS EPISCOPAL CHURCH INC

ALL SOULS CHURCH

ALL SOULS UU

ALL STAR ORCHESTRA SUMMIT

ALL THINGS JV INC DBA ALTADENA

ALLEGIANCE BROADWAY FILM LLC

AFMEPF0234
ALLEGRO ENTERTAINMENT INC

ALLENTOWN SYMPHONY ORCHESTRA

ALLEY THEATRE

ALLIANCE THEATRE COMPANY

ALLIED DOMECQ SPIRITS AND WINE

ALLIED MUSIC GROUP

ALLISON MOORER

ALLISON VOLK

ALLPORT PRODUCTIONS

ALLSTATE CORPORATION

ALMA DDB

ALMOST COUNTRY ENTERTAINMENT LLC

ALS RECORDS AND TAPES

ALVIN AILEY DANCE FOUNDATION INC

ALYSSA L NEWTON

AMANDA KLOOTS

AMAPOLA RECORDS

AMATI CHAMBER MUSIC INC

AMAZING GRACE THEATRE COMPANY LLC

AMBASSADOR THEATRE CHICAGO

AMBASSADOR THEATRE GROUP

AMBER HEAVENLY USA LTD

AMBIENT ARTS INC

AMELIE THE MUSICAL LLC

AMERICAN BACH SOLOISTS

AMERICAN BROADCASTING CO INC

AMERICAN CHORAL CATALOG LTD

AMERICAN CLASSICAL ORCHESTRA INC

AMERICAN COMPOSERS ORCHESTRA INC

AMERICAN CONSERVATORY THEATER

AMERICAN FILM INSTITUTE CA

AMERICAN IDOL PRODUCTIONS INC

AMERICAN JAZZ INSTITUTE

AMERICAN KANTOREI

AMERICAN POPS ORCHESTRA

AMERICAN PUBLIC MEDIA

AMERICAN REPERTORY THEATER

AMERICAN RESIDUALS AND TALENT

AMERICAN SOCIETY OF MUSIC ARRANGERS AND COMPOSERS

AMERICAN SYMPHONY ORCHESTRA INC

AMERICAN THEATRE GUILD

AMERICANA MUSIC ASSOCIATION

AMERIMONTE LLC

AMES TOWN AND GOWN CHAMBER MUSIC ASSOCIATION

AMG RECORDS LLC

AMHERST SENIOR CENTER

AMPHION MUSIC

AFMEPF0235
AMY GRANT PRODUCTIONS

AMY ROBERTS

AMY ROMAN JOHNSON

AMY SHARPE

ANASTASIA MUSICAL LLC

ANASTASIA MUSICAL LLC 000

ANASTASIA US TOURING LLC

AND PEGGY TOUR LLC

ANDERS PRODUCTIONS INC

ANDIANO CELEBRITY SHOWROOM

ANDREA CRISALLI

ANDREAS WERNER

ANDREW BERGTHOLD

ANDREW PARKER

ANDREW SYNOWIEC

ANDREWS MUSIC

ANGELS VOCAL ART

ANHEUSER BUSCH INC

ANNA VAUS

ANNAPOLIS SYMPHONY ORCHESTRA

ANNE PETERSON

ANNE WITH AN E LLC

ANNIE B PRODUCTIONS

ANOMALY PARTNERS LLC

ANOTHER TOURING COMPANY LTD

ANTELIS MUSIC INC

ANTHEM COMMUNITY CHURCH

ANTHEM ENTERTAINMENT LP

ANTHONY CHASE NICHOLS

APOLLO THEATRE FOUNDATION INC

APPALSEED PRODUCTIONS INC

APRIL DOYLE

ARBEE MUSIC LLC

ARBORS RECORDS INC

ARCHANGEL MUSIC CONCERTS INC

ARENA STAGE

ARGONAUT INC

ARIZONA OPERA

ARLUCK ENTERTAINMENT INC

ARNOLD WORLDWIDE BOSTON

ARNOLD WORLDWIDE LLC

ARRANGERS PUBLISHING CO INC

ART FARM ADVERTISING INC

ART GARAGE

ARTHUR FIXEL

ARTISTRY

ARTS COUNCIL OF FAYETTE COUNTY

AFMEPF0236
ARTSBRIDGE FOUNDATION

ARY INC

ARZELL PRODUCTIONS LTD

AS LONG AS THERE IS LOVE LLC

ASBURY PARK MUSIC FOUNDATION INC

ASCAP

ASCHE AND SPENCER MUSIC

ASHLEY RECORD CO TN

ASIA AMERICA SYMPHONY

ASOLO REPERTORY THEATRE

ASYLUM HILL CONGREGATIONAL CHURCH

AT AND T INC

ATHENA PUBLICATIONS

ATL SYMPHONY MUSICIANS FOUNDATION

ATLANTA BALLET INC

ATLANTA BRASS SOCIETY INC

ATLANTA CHAMBER PLAYERS

ATLANTA LYRIC THEATRE INC

ATLANTA OPERA

ATLANTA POP CONCERTS INC

ATLANTA SYMPHONY ORCHESTRA

ATLANTIC RECORDING CORP

ATLANTIC THEATER COMPANY

ATTIC PARTNERS LLC

ATTICUS LLC

ATTILA GLATCONCERT PRODUCTION USA INC

ATTILA GLATZ CONCERT PRODUCTIONS

ATTILA GLATZ CONCERT PRODUCTIONS USA INC

AUBREY ROAD

AUDIO STATE 55 ENTERTAINMENT

AUGUST ERIKSMOEN PRODUCTIONS INC

AUGUST WILSON THEATRE MEAN GIRLS

AUSTIN JAZZ WORKSHOP INC

AUSTIN OPERA

AUSTIN SYMPHONY ORCHESTRA SOCIETY INC

AUSTINS ROSE LLC

AUTUMN SMILE BROADWAY LLC

AUTUMN SMILE BROADWAY LLC 000

AUTUMN SMILE US TOUR LLC

AVALON HARBOR ENTERTAINMENT INC

AVERAGE JOES ENTERTAINMENT GROUP INC

AVICII SERVICES INC

AVIVA MILNER BRAGE

AVRETT FREE AND GINSBERG INC

AWR MUSIC LLC

AWR MUSIC LLC ANNIE ROTH

B AND B PRODUCTIONS

AFMEPF0237
B T W PRODUCTIONS INC

B V THEATRICAL VENTURES INC

B8 PRODUCTIONS

BABY BLUE RECORDS

BACH BEETHOVEN AND BRAHMS SOCIETY OF BOSTON

BACH CHOIR OF BETHLEHEM

BACH SOCIETY OF SAINT LOUIS

BACH WEEK FESTIVAL

BACK BAY CHORALE LTD

BACK BLOCKS MUSIC

BACKSTAGE PAYROLL SVCS INC

BAD BUNNY LLC

BAD WOLF PRODUCTIONS LLC

BADLANDS MANAGEMENT

BAILEY E HEFLEY

BALLET THEATRE FOUNDATION INC

BALLET WEST

BALTIMORE SYMPHONY ORCHESTRA INC

BAMA BOY PRODUCTIONS

BAMA RAGS RECORDINGS LLC

BAND REEVES

BANDSTAND FILM LLC

BANDSTAND NYC LLC

BANDUJO ADVERTISING AND DESIGN INC

BANG MUSIC INC

BANK OF AMERICA CORPORATION

BANKBEAT PRODUCTIONS INC DBA JOYSPRING MUSIC

BAPTIST CHURCH OF THE COVENANT

BARBARA GOOREVITCH COOK

BARDEKOVA ENSEMBLE

BARKING OWL INC

BARKLEY AND EVERGREEN ADV INC

BAROQUE MUSIC FESTIVAL

BARRINGTON STAGE COMPANY

BASSETT HOUND RECORDS

BASSFORD HOLDINGS

BASSLINE PRODUCTIONS INC

BAY STATE PERFORMING ARTS INC

BAY STREET THEATRE FESTIVAL INC

BAYER HEALTHCARE

BAYTOWN SYMPHONY ORCHESTRA

BBDO WORLDWIDE

BCN PRODUCTIONS

BE DARLING LLC

BEACH CITIES SYMPHONY ASSOC INC

BEACON STREET STUDIOS INC

BEAIRD MUSIC GROUP INC

AFMEPF0238
BEAU BRASWELL

BEAUTIFUL ADDICTION LLC

BECKLEY PRODUCTIONS LLC

BECOMING NANCY LLC

BEDBUG STUDIOS

BEETLEJUICE BROADWAY LLC

BEIN SPORTS AMERICAS

BEL CANTO CHORUS

BEL CANTO CHORUS OF MILWAUKEE INC

BEL CANTO LLC

BELASCO THEATRE GIRL FROM THE NORTH COUNTRY

BELLAS ENTERPRISE DBA THE DISPENSARY LOUNGE

BELLAS ENTERPRISES

BELLAS ENTERPRISES DBA THE DISPENSARY LOUNGE

BELLES ON BROADWAY AND BEYOND LLC

BEN BRASKOVICH

BEN FOWLER RECORDING

BEN ISAACS PRODUCTIONS

BEN RUE MUSIC

BEN STENNIS

BEN STILLWATER

BENJAMIN MOORE

BENJAMIN T KLICK

BENNY AND THE BIG GUY LLC

BENOWEN INC

BERKELEY REPERTORY THEATRE

BERKELEY SYMPHONY ORCHESTRA

BERNADETTE PETERS PRODUCTIONS INC

BERNARD JACOBS THEATRE COMPANY

BERNARD ROSE PRODUCTIONS INC

BERNARD S EDSTROM

BERNIE DRESEL

BERT DOVO

BEST BUY

BETA PETROL PRODUCTIONS

BETHESDA COMMUNITY CHURCH

BETTE LUCAS

BEVAN MANSON

BH MUSIC LLC

BIFF BANGS PRODUCTIONS INC

BIG APPLE PERFORMING ARTS INC

BIG FOOTE COMMUNICATIONS LTD

BIG INDIE DAISY JONES INC

BIG J RECORDS

BIG LABEL RECORDS LLC

BIG LOTS STORES INC

BIG LOUD RECORDS LLC

AFMEPF0239
BIG LOUD SHIRT INDUSTRIES LLC

BIG MACHINE RECORDS LLC

BIG R INC

BIG RED RECORDS LLC

BIG RUMBLE MUSIC LLC

BIG SPARK ENTERTAINMENT

BIG TV INC

BIG YELLOW DOG MUSIC

BIGGER BOAT INC

BIGTOP WORKS LLC DBA BIG APPLE CIRCUS

BILL BRENNAN

BILL GRUBMAN

BILL HUGHES MUSIC SERVICE

BILL PARISH ENTERPRISES INC

BILL SAMPLE MUSIC

BINSCOE RECORDS

BIOLA UNIVERSITY INC

BIRD BONETTE STAUDERMAN INC

BIRMINGHAM CIVIL RIGHTS INSTITUTE

BIRMINGHAM SOUTHERN COLLEGE

BISMEAUX PRODUCTIONS

BISON CREEK RECORDS LLC

BLACK DIAMOND ROW

BLACK HOLE MUSIC INC

BLACK RIBBON PRO

BLACK RIVER ENTERTAINMENT LLC

BLACK SHEEP LABEL LLC

BLACK TIE BAND

BLACK TIE BAND LTD

BLACK TOP INC

BLACKSTONE ENTERTAINMENT INC

BLAIR MOUNTAIN MUSIC

BLAKE BOLLINGER

BLANE MUSIC INC

BLASTER RECORDS

BLISS FILMS LTD

BLOCK DRUG COMPANY INC

BLUE BARON PRODUCTIONS

BLUE CHAIR RECORDS LLC

BLUE EYE RECORDS

BLUE HAT RECORDS LLC

BLUE JAZZ LLC

BLUE ORBIT PRODUCTIONS INC

BLUE PICTURES

BLUE ROSE MUSIC LLC

BLUE SKIES TOUR LLC

BLUEPRINT NYC

AFMEPF0240
BMG RIGHTS MANAGEMENT US LLC

BNC RECORDS INC

BOB ANDERSON PRODUCTIONS LLC

BOB CLEMENT LLC

BOB HARDWICK SOUND

BOB STEIN PRODUCTONS

BOBBY WATSON MUSIC LLC

BOISE PHILHARMONIC ASSOCIATION

BONEFIDE PRODUCTIONS

BONFIRE COLLECTIVE LLC

BONHOMME PRESBYTERIAN CHURCH

BOO RAY LLC

BOOH NA LLS

BOOK OF MORMON BROADWAY LLC

BOOM MUSIC GROUP LLC

BOOTH THEATRE FREESTYLE LOVE SUPREME

BOPTISM MUSIC PUBLISHING

BOREALIS MUSIC

BOROUGH OF BELMAR

BOSTON AVENUE CHURCH UNITED METHODIST

BOSTON BALLET INC

BOSTON BAROQUE INC

BOSTON BRASS ENSEMBLE

BOSTON CECILIA INC

BOSTON COLLEGE

BOSTON LANDMARKS ORCHESTRA INC

BOSTON LYRIC OPERA COMPANY

BOSTON MIDSUMMER OPERA

BOSTON MODERN ORCHESTRA PROJECT

BOSTON OPERA HOUSE DEVELOPMENT LLC

BOSTON PHILHARMONIC ORCHESTRA CORP

BOSTON RED SOX BASEBALL CLUB LP

BOSTON SYMPHONY ORCHESTRA INC

BOULDER PHILHARMONIC ORCHESTRA

BOUNCE EVENT MARKETING INC

BOUQUET RECORDS

BP PLC

BQ PRODUCTIONS INC

BRAD LACHMAN PRODUCTIONS INC

BRAISON CYRUS

BRAND T RECORDS CANADA LTD

BRASSFIELD LLC

BRAUNTEX THEATRE LIMELITERS LLC

BRAVE WAVES MUSIC INC

BRAVO GROUP

BREAST CANCER RESEARCH FOUNDATION

BREATH OF LIFE RECORDS

AFMEPF0241
BRENNLEY BROWN

BRENTWOOD SCH

BRET COATS

BRETT JAMES CORNELIUS

BRIAN BANKS MUSIC INC

BRIAN J PATTI

BRIARWOOD PRESBYTERIAN CHURCH

BRICKMAN CONCERTS INC

BRIDGE RECORDS

BRIDGE STREET INC

BRIGHT MUSIC INC

BRIGHTER MUSIC ENTERTAINMENT

BRILEIGH PRODUCTIONS INC

BRILEIGH RECORDS LLC

BRILLIANT MINDS RECORDS

BRINGIN IT BACK INC

BRINLEY ADDINGTON

BRISTOL MYERS SQUIBB COMPANY

BROADCAST BUSINESS AFFAIRS

BROADHURST THEATRE ANASTASIA

BROADHURST THEATRE JAGGED LITTLE PILL

BROADWAY CARES EQUITY FIGHTS AIDS INC

BROADWAY CHILL LLC

BROADWAY HD

BROADWAY IN ATLANTA

BROADWAY IN CHICAGO LLC

BROADWAY ON DEMAND LLC

BROADWAY PROM LLC

BROADWAY RECORDS LLC

BROADWAY SACRAMENTO

BROADWAY SAN FRANCISCO LLC

BROADWAY THEATRE KING KONG

BROADWAY THEATRE WEST SIDE STORY

BRODY SIEBERT

BROKEN BOW RECORDS DBA THIS IS HIT INC

BRONX ARTS ENSEMBLE INC

BRONX TALE FIRST NATIONAL TOUR LLC

BROOKDALE WESTLAKE HILLS

BROOKLYN TABERNACLE

BROOKS ATKINSON THEATRE SIX

BROOKS ATKINSON THEATRE WAITRESS

BROOKS UNITED METHODIST CHURCH

BROWN FAMILY ENTERPRISES INC

BROWN FORMAN CORPORATION

BRUCE HEALEY

BRUCE M CREDITOR

BRUT MUSIC INC

AFMEPF0242
BRYAN COLE

BRYANT HAMES PRODS

BRYANT PARK

BSB TOURING INC

BTP BRIDGE DOCUMENTARY LLC

BTW PRODUCTIONS INC

BUDDY MILLER

BUENA VISTA THEATRICAL GROUP LTD

BUFFALO PHILHARMONIC ORCHESTRA

BUILD A BETTER WORLD FOUNDATION

BULL RUSH INC

BURBANK PHILHARMONIC ORCHESTRA

BURNS GROUP

BURRELL COMMUNICATIONS GROUP

BURTON AVENUE MUSIC LLC

BUTLER UNIVERSITY

BUTTER AND GUS MUSIC

BUTTERFLY PRODUCTIONS LLC

BYRON HILL PRODUCTIONS

C3 PRESENTS

CACHE ENTERTAINMENT INC

CADWALLADER FILMS

CAHABA HEIGHTS UNITED METHODIST CHURCH

CAINT SAY NO LLC

CALEB THEATRE PRODUCTIONS

CALICO MUSIC INC

CALIFORNIA ASSOCIATION OF PROFESSIONAL EMPLOYEES AFL CIO

CALIFORNIA NURSES ASSOCIATION

CALIFORNIA PHILHARMONIA SOCIETY

CALIFORNIA SYMPHONY ORCHESTRA INC

CALIFORNIANS AGAINST WASTE

CALVIN MURASAKI

CAMBRIDGE COMMUNITY CHORUS

CAMERON MACKINTOSH

CAMERON PRODUCTIONS

CAMOUFLAGE FILMS INC

CAMPAIGN FOR MIGRANT WORKER JUSTICE

CAMPBELL EWALD COMPANY

CAMPBELL SOUP COMPANY

CAMPBELLS SNACKS

CAMPUS CONCERTS

CANADIAN CONNECTION

CANAS VOICE MUSIC LLC

CANNON PRODUCTIONS LLC

CANON USA INC

CANTATA SINGERS INC

CANTERBURY UNITED METHODIST CHURCH

AFMEPF0243
CANTON SYMPHONY ORCHESTRA

CAPITAL CONCERTS INC

CAPITOL MUSIC GROUP

CAPITOL RECORDS INC

CAPSTONE PRODUCTIONS

CAPTAIN POTATO RECORDS LLC

CARDINAL PRODUCTIONS

CARLYLE FILMS LLC

CARLYLE HOTEL

CARNIVAL CRUISE LINES

CARNIVAL MUSIC COMPANY

CAROL H WILLIAMS ADVERTISING

CAROLINE RODI

CAROLINE WATKINS MUSIC LLC

CARSON CHAMBERLAIN

CARSON DOMINGUEZ SYMPHONY

CARSON MCHONE MUSIC LLC

CARY MEMORIAL LIBRARY LEXINGTON MA

CAS RIFKIN

CASA MANANA INC

CASH CABIN ENTERPRISES LLC

CASSADEE POPE MUSIC LLC

CASSANOVA MCCANN

CASSEN SALAMONE

CAST AND CREW PAYROLL INC

CASTLE BOUND MUSIC INC

CASTLE RECORDING STUDIOS INC

CATHEDRAL CHURCH OF ST LUKE

CATHEDRAL CHURCH OF THE ADVENT

CATHEDRAL SAINT JOHN THE DIVINE

CATS ON TOUR LLC

CAVALRY INC

CAYA LARGO PRODUCTIONS

CBG ENTERTAINMENT LLC

CBS BROADCASTING INC

CDA PRODUCTIONS LAS VEGAS INC

CDB INC

CDB WEB LLC

CEDAR RAPIDS SYMPHONY

CEDARBROOK SENIOR LIVING OF BLOOMFIELD HILLS

CEDAREDGE MUSIC

CELEBRATION CONCERT TOURS

CELTAS INC

CENTER STAGE ASSOCIATES INC

CENTER THEATRE GROUP

CENTERVILLE PRESBYTERIAN CHURCH

CENTRAL CITY OPERA HOUSE ASSOCIATION

AFMEPF0244
CENTRAL FLORIDA FOLK

CENTRAL PARK PERFORMING ARTS CENTER LIMELITERS

CENTRAL PRESBYTERIAN CHURCH

CENTRAL PRESBYTERIAN CHURCH ATLANTA GA

CERRITOS CENTRE FOR PERFORMING ARTS LIMELITERS LLC

CEZAME MUSIC USA INC

CHAD CANNON

CHAD CROMWELL MUSIC INC

CHAINWHEEL PRODUCTIONS

CHAMBER MUSIC ATLANTA INC

CHAMBER MUSIC MANAGEMENT

CHAMBER MUSIC NORTHWEST

CHAMBER MUSIC SOCIETY OF ST LOUIS

CHAMBER ORCHESTRA OF BOSTON INC

CHAMBER ORCHESTRA OF PHILADELPHIA

CHAMBER ORCHESTRA OF THE SOUTH BAY INC

CHAMELEON ARTS ENSEMBLE OF BOSTON INC

CHANCE MOORE MUSIC LLC

CHANCEY WILLIAMS MUSIC

CHANCIE NEAL

CHAPMAN UNIVERSITY

CHARITY LAB LLC

CHARLES AND MARILYN BERNHARDT

CHARLES AND MYRTLES COFFEEHOUSE

CHARLES BURLINGHAM

CHARLES E WICKS

CHARLES JUDGE MUSIC INC

CHARLES LAZARUS PRODUCTIONS

CHARLES LUKE DICK

CHARLES TURNER

CHARLOTTE SYMPHONY ORCHESTRA SOCIETY INC

CHASE C MARTIN

CHATTANOOGA SYMPHONY AND OPERA

CHAUTAUQUA INSTITUTION

CHEVRON CORPORATION

CHEW ENTERTAINMENT

CHI BONE MUSIC

CHICAGO CATZ LLC

CHICAGO JAZZ PHILHARMONIC

CHICAGO MASTER SINGERS

CHICAGO OPERA THEATRE

CHICAGO PHILHARMONIC SOCIETY

CHICAGO RECORDING COMPANY

CHICAGO SHAKESPEARE THEATER

CHICAGO SINFONIETTA

CHICAGO SYMPHONY ORCHESTRA

CHICAGO THEATRE GROUP INC

AFMEPF0245
CHICAGO WINDS INCORPORATED

CHICAGOS FINEST INC

CHILDRENS ORCHESTRA SOCIETY INC

CHILDRENS THEATRE COMPANY

CHIMNEY ROCK RECORDS

CHIQUITA FRESH NORTH AMERICA LLC

CHLOE PRODUCTIONS INC CT

CHOICE MUSIC CHICAGO INC

CHORUS PRO MUSICA INC

CHRIS BANDI ENTERTAINMENT LLC

CHRIS HUNT

CHRIS KROEZE MUSIC

CHRIS PARKER INC

CHRIS SPARKS ENTERTAINMENT

CHRIST CHURCH CAMBRIDGE

CHRIST CHURCH CATHEDRAL

CHRIST CHURCH CHRISTIANA HUNDRED

CHRIST EPISCOPAL CHURCH

CHRIST EPISCOPAL CHURCH LOS ALTOS CA

CHRIST EPISCOPAL CHURCH TYLER TX

CHRIST THE KING PRESBYTERIAN CHURCH

CHRISTINA HARDING

CHRISTINE LAKELAND CALE

CHRISTMAS TOUR

CHRISTOPHER BUTLER

CHUBB GROUP

CHUCK ANASTASIOU

CHUI PRODUCTIONS

CHURCH OF ST IGNATIUS LOYOLA

CHURCH OF THE ADVENT

CHUXIN HUO

CINCINNATI CHAMBER ORCHESTRA

CINCINNATI SYMPHONY ORCHESTRA

CINDY HUGHLETT MUSIC SMALLEST GIFTS

CINE INTERNATIONAL LLC

CINECONCERTS LLC

CIRCLE GETS THE SQUARE LLC

CIRCLE IN THE SQUARE OKLAHOMA

CIRCLE S RECORDS LLC

CIRCUS CIRCUS HOTEL AND CASINO

CIRQUE MUSICA LLC

CISCO SYSTEMS

CIT GROUP INC

CITY LIGHTS MUSIC INC

CITY OF OCEAN CITY

CITY SPRINGS THEATRE COMPANY

CIUDADGRUA LLC

AFMEPF0246
CIVIC LIGHT OPERA ASSOCIATION

CK ENTERTAINMENT INC

CLACKAMAS REPERTORY THEATRE

CLAMBAKE PARTNERS ENTERTAINMENT RESOURCE GROUP INC

CLARE DUNN

CLASSIC STAGE COMPANY

CLASSICS 4 KIDS INC

CLAUDE HEATER FOUNDATION

CLAY MICHAEL PAGE

CLAYTON HAMILTON JAZZ ORCHESTRA CA

CLEAR CREEK PRODUCTIONS LLC

CLEVELAND CHAMBER SYMPHONY

CLEVELAND INTERNATIONAL RECORDS LLC

CLEVELAND PLAY HOUSE

CLEVELAND POPS ORCHESTRA INC

CLICK ENTERPRISES LLC

CLICKE RECORDS

CLIFF COLNOT MUSIC INC

CLIFF HANGER RECORDS

CLIFF NOTE PRODUCTIONS

CLIFTON DAVIS PRODUCTIONS LLC

CLOCKWORK RECORDS

CLOROX COMPANY

CLOVERDAYLE LLC

CMC FORECAST INC

CMS PRODUCTIONS

CMT PRODUCTIONS INC

COCA COLA NORTH AMERICA

CODE PZASK

CODY LELAND COGGINS

COFFEE GALLERY BACKSTAGE LIMELITERS LLC

COJO MUSIC LLC

COLBY KEELING

COLE AND WEBER UNITED

COLE PORTER MUSIC LLC

COLGATE PALMOLIVE COMPANY

COLLAGE INC

COLLE AND MCVOY INC

COLLEGIATE CHURCH CORP

COLLIN RAYE ENTERTAINMENT LLC

COLORADO BALLET

COLORADO CHAMBER ORCHESTRA INC

COLORADO SPRINGS PHILHARMONIC ORCHESTRA

COLORADO SYMPHONY ASSOCIATION

COLUMBIA PICTURES INDUSTRIES I

COLUMBIA UU

COLUMBUS SYMPHONY ORCHESTRA GA

AFMEPF0247
COLUMBUS SYMPHONY ORCHESTRA INC

COMANDANTE LLC

COMBUSTION MASTERS LLC

COMBUSTION MUSIC INC

COMMA MUSIC AND SOUND DESIGN INC

COMMANDER PRODUCTIONS LLC

COMMONGROUND MARKETING

COMMONWEALTH CHORALE INC

COMMUNITY ACTION FAMILY CENTER

COMMUNITY MUSIC INC

COMPANY WELCH LLC THE EAGLES

CON LIMON PRODUCTIONS LLC

CONACO LLC

CONAGRA FOODS RETAIL PRODUCTS CO

CONCERT ARTISTS OF BALTIMORE

CONCERT TALENT

CONCETTA INC

CONCORD CHORUS INC

CONCORD MUSIC GROUP INC

CONCORD THEATRICALS CORP

CONCORDIA UNIVERSITY IRVINE

CONEDEROSA ENTERPRISES INC

CONILL ADVERTISING INC CA

CONNECTICUT PLAYERS FOUNDATION INC

CONNIE SMITH

CONRAD FISHER

CONSHO HOCKEN BOROUGH PA

CONSTANCE MESSINA

CONSTANT DREAMER RECORDS

CONSTITUTION RECORDS LLC

COPPERLINE MUSIC GROUP LLC

CORNERSTONE AGENCY INC

CORO ALLEGRO INC

CORT CALEB CARPENTER

CORT THEATRE KING LEAR

CORTANGO ORQUESTA LLC

COSSETTE COMMUNICATION MARKETING

COUNCIL FOR LIVING MUSIC INC

COUNTRY MUSIC ASSOCIATION INC

COUNTY OF MIDDLESEX NEW JERSEY

COUNTY Q PRODUCTIONS

COURS MATHER ARTS AND ENTERTAINMENT LLC

COVENANT PRESBYTERIAN CHURCH AL

COVENANT UNITED METHODIST CHURCH

COWBOY CHURCH MINISTRIES INC

COX AUTOMOTIVE

CPT HOLDING INC

AFMEPF0248
CRAIG CAMPBELL

CRAIG W JOHNSON

CRAMER KRASSELT

CRAWFORD AND POWER TOURING LLC

CREATIVE NATION RECORDS

CREATIVETS

CREATOR BRAND LABEL

CRESCENT MOON INC

CREST COMMUNICATIONS INC

CRISPIN PORTER BOGUSKY

CROATIAN CULTURAL CENTER OF SAN FRANCISCO

CROSS ATLANTIC MUSIC LLC

CROSSMAN CONNECTION

CROSSROADS ENTERTAINMENT AND MARKETING INC

CRUSH MANAGEMENT

CRYSTAL LEWIS

CT CREATIVE INC

CUBBYS MUSIC LLC

CULTURE CLASH

CULVER CITY SYMPHONY ORCHESTRA

CUMBERLAND RECORDINGS LLC

CUMMINS

CURB RECORDS INC

CURB YOUR ENTHUSIASM INC

CURRAN THEATER

CURTIS ENTERTAINMENT GROUP LLC

CY HUTCHERSON

CYRUS W BUDDY KALB

D CHORD LLC

D R G RECORDS INC

DA WAY FORWARD LIMITED

DADDY LONG LEGS LLC

DAISY BRAND

DALE SELLERS PRODUCTIONS

DALLAS OPERA

DALLAS SUMMER MUSICALS INC

DALLAS SYMPHONY ORCHESTRA

DALLAS THEATER CENTER

DALLAS WILSON

DAME PRODUCTIONS INC

DAMON SHARPE

DAN FRIZSELL PRODUCTIONS

DAN HILL

DAN HODGES MUSIC LLC

DAN POSTHUMA

DAN ROSENTHAL CO

DAN SALMASIAN MUSIC INC

AFMEPF0249
DANDA FILMS INC

DANIEL E STRIMER

DANIEL JOHNSON

DANIEL L JOHNSON

DANIEL LENTZ

DANIEL M NOVICK

DANISH SAN JUAN LLC

DANNY GOKEY

DANNY WELTON

DARIN PEARCE MUSIC

DARLA MCFADDEN MINISTRIES

DARRY HEARON

DATE ME OFF BROADWAY LLC

DAVE PETROVICH

DAVID A STEWART

DAVID AND GOLIATH

DAVID EDELFELT

DAVID FANNING

DAVID GARFIELD

DAVID HOROWITZ MUSIC ASSOCIATES INC

DAVID HUFF

DAVID HUFF DBA DLH PRODUCTIONS

DAVID LYNCH FOUNDATION

DAVID POWELSON

DAVID ROMEO MUSIC

DAVID RYAN

DAVID SAPADIN

DAVID SHERMAN MUSIC INC

DAVID SIEGEL NY

DAVID STARR

DAVID THOMAS CA

DAVIS ELEN ADVERTISING

DAVISONGS MUSIC GROUP

DAYTON PERFORMING ARTS ALLIANCE

DAYWIND RECORDS INC

DCP PRODUCTIONS LLC

DDB WORLDWIDE INC

DDS ENTERTAINMENT

DE VARON PHASE II LLC

DEADLY DOLL INC

DEAN DILLON

DEAN DILLONS WILDCATTER RECORDS LLC

DEAN LEGRAND CARLSTON

DEAN MILLER

DEAN MORA

DEANNA WALKER

DEANS CABIN

AFMEPF0250
DEARBORN SYMPHONY ORCHESTRA

DEB WADMAN

DEBORAH ANN ALTOMARE

DECCA RECORD CO LTD

DECCA RECORDS UMO

DECIBEL ENTERTAINMENT LLC

DEDHAM CHORAL SOCIETY

DEEP CREEK PRODUCTIONS

DEEP DINER MUSIC

DEESBEES LLC

DELAWARE SYMPHONY ASSOCIATION

DELUGE MUSIC LLC

DEMPSEY PRODUCTIONS INC

DENISE REAGAN

DENNIS MATKOSKY PRODUCTIONS INC

DENTSU AMERICA INC

DENVER CENTER PERFORMING ARTS

DEREK WELLS

DES MOINES METRO OPERA

DES MOINES SYMPHONY ASSOC

DESERT SYMPHONY

DESMOBILE PRODUCTIONS INC

DESPERATE MEASURES LLC

DESTINY PRODUCTIONS

DESTON ENTERTAINMENT

DETRIOT MUSICIANS FUND

DETROIT CHAMBER WINDS AND STRINGS INC

DETROIT JAZZ FESTIVAL

DETROIT MUSICIANS FUND

DETROIT SYMPHONY ORCHESTRA

DEUTSCH INC

DEUTSCH LOS ANGELES INC

DEUTSCHE GRAMMOPHON GESELLSCHAFT

DEVITO VERDI

DF PRODUCTIONS

DFW MUSICIANS SERVICES LLC

DI NAMIC RECORDS

DIAMOND HEAD THEATRE

DIAMONDISC LLC

DIANA BROADWAY LLC

DIANA FILMCO LLC

DIANNE MACRI

DICK CLARK PRODUCTIONS INC

DICK JUDSON ORCHESTRAS INC

DIESELS MUSIC NEW YORK INC

DIFFERENCE MEDIA GROUP

DIG BY OMEGA MUSIC

AFMEPF0251
DIGA DIGA DOO NYC LLC

DIGITAL DOMAIN HOLDINGS LIMITED

DIGITAS HEALTH

DINNER THEATER OF INDIANA LTD

DINOSAUR ANNEX

DIOCESE OF OAKLAND

DIRTY MAG MUSIC LLC

DIRTY MARTINI INC

DISCOVER MUSIC DISCOVER LIFE

DISCOVERY ORCHESTRA

DISNEY DESTINATIONS INC

DISNEY MUSIC GROUP

DISNEY THEATRICAL PRODUCTIONS FROZEN

DISNEY THEATRICAL PRODUCTIONS LTD

DJS ENTERPRISES LLC

DJS PRODUCTIONS

DODGER PROPERTIES LLC

DOLLY PARTON ENTERPRISES

DOMINICAN UNIVERSITY

DON CLAYTON MUSIC LLC

DON CUSIC

DON STOLTZ PRODS

DON SWEENEY MANAGEMENT

DON WEINER PRODUCTIONS INC

DON WILLIAMS ENTERPRISES LLC

DONDON INC

DONE AND DUSTED ELECTRONIC INC

DONE AND DUSTED EVENTS INC

DONER

DONNIE MCCLURKIN

DORFFMEISTER MUSIC

DOROTHY HAMMETT

DOUG KATSAROS

DOUGSERGE AND PARTNERS

DOW CHEMICAL COMPANY

DOWNEY SYMPHONIC SOCIETY INC

DOWNTOWN MUSIC

DPG ENTERPRISES

DR BOBBY RODRIGUEZ

DRAFT

DRAGONS EDGE INC

DREAMLINED LLC

DREAMS INC

DREAMWORKS ANIMATION LIVE

DRESDEN RESTAURANT RITTO INC

DREYER AND REINBOLD INC

DRG TRIANGLE LTD

AFMEPF0252
DRUM CHANNEL LLC

DRURY LANE PRODUCTIONS INC

DSG PRODUCTION SERVICES INC

DUBS INC

DUE PROCESS PRODUCTIONS

DUKES OF DIXIELAND

DULUTH BROADWAY LLC

DUNCAN CHANNON INC

DUNVAGEN MUSIC PUBLISHERS INC

DUOTONE AUDIO GROUP LTD

DUPLICITY STUDIOS LLC

DUPONT COMPANY

DURANGO ARTIST MANAGEMENT

DYLAN WHEELER

EAR BOOKER ENTERPRISES

EARHOLE STUDIOS LLC

EARWAVE

EAST BAY MUSIC INC

EAST TEXAS SYMPHONY ORCHESTRA

EAST WEST TOURING CO

EASTLAKE MUSIC INC

EASTMAN CHEMICAL COMPANY

EASTMAN KODAK COMPANY

EASTON CORBIN BUSINESS ACCOUNT

EASY EYE SOUND LLC

ECHORCHESTRA INC

ED AND LEE NICHOLSON INC

ED BILL BO WINIKER ORCHESTRAS

ED WALSH SYNTHESIS INC

EDALYN INC

EDDIE AND JUSTY PRODUCTIONS INC

EDGE MUSIC NASHVILLE

EDISON ELECTRIC INSTITUTE

EDMON E NICHOLSON

EDS

EDWARD HENDERSON MUSIC

EFFRON WHITE

EFG MANAGEMENT

EGYPTIAN RECORDS

EIGHTEEN TOURING COMPANY

EIGHTY TWENTY INC

EKO MEDIA DESIGN COMPANY

EL UNMARKED EXIT LLC

ELCA SOUTHEASTERN SYNOD

ELECTRICAL FIRE MUSIC

ELEGANT TOO INC

ELEMENT MUSIC LLC

AFMEPF0253
ELENA NARDINI

ELEVEN INC

ELGIN SYMPHONY ORCHESTRA

ELIAS ARTS LLC

ELIZA TOUR LLC

ELIZABETH MURPHY

ELLIOT LAWRENCE PRODUCTIONS

ELLIOT MUSIC CO INC

ELMHURST CHORAL UNION

ELMHURST SYMPHONY ASSOCIATION INC

ELVIS PRESLEY ENTERPRISES INC

EMIRATES AIRLINE

EMMA MARKET DEVELOPMENT LLC

EMMANUEL MUSIC INC

EMORY UNIVERSITY

EMPIRE OF SONG PTY LTD

ENCANTO ARTS

ENCOMPASS MUSIC PARTNERS INC

ENCORE MUSIC CREATIONS LLC

ENCORE ORCHESTRA OF NEW JERSEY INC

ENCORE SERIES

ENDLESS NOISE PRODUCTIONS

ENERGY BBDO

ENTERPRISE HOLDINGS LLC

ENTERTAINMENT LIVE EVENTS LLC

EP TALENT SERVICE

EPIC ENTERTAINMENT

EPIC GAMES INC

EPISCOPAL HIGH SCHOOL HOUSTON

ERIC KAYE MUSIC

ERIC KREBS THEATRICAL MANAGEMENT INC

ERIC LINDQUIST

ERIC PASLAY

ERIC WHITACRE INC

ERIE PHILHARMONIC INC

ERIK DYLAN

ERNST AND YOUNG LLP

ERWIN PENLAND INC

ESPN

ETHEL BARRYMORE THEATRE THE BANDS VISIT

EUGENE CHUKHLOV

EUGENE ONEILL THEATRE BOOK OF MORMON

EUGENE OPERA

EUGENE SYMPHONY ORCHESTRA

EULENSPIEGEL PUPPET THEATRE COMPANY

EUPHORBIA PRODUCTIONS LTD

EVAN C PAUL

AFMEPF0254
EVAN D HUTCHINGS

EVANGELINE GEMINI LLC

EVANSTON SYMPHONY ORCH ASSOC

EVENTVISION INC

EXACT TIME OF ARRIVAL INC

EXECUTIVE MEDIA SERVICES

EXTRA EXTRA CASTING INC

EXTREME REACH TALENT INC

EYE CANDY ENTERTAINMENT INC

EYE PRODUCTIONS INC

F A B PRODUCTIONS INC

F2 ENTERTAINMENT

FAHLGREN INC

FAIRHURST PRODUCTIONS

FAITH HUMANITY

FALL ON YOUR SWORD

FALLBROOK MUSIC SOCIETY

FALSETTOS TOURING LLC

FAMILY THEATER PRODUCTIONS LLC

FAREN RACHELS

FAREWELL ANGELINA

FATHER PRODUCTIONS

FAZ MUSIC INC

FCA US LLC

FEDEX CORPORATION

FELD ENTERTAINMENT INC

FELICIA HELLEMS MUSIC LLC

FER ROUGE CREATIVE COMPANY LLC

FERENC LLC 000

FEREQUITY INC

FERRERO USA INC

FESTIVAL MOZAIC

FESTIVAL OF ARTS OF LAGUNA BEACH

FESTIVAL OPERA

FIDDLIN CONVERSIONS LLC

FIDELITY BROKERAGE SERVICES LLC

FIELD OF SNOW LLC

FIELDS MUSICAL SERVICES INC

FIFE DREAMS

FIFTEEN ONE INC

FILM MUSICIANS SECONDARY MARKETS FUND

FILM PAYMENTS SERVICES INC

FILMBANDIT PRODUCTIONS LLC

FIRE SIGN MUSIC

FIRST BAPTIST CHURCH OF SAN ANTONIO

FIRST COLONY

FIRST PRESBYTERIAN CHURCH BERKELEY CA

AFMEPF0255
FIRST PRESBYTERIAN CHURCH EUSTIS

FIRST PRESBYTERIAN CHURCH MAPLE PLAIN MN

FIRST PRESBYTERIAN CHURCH MARIETTA GA

FIRST PRESBYTERIAN CHURCH NEW YORK NY

FIRST PRESBYTERIAN CHURCH OF KIRKWOOD

FIRST REFORMED CHURCH OF SCHENECTADY

FIRST UNITED CHURCH OF WICHITA

FIRST UNITED METHODIST CHURCH BIRMINGHAM AL

FIRST UNITED METHODIST CHURCH BURLESON TX

FIRST UNITED METHODIST CHURCH CONROE TX

FIRST UNITED METHODIST CHURCH CULLMAN AL

FIRST UNITED METHODIST CHURCH HOUSTON TX

FIRST UNITED METHODIST CHURCH OF MONROE INC

FIRST UNITED METHODIST CHURCH OF NEWNAN

FIRST UNITED METHODIST CHURCH ORLANDO

FIRST UNITED METHODIST CHURCH ROCKWALL TX

FIRST UNITED METHODIST CHURCH TRUSSVILLE AL

FIRST UNITED METHODIST CHURCH TULSA OK

FISH WITH CHEESE LIMITED PARTNERSHIP

FISHER BUTRY PUBLISHING

FISHER CENTER AT BARD

FITZGERALD AND COMPANY

FLAMINGO RECORDS TN

FLAVIA MORAES

FLEETWOOD RECORDS

FLINT INSTITUTE OF MUSIC

FLINTRIDGE PREPARATORY SCHOOL

FLORIAN DAVOS

FLORIDA ORCHESTRA INC

FLYING ELEPHANT PRODUCTIONS INC

FLYING HARP PRODUCTIONS

FOGOLABS CORP

FOOTE CONE AND BELDING ADV INC

FOR THE RECORD LIVE LLC

FORBES LIBRARY

FORCE MP ENTERTAINMENT LLC

FORD MOTOR COMPANY

FORDS THEATRE SOCIETY

FORESIGHT THEATRICAL LLC

FOREWARD INC

FORMOSA INTERACTIVE LLC

FORT WAYNE PHILHARMONIC ORCHESTRA INC

FORT WORTH SYMP ORCH ASSOC

FOUND RECORDS

FOUR FIVE PRODUCTIONS INC

FOURTH PRESBYTERIAN CHURCH OF CHICAGO

FOX ASSOCIATES LLC

AFMEPF0256
FOX RIDGE RECORDING STUDIO LLC

FOZZYBOY MUSIC

FRANCISCO DONARUMA

FRANCOPHONIE ATLANTA

FRANK CABRAL

FRANK G MANCUSO

FRANK LIDDELL PRODUCTIONS INC

FRANKLIN UNIVERSITY OF SWITZERLAND

FRANTIC FILMS

FRB PRODUCTIONS INC

FRED MOLLIN

FREE FLOW PRODUCTIONS

FREIBERG MUSIC INC

FREIGHT AND SALVAGE

FREMONT SYMPHONY

FRENCH LICK RESORT

FREQUENCY MUSIC

FRESNO COMMUNITY CHORUS INC

FRESNO PHILHARMONIC

FRITZ HOUSE CONCERT LIMELITERS LLC

FROBEN ENTERPRISES INC

FROGKING RECORDS

FULCRUM POINT NEW MUSIC PROJECT

FULL HOUSE RECORDING

FULWELL 73 UK LIMITED

FUNHOUSE STUDIOS LLC

FUTURE PERFECT LLC

FUZZY DOOR PRODUCTIONS INC

G AND E MUSIC GROUP LLC

G FORCE MUSIC GROUP LLC

GABE GARCIA

GABRIEL ENTERTAINMENT INC TN

GAITHER MUSIC GROUP

GAITHER RECORDS LLC

GANNETT LIVE

GARY A SEQUEL LLC

GARY BURR PRODUCTIONS INC

GATEWAY MENS CHORUS

GATLIN BROTHERS RECORDS LLC

GATOONS PRODUCTIONS

GAY MENS CHORUS OF LOS ANGELES

GAYLE ENTERPRISES INC

GC MUSIC

GEFFEN PLAYHOUSE

GELB PRODUCTIONS LLC

GELLMAN MANAGEMENT

GEMINI MUSIC PRODUCTION

AFMEPF0257
GEMINI MUSIC PRODUCTIONS HUGH JACKMAN

GEMINI MUSIC PRODUCTIONS LTD

GENERIC RECORDS

GENEVIEVE ALLEN

GEORGE DEARBONNE

GEORGIA STATE UNIVERSITY

GEORGIA SYMPHONY ORCHESTRA INC

GERALD S WILSON

GERALD SCHOENFELD THEATRE COME FROM AWAY

GERALD WILSON ORCHESTRA

GERARD CARELLI ORCHESTRA

GERSHWIN THEATRE WICKED

GET IT DONE MUSIC ENTERTAINMENT

GHOSTLIGHT RECORDS

GIC PRODUCTIONS

GILBERT AND SULLIVAN SOCIETY OF HOUSTON

GILBERT AND THORPE PRODUCTIONS

GILLETTE COMPANY

GINA ZIMMITTI

GINDI THEATRICAL MANAGEMENT INC

GIRANDOLE BOOKS

GIRL WEDNESDAY INC

GLASSNOTE ENTERTAINMENT GROUP LLC

GLAXOSMITHKLINE

GLENDALE SYMPHONY ORCHESTRA ASSOCIATION

GLENS FALLS SYMPHONY

GLIMMERGLASS OPERA THEATRE INC

GLOBAL EYES ENTERTAINMENT LP

GLOBAL MUSIC TRIBE LLC

GLOBAL VILLAGE PROJECT

GM TOURING COMPANY

GMG STUDIOS INC

GOLD COL PRODUCTIONS INC

GOLD HILL ENTERPRISES INC

GOLDBERG AND OREILY ENTERPRISES INC

GOLDCO PRODUCTIONS INC

GOLDEN GATE PARK BAND

GOLDEN NUGGET HOTEL

GOLDEN STATE POPS ORCHESTRA INC

GOLDFARB SCHOOL

GOLDMAN SACHS AND CO

GOLDS GYM

GONE WEST LLC

GOOD COMPANY ENTERTAINMENT

GOOD STEWART PRODUCTIONS LTD

GOODBY SILVERSTEIN AND PARTNERS

GOODSPEED OPERA HOUSE FOUNDATION INC

AFMEPF0258
GORDON SAMPSON PRODUCTIONS

GORTON COMMUNITY CENTER

GOTHAM INCORPORATED

GRACE CATHEDRAL INC

GRACE FIRST PRESBYTERIAN CHURCH

GRACE PFEIFFER MUSIC

GRACE PRESBYTERIAN CHURCH

GRAHAM MUSIC MANAGEMENT

GRAND OLE OPRY

GRAND RAPIDS SYMPHONY

GRAND SONGBOOK PRODUCTIONS LLC

GRANITE BEACH PROJECTS INC

GRANT PARK MUSIC FESTIVAL

GRANT PARK ORCHESTRAL ASSOCIATION

GRANVILLE AUTOMATIC

GRASS ROOTS REVIVAL LLC

GRAY KIRK VANSANT ADVERTISING

GRAY PARK MEDIA LLC

GREAT IMMEDIATELY PROD INC

GREAT INTENTIONS LLC

GREAT LAKES THEATRE FESTIVAL

GREATER AKRON MUSICAL ASSOCIATION INC

GREELEY PHILHARMONIC ORCHESTRA ASSOCIATION

GREEN BACK RECORDS RIPPEN IT MUSIC

GREEN MIRROR CORP

GREEN STREET MORTUARY

GREENFIELD SENIOR CENTER

GREENSTONE MUSIC EDUCATION STUDIO AND PUBLISHING LLC

GREENWAY PICTURES INC

GREG CURTIS

GREG GIANNASCOLI MUSICAL ENTERPRISES

GREG SPERRY FOR MARIE INC

GREG STERLING MUSIC LLC

GREY ADVERTISING INC

GREY LARSEN LLC

GREY WATER PARK PRODUCTIONS

GRIFFIN REID ENTERTAINMENT

GROOVE GUILD LLC

GROSSE POINTE SOUTH CHOIR

GROSSE POINTE SYMPHONY ORCHESTRA

GROUP THERAPY STUDIOS

GROVE ENTERTAINMENT LLC

GRUEVILLE PRODUCTIONS LLC

GRUPO GALLEGOS

GSW SYNEOS HEALTH COMM GRP

GTB AGENCY

GTS RECORDS

AFMEPF0259
GUARDIANS

GUITAR MONKEY ENTERTAINMENT INC

GURASICH SPENCE DARILEK AND MCCLURE

GUTHRIE THEATER

GVF PRODUCTIONS INC

GWENDOLYN RECORDS

H AND L PARTNERS

H AND R BLOCK INC

HACKL AND TUCKER LLC

HADDONFIELD UNITED METHODIST CHURCH

HADESTOWN BROADWAY LLC

HADLEY PARK

HAILEY WHITTERS

HAL LEONARD PUBLISHING CORP

HALEY AND MICHAELS

HALLMARK CARDS INC

HALO ENTERTAINMENT GROUP

HALOZ INC

HAMILTON ANGELICA TOUR LLC

HAMILTON UPTOWN LIMITED LIABILITY COMPANY

HAMON PRESBYTERIAN CHURCH

HANDEL AND HAYDN SOCIETY

HANDS OF LOVE MINISTRY INC

HANK LANE MUSIC

HANK WILLIAMS JR ENTERPRISES INC

HANNAH DASHER

HANNAH WALTER

HANOVER TWP COMMUNITY CENTER

HANSONOPOLY INC

HAPPY TUNE PRODUCTIONS INC

HARBORLIGHT ENTERTAINMENT INC

HARBORSIDE PRODUCTIONS LLC

HARD TO HANDLE MANAGEMENT

HARMONY IN THE HILLS CONCERTS

HARPWORLD MUSIC CO LLC

HARRIS ENTERTAINMENT

HARRIS WOLFRAM PRODUCTIONS INC

HARRISBURG SYMPHONY ORCHESTRA

HARTFORD STAGE COMPANY

HARTFORD SYMPHONY ORCHESTRA INC

HARVARD GLEE CLUB

HARVARD RADCLIFFE CHORUS

HAT TRICK MUSIC GROUP

HATPINEAPPLE PRODUCTIONS LLC

HATS OFF PERFORMERS GUILD

HAVAS WORLDWIDE CHICAGO

HAVAS WORLDWIDE NEW YORK

AFMEPF0260
HAVAS WORLDWIDE SAN FRANCISCO

HAVE WOODWINDS WILL TRAVEL LLC

HAWAII LIVE MUSIC

HAWAII OPERA THEATRE

HAWAII PUBLIC RADIO

HAWAII SYMPHONY ORCHESTRA

HAWKSHAW HAWKINS II

HCJ COLE 2020 LLC

HD READY LLC

HEALTHY CALIFORNIA CAMPAIGN

HEARTS ON FIRE

HEATHER HAYES

HEDLEY FORDE ENTERTAINMENT

HEIDI NEWFIELD

HELENE A MIRICH STUDIO

HELENE KRAFT CRONIN

HELLONABR

HEMANT THAKRAL

HENRY PARTICELLI

HERB ALPERT PRESENTS INC

HERITAGE CHORALE INC

HERO PUBLISHING LLC

HERSHEY CHOCOLATE USA

HESSE CREATIVE

HI FI PROJECT INC

HICKMAN HOLLER RECORDS A SERIES OF HICKMAN HOLLER ENTERPRISES LLC

HIGH FIVE PRODUCTIONS INC

HIGH HARMONY INC

HIGH QUALITY RECORDS

HIGH RIDGE STUDIO

HIGH TOUCH MUSIC INC

HIGH VAULTAGE INC

HIGHER GROUND FILMS

HIGHLANDS UNITED METHODIST CHURCH

HIGHLIGHTS IN JAZZ

HILL HOLIDAY

HILL HOLLIDAY CONNORS COSMOPULOS INC

HILLBILLY RICH MUSIC

HILLBILLY WAY

HILTON HEAD SYMPHONY ORCHESTRA

HINDSIGHT RECORDS INC

HIPPIEREDNECKGOSPELOVE MUSIC

HIPPO PRODUCTIONS LLC

HISPANIC MUSICIANS ASSOC INC

HISTORY THEATRE

HITCHCOCK FLEMMING AND ASSOC

HOCKER MUSIC INC

AFMEPF0261
HOGARTH WORLDWIDE LTC

HOH BROADWAY CAST ALBUM LLC

HOH BROADWAY LIMITED LIABILITY COMPANY

HOKKER INC

HOLDING CHECK RECD WITHOUT REMITTANCE

HOLDING EMP FOR HISTORICAL ADJUSTMENT

HOLDING EMP SINGLE ENGAGEMENT LCL 72 147 FORM

HOLDING EMP SINGLE ENGAGEMENT LCL 802 G OR W FORM

HOLDING EMP SINGLE ENGAGEMENT LS1 FORM

HOLDING EMPLOYER FOR MASTER AGREEMENT PLACE HOLDER

HOLDING EMPLOYER PAST SERVICE CREDIT CANADIAN SVC

HOLDING ERP ENTERTAINMENT PARTNERS

HOLDING ERP TALENT PARTNERS

HOLLOW POINT MUSIC GROUP

HOLLOW REED INC

HOLLYWOOD BOWL ORCHESTRA

HOLLYWOOD CHAMBER ORCHESTRA

HOLLYWOOD RECORDS

HOLLYWOOD SCORING LLC

HOLMES STREET PUBLISHING

HOLY NAME CATHEDRAL

HOMUNCULUS MUSIC INC

HONORS PRODUCTIONS INC

HOOT GIBSON MUSIC INC

HORA DECIMA BRASS ENSEMBLE INC

HORACE BUSHNELL MEMORIAL HALL CORP

HORATIO ALGER ASSOCIATION OF DISTINGUISHED AMERICANS INC

HORMEL FOODS CORPORATION

HORSE OF TROY PRODUCTION INC

HORTON CAPITAL LTD

HOSANNA LUTHERAN CHURCH

HOSANNA TOUR LLC

HOST RECORDS

HOT PEAS N BUTTER INC

HOT SHOT RECORDS

HOUR BOX LLC

HOUSE OF ISAACS

HOUSE OF REX

HOUSTON BALLET FOUNDATION

HOUSTON CHORAL SOCIETY

HOUSTON GRAND OPERA

HOUSTON JAZZ ORCHESTRA

HOUSTON LATIN AMERICAN PHILHARMONIC

HOUSTON LATIN AMERICAN PHILHARMONIC LATINA CHRISTMAS

HOUSTON MASTERWORKS CHORUS INC

HOUSTON SYMPHONY ORCHESTRA

HOWARD MERRELL AND PARTNERS

AFMEPF0262
HRT RECORDING COMPANY INC

HST RECORDING LIMITED

HTI MUSIC LLC

HUDSON VALLEY PHILHARMONIC SOCIETY

HUDSONGRAY INC

HUGE LLC

HULEX CORPORATION

HUM MUSIC

HUMANA INC

HUMMINGBIRD PRODUCTIONS TN

HUNTER BROTHERS

HUNTER DOUGLAS

HUNTER STREET BAPTIST CHURCH

HUNTINGTON THEATRE CO INC

HUNTSVILLE SYMPHONY ORCHESTRA

HYFN NEXSTAR DIGITAL LLC

IAN UNDERWOOD

IBM

ICONIC ENTERTAINMENT GROUP

IDEAS AND INNOVATIONS INC

IDENTITY RECORDS LLC

IDLEWILD RECORDINGS LLC

III PILLAR PUBLISHING LLC

IKE WALKOVER MUSIC AND ENTERTAINMENT LLC

ILLINOIS PHILHARMONIC ORCHESTRA

ILLINOIS PUBLIC MEDIA

IMAGE IS EVERYTHING INC

IMPERIAL THEATRE AINT TOO PROUD

IMPOSSIBLE PRODUCTIONS INC

IMX

IN A BOOTH AT CHASENS INC

IN THE GROOVE MUSIC LLC

INCA HOOTS PRODUCTIONS INC

INCREDIBLE PRODUCTIONS

INDART MUSIC PRODUCTIONS

INDEPENDENT PRESBYTERIAN CHURCH

INDIAN SPRINGS SCHOOL

INDIANAPOLIS CHAMBER ORCHESTRA

INDIANAPOLIS CHAMBER ORCHESTRA INC

INDIANAPOLIS SYMPHONY ORCH

INGELS ENTERTAINMENT ENTERPRISES INC

INNOCEAN WORLDWIDE

INSIDE BROADWAY

INSIDE THE ORCHESTRA

INTEGRITY MUSIC

INTERFOX HOLDINGS AB

INTERNATIONAL PERFORMERS INC

AFMEPF0263
INTOUCH SOLUTIONS

INVESCO GROUP SERVICES INC

INVIVO BRANDS LLC

IRA KILBURN

IRISH REPERTORY THEATRE CO INC

IRON ROSE ENTERTAINMENT

IRONWORKS MUSIC

ISABELLA STEWART GARDNER MUSEUM

ISHMEAL W JEMMOTT PRODUCTIONS

ISLIP ARTS COUNCIL INC

IT SHOULDA BEEN YOU LLC

ITHEATRICS

ITS ABOUT TIME

J B PRITZKER

J GARY SMITH PRODUCTIONS

J M SMUCKER COMPANY

J MAC MUSIC INC

J SQUARED PRODUCTIONS LLC

J STREET PRODUCTIONS INC

J VIBEZ INC

J W S PRODUCTIONS INC

JACARANDA

JACK GAFFORD

JACK PEARSON

JACK T LEYTON

JACK TEMPCHIN

JACKSON BROWNE

JACKSONVILLE SYMPHONY ASSOCIATION

JACOBS AGENCY INC

JACQUE JORDAN

JADE SOUND

JADED MELODY LLC

JAGGED LITTLE PILL LLC

JAM PRODUCTIONS INC

JAMES BLACHLY

JAMES CHIAO

JAMES HARRIS

JAMES MCNAIR MUSIC LLC

JAMES SANDERS MUSIC CO

JAMES STROUD PRODUCTIONS LLC

JAMIE FLOYD

JAMIE GABRIELLE LLC

JAMIE MCDELL

JANELLE ARTHUR

JANFLUTE MUSIC INC

JARED BLAKE MUSIC LLC

JARED HASCHEK

AFMEPF0264
JAREN JOHNSTON

JASON BOOTH

JASON DANIEL NIX

JASON DEERE PRODUCTIONS

JASON MICHAEL PAUL PRODUCTIONS INC

JASON SELLERS

JASPER PRODUCTIONS INC

JAY ELLER

JAY KAWARSKY

JAY LIFTON MUSIC INC

JAY OH PRODUCTIONS INC

JAY OSTEEN

JAY ROUSE MUSIC CO

JAYNE BARON SHERMAN

JAYWARD ARTIST GROUP

JAZZ ARTS GROUP OF COLUMBUS

JAZZ AT LINCOLN CENTER

JAZZ FOUNDATION OF AMERICA INC

JB NEW WORLD LP

JCE GAMES INC

JD SHELBURNE MUSIC LLC

JEANNE STARR ENTERPRISES INC

JEDD HUGHES

JEFF AND SHERI EASTER INC

JEFF BATES ENTERTAINMENT

JEFF JONES

JEFF MARGOLIS PRODUCTIONS INC

JEFFERSON PERFORMING ARTS SOCIETY

JEFFREY DIEMAND

JEFFREY SELLERS

JEFFREY T MANGONE

JEN MARK

JENCO MUSIC PRODUCTION

JENGA PRODUCTIONS NASHVILLE LLC

JENNIFER K WILSON

JENNIFER NETTLES

JENNIFER PARRY

JEREMY LEVY

JEREMY STOVER PRODUCTIONS

JERRY F SHARELL

JERRY HERMAN ADMINISTRATIVE TRUST

JERRY KRAVAT ORCHESTRAS

JES FINE PRODUCTIONS

JESS LEARY MUSIC

JESSE RICE MUSIC

JESSE SLACK

JESSICA WILLIS FISHER

AFMEPF0265
JIDOBI MUSIC INC

JILLIAN AND ME INC

JIM BUCHANAN PRODUCTIONS

JIM HOKE

JIM LAUDERDALE

JIM PRENDERGAST PRODUCTIONS

JIM ROONEY PRODUCTIONS

JIMMYS BAVARIANS

JK HILBERT

JK PRODUCTIONS

JK PROFESSIONAL MUSIC SERVICE

JK PROFESSIONAL MUSIC SERVICES

JN OKLAHOMA DBA OKC BROADWAY

JO SMITH

JOE DELIA MUSIC INC

JOE HERNDON

JOE MALIN MUSIC

JOE NICHOLS BUSINESS

JOE SCHMIDT MUSIC LLC

JOE SEIDMAN ORCHESTRA

JOES GARAGE LLC

JOEY PARNES PRODUCTIONS

JOHN C GARDNER

JOHN DEBNEY PROUCTIONS INC

JOHN GORE ORGANIZATION

JOHN GRANET

JOHN IMHOLZ

JOHN JAMES HICKEY

JOHN L CORNELIUS II

JOHN LOEFFLER MUSIC INC

JOHN LOVAGHY

JOHN ODDO MUSIC INC

JOHN REES

JOHN RICH PRODUCTIONS

JOHN S SIMPSON DBA HIGHTOP MOUNTAIN RECORDS

JOHN SETAR ENTERPRISES

JOHN SIMMONS

JOHN WILLIAMS

JOHNNY DAY BAND LLC

JOHNS CREEK SYMPHONY ORCHESTRA INC

JOHNSON AND JOHNSON

JON FREW

JON RANDALL STEWART

JONATHAN VEZNER

JOSE GAMA

JOSE SHAPERO

JOSEPH DI FIORE

AFMEPF0266
JOSEPH E SEAGRAM AND SONS INC

JOSEPH F CICCIMARO

JOSEPH GIORGIANNI

JOSEPH ON TOUR LLC

JOSEPHINE BEAVERS / CITY WINERY CHICAGO

JOSH GALLAGHER

JOSH GRIDER

JOSH LEO

JOSH MARTIN ENTERPRISES LLC

JOSH MIRENDA

JOSHUA TATOFI

JOURNEY ON ENTERTAINMENT LLC

JOY BENNETT

JOY FOR GENERATIONS INC DBA ENDLESS HIGHWAY

JRM PUBLISHING

JSM MUSIC INC

JUDE CICCOLELLA INC

JUDY RODMAN

JUDY WHITMORE MUSIC

JULIA FRANYE

JUMP ROCK PICTURES LLC

JUST HAWK LLC

JUST SUNSHINE INC

JUSTIN ADAMS

JUSTIN EBACH

JWT

K U E D TV

KALAMAZOO SYMPHONY ORCHESTRA

KALEHOFF PRODUCTIONS

KALIE SHORR

KANEBELL ENTERPRISES INC

KANEOHE YACHT CLUB

KANSAS CITY SYMPHONY

KAREN HERNANDEZ

KAREN WALDRUP MUSIC

KARI ULFSSON

KARLA ROSS PRODUCTIONS INC

KATHLEEN HENKEL

KATY MAC SESSION PRODUCTIONS

KAYE HOUSTON MUSIC INC

KCETLINK

KEAN UNIVERSITY

KEB MO MUSIC INC

KEEN PRODUCTIONS INC

KELLAWAY LIGHT WORKS LLC

KELLEY AND CO

KELLOGG COMPANY

AFMEPF0267
KEN ASCHER INC

KEN YARBROUGH

KENNETH AMIS

KENNETH D CRAWFORD

KENNETH VAUGHAN

KENT AGEE

KENT WASHBURN PRODUCTIONS

KERN

KETC CHANNEL 9 ST LOUIS REGIONAL PUBLIC MEDIA INC

KEVIN FOWLER RECORDS LLC

KEVIN KASKA INC

KEVIN MCCOLLUM

KEVIN PORTER

KGM THEATRICAL

KIGALI VERONA LLC

KILLIAN AND CO ADVERTISING

KIM COPELAND PRODUCTIONS

KIMBERLY D KELLY

KIMMEL CENTER INC

KIND MUSIC GROUP

KING BOLDEN LLC

KING GEORGE ENTERTAINMENT LLC

KING KONG BROADWAY LLC

KINGS CHAPEL CONCERT SERIES

KINKY BOOTS LLC

KIRA HLADUN HOLDINGS LTD

KIRKWOOD MUSIC SERVICES

KISS THE COD BROADWAY LIMITED PARTNERSHIP

KLH LTD

KLRU TV

KNIGHT MUSIC

KNOXVILLE SYMPHONY

KOLBY COOPER LLC

KOOMAN AND DIMOND MUSIC LLC

KOREY KAY AND PARTNERS INC

KOTOBUKI ENTERTAINMENT

KOWLOON WHOLESALE SEAFOOD

KRAVIS POPS BIG BAND

KYLE MANNER

KYLE PARK MUSIC INC

L A ENTERTAINMENT

L A ORCHESTRA LEADERS ASSOCIATION

L AMORE DELLA MUSICA INC

L SID PRODUCTIONS

LA HONDA RECORDS

LA JOLLA PLAYHOUSE

LA MIRADA SYMPHONY

AFMEPF0268
LA PREMIER ORCHESTRA

LA ROMA FILMS

LA SOUTHWEST COLLEGE

LADIES CHOICE STRING QUARTET

LADY A ENTERTAINMENT LLC

LADYSHIP LLC

LAGUNA PLAYHOUSE

LAKE FOREST SYMPHONY ASSOCIATION INC

LAKES AREA MUSIC FESTIVAL

LAKESHORE RECORDS LLC

LAKEVIEW HOUSE CONCERTS

LAKOTA INC

LAMBERT MUSIC GROUP LTD

LAMON RECORDS CORPORATION

LAMPLIGHTERS MUSIC THEATRE

LANDOLFI QUARTET

LANSING SYMPHONY

LAP PRODUCTIONS INC

LARIDAE QUINTET CORPORATION

LARRY GRAY MUSIC

LARRY HAZELBAKER

LARRY LEDFORD

LARRY STEWART MUSIC

LAS COLINAS SYMPHONY ORCHESTRA

LAS VEGAS MUSIC SERVICES LLC

LAS VEGAS PHILHARMONIC

LATSHAW PRODUCTIONS AND MARKETING INC

LAUGHLIN CONSTABLE INC

LAURANNE ANDRIANANDRASANA

LAUREL PUBLICATIONS

LAUREN MASCITTI

LAURIE BETH DEATON

LAWRENCE ISAACSON

LAWRENCE MUSIC GROUP

LAWRENCEVILLE ROAD UNITED METHODIST CHURCH INC

LAWTON PHILHARMONIC SOCIETY INC

LAYLA FRANKEL

LDJ ENTERTAINMENT LLC

LE COQ RECORDS

LEAVING EDEN LLC

LECLAND CORPORATION

LEE MENDELSON FILM PRODUCTIONS INC

LEE MILLER

LEEAV SOFER

LEGENDS STUDIO

LEGIT 802 INC

LEGO SYSTEMS INC

AFMEPF0269
LEMON JAM INC

LENA STONE MUSIC LLC

LENNY G CORPORATION

LEO BURNETT DETROIT

LEO BURNETT USA

LEONARDO MUSIC LLC

LES BROWNS BAND OF RENOWN

LES GESTIONS PATRICK NORMAN INC

LES PRODUCTIONS MARTIN LECLERC INC

LESA TERRY

LESLEY WOLMAN

LETS MEXAM MUSIC INC

LETTER PRODUCTIONS LLC

LETTER TO YOU LLC

LEWIS WARD ENTERPRISES LLC

LEWISVILLE LAKE SYMPHONY ASSN INC

LEX MUSIC GROUP LLC

LEXINGTON PHILHARMONIC SOCIETY INC

LIBERTY MUTUAL GROUP

LIBERTY PARK BAPTIST CHURCH

LIFE CHURCH

LIFE CHURCH SOUTH FIELD

LIFE CHURCH SOUTHFIELD

LIGHT IN THE PIAZZA LTD

LIGHTS OUT PRODUCTION COMPANY USA LLC

LIME GROVE PRODUCTIONS LLC

LINCOLN CENTER PERFORMING ARTS

LINCOLN CENTER THEATER

LINCOLN SQUARE PRODUCTIONS LLC

LINE BY LINE PRODUCTIONS

LINEAR LABS LLC

LINK9

LINTOR INC

LIONEL JOB INC

LIONELLA MUSIC LLC

LISA DOZIER PRODUCTIONS LLC

LISA HALEY INC

LISA SANTANA

LITHUANIAN OPERA COMPANY INC

LITTLE BIG TOWN LLC

LITTLE BROTHER RECORDS INC

LITTLE GIDDING INC

LITTLE HORSE GROUP LLC

LITTLE HOUSE RECORDS

LITTLE JACKET INDUSTRIES INC

LITTLE LOUDER MUSIC LLC

LITTLE ORCHESTRA SOCIETY OF NY

AFMEPF0270
LITTLE STEVENS POLICEMANS BALL INC

LIV WRITE PLAY LLC

LIVE BY SATELLITE LLC

LIVE MUSIC IN LAS VEGAS

LIVE MUSIC IN VEGAS

LIVE MUSIC IN VEGAS INC

LIVE MUSIC IN VEGAS INC C/O GINA MASTRANGELO

LIVE NATION ENTERTAINMENT

LIVE NATION WORLDWIDE INC

LIVE NATION WORLDWIDE OAKDALE THEATRE

LIVE OAK SETTLERS INC

LIVES MUSIC IN VEGAS INC

LIVING WRIGHT

LIVONIA SYMPHONY SOCIETY INC

LIZ ROSE MUSIC LLC

LME LLC

LO FLO RECORDS LLC

LOCKIE PRODUCTIONS LLC

LOFC PRODUCTIONS LLC

LONG BEACH CAMERATA SINGERS

LONG BEACH CHORALE AND CHAMBER ORCHESTRA

LONG BEACH OPERA COMPANY

LONG BEACH SYMPHONY ASSOCIATION

LONG ISLAND ORCHESTRA INC

LONGACRE THEATRE DIANA A TRUE MUSICAL STORY

LONGACRE THEATRE THE LIGHTNING THIEF THE PERCY JACKSON MUSICAL

LONGACRE THEATRE THE PROM

LONGBRIDGE RECORDINGS

LOOMIS VILLAGE

LOOSH INC

LOPAS AUDIO LLC

LOPEZ NEGRETE COMMUNICATION INC

LOREN ZACHARY PERFORMING ARTS

LORILLARD TOBACCO COMPANY

LOS ALAMITOS RACING ASSOCIATION

LOS ANGELES BALLET

LOS ANGELES CHAMBER ORCHESTRA INC

LOS ANGELES COUNTY FEDERATION OF LABOR

LOS ANGELES INCEPTION ORCHESTRA

LOS ANGELES JAZZ SOCIETY

LOS ANGELES JEWISH SYMPHONY

LOS ANGELES MASTER CHORALE

LOS ANGELES OPERA COMPANY

LOS ANGELES PHILHARMONIC ASSOC

LOS ANGELES SYMPHONY

LOS ANGELES TURF CLUB INC

LOS ANGELES VIRTUOSI ORCHESTRA

AFMEPF0271
LOTS OF LOVE

LOUCED LEE PUBLISHING

LOUD NEIGHBORS SOUND

LOUIS C STEWART

LOUIS NEWMAN DBA NEWMAN ENTERTAINMENT LLC

LOUISIANA PHILHARMONIC ORCH

LOUISVILLE ORCHESTRA INC

LOVE CONQUERED RECORDS

LOVE EVERYBODY MUSIC

LOVE MEGABYTES LLC

LOVE NEVER DIES ON TOUR LLC

LOVERSITY RECORDS LLC

LOWES COMPANIES INC

LUCIA NEWELL

LUCIE SILVAS

LUCKY LAI PRODUCTIONS INC

LUIS PINE

LUIZ GUSTAVO BRINHOLI PEIGO

LUKE PELL

LUKE UNDERHILL

LUMIERE RECORDS INC

LUNT FONTANNE THEATRE TINA THE TINA TURNER MUSICAL

LUTHERAN CHURCH HONOLULU HI

LUTHERAN CHURCH OF THE REDEEMER

LYCEUM THEATRE A CHRISTMAS CAROL

LYCEUM THEATRE BE MORE CHILL

LYCEUM THEATRE SING STREET

LYN LOU MUSIC INC

LYRIC OPERA OF CHICAGO

LYRIC STAGE COMPANY OF BOSTON INC

LYTHGOE FAMILY PANTO LLC

M B G PRODS INC

MAC MUSIC INC

MACON POPS

MACROSE MUSIC

MACYS EAST INC

MADISON AVE PRESBYTERIAN CHURC

MADISON PROJECT

MAGIC CITY SMOOTH JAZZ

MAGIC CLOSET MUSIC

MAGIC MOON MUSIC NA LLC

MAGIC MOUNTAIN LLC

MAGIC PICTURES INTERNATIONAL

MAGIC RECORDS

MAGNET LLC

MAIA SHARP

MAILBOAT RECORDS INC

AFMEPF0272
MAINSTAR MEDIA

MAJESTIC THEATRE PHANTOM OF THE OPERA

MAJOR BOB MUSIC INC

MAJOR BOB PRODUCTIONS INC

MAKE MUSIC ALLIANCE

MAKE MUSIC ALLIANCE INC

MAKIN BACON PRODUCTIONS

MALIBU FRIENDS OF MUSIC

MALIBU JEWISH CENTER AND SYNAGOGUE

MAN MADE MUSIC INC

MANCHESTER UNITED METHODIST CHURCH

MANHATTAN THEATRE CLUB

MANNA WARNER ENTERTAINMENT LLC

MANNERISM MUSIC LLC

MANNHEIM STEAMROLLER CHRISTMAS TOURING LLC

MARATHON PRODUCTIONS INC

MARC ARAMIAN MUSIC

MARC USA PITTSBURGH

MARCUS THOMAS

MARGIE BAKER

MARGO PRICE

MARIE DAZZLER

MARIE INC

MARIN SYMPHONY ASSOCIATION

MARIO GUARHER THE BERP

MARJER PRODUCTIONS INC

MARK BARNETT INC

MARK BARRETT

MARK BARRETT INC

MARK BLOMSTEEL

MARK DULAC

MARK FOUR MUSIC LLC

MARK LITTLE JAZZ

MARK MOFFATT

MARK NEUENSCHWANDER

MARK NEUENSCHWANDER LLC

MARK SMYTHE THE SCL

MARK WILLS

MARK ZANE STEVENS ENTERPRISES

MARLEYS CHAINS LLC

MARMOSET LLC

MARQUIS THEATRE TOOTSIE

MARS GLOBAL CORPORATE

MARSH BRAND PARTNERS

MARTIN AGENCY INC

MARTIN MAYER MUSIC INC

MARTIN RETAIL GROUP

AFMEPF0273
MARTIN WILLIAMS INC

MARTY STUART TOURS INC

MARV GREEN

MARVKAP INC

MARY ANN MC SWEENEY

MARY MURPHY

MARYLAND LYRIC OPERA

MARYLAND PUBLIC TELEVISION

MASIMO

MASON EUGENE EMBRY

MASSIVE MUSIC

MASSIVEMUSIC NEW YORK

MASSIVEMUSIC NORTH AMERICA

MASTER KEY PRODUCTIONS

MASTERCARD INTERNATIONAL INC

MASTERWORK CHORUS INC

MASTERWORKS CHORALE

MASTERWORKS CHORALE BELLEVILLE INC

MASTERWORKS CHORALE SOCIETY

MASTRAN MUSIC GROUP INC

MASUMI JONES LLC

MATADOR MUSICAL PRODUCTIONS INC

MATHIEU LIBMAN

MATT STILLWELL MUSIC INC

MATTHEW J AUSTIN

MATTHEW PETERSON

MAUI POPS ORCHESTRA

MAURICE GRANTS

MAVEN ENTERTAINMENT LLC DBA MAVEN MUSIC

MAX FILMS INC

MAX KUBIAK

MAYBE THAT PRODUCTIONS INC

MC 1 NASHVILLE

MCC THEATER

MCCALLUM THEATRE

MCCANN ERICKSON INC

MCCLARY MUSIC

MCDONALDS COMPANY

MCGARRY BOWEN LLC

MCGRAW HILL COMPANIES

MCGRAW MUSIC LLC

MCKINNEY AND SILVER

MD QUARTET LLC

MDM RECORDINGS INC

MDP ENTERTAINMENT LLC

MEAD WESTVACO

MEADOWLARK PRODUCTIONS INC

AFMEPF0274
MEAN GIRLS BROADWAY LLC MEAN GIRLS

MEAN GIRLS NATIONAL TOUR LLC

MEL ROGERS

MELANIE FIORILLE CHRISTMAS TOURING LLC

MELANIE HOWARD MUSIC

MELINDA RICH

MELISSA MANCHESTER

MELODY PLACE LLC

MEMORIAL DRIVE PRESBYTERIAN CHURCH

MEMPHIS DEVELOPMENT FOUNDATION

MEMPHIS JAZZ WORKSHOP

MEMPHIS SYMPHONY ORCHESTRA INC

MENDELSSOHN CLUB OF PHILA

MENLO CHURCH 950 SANTA CRUZ AVENUE MENLO PARK CA 94025

MENTEN MUSIC INC

MERCADO MARKET AND RESTAURANT

MERCADO MARKET AND RESTAURANT INC

MERCADO MARKET RESTAURANT INC

MERCURY BAROQUE ENSEMBLE

MERCURY CHAMBER ORCHESTRA

MERKLEY AND PARTNERS

MERMAID ON TOUR LLC

MERRY TUBA CHRISTMAS

MESSIAH CHORAL

METRO GOLDWYN MAYER INC

METROARTS INC

METROPOLITAN OPERA

MFS

MGM TELEVISION ENTERTAINMENT INC

MICAH BYERS

MICHAEL A ELLERT

MICHAEL BARNUM

MICHAEL BARRY

MICHAEL BLACK

MICHAEL DALY

MICHAEL FRANTI

MICHAEL GOETZ

MICHAEL MARKMAN

MICHAEL MYERS

MICHAEL NUGENT

MICHAEL PEDICIN MUSIC

MICHAEL ROTH

MICHAEL SHAPIRO

MICHAEL STARITA

MICHAEL WINGET

MICHELLE BLY

MICHIGAN OPERA THEATRE

AFMEPF0275
MICHIGAN PHILHARMONIC

MICKYMAR PRODUCTIONS LTD

MICROSOFT CORP

MIDDLE TENNESSEE STATE UNIVERSITY FOUNDATION

MIDSUMMER MOZART FESTIVAL

MIGHTY WIND RECORDS

MIGUEL CONTRERAS FOUNDATION

MIKE BRIGNARDELLO

MIKE COWIE MUSIC PRODUCTIONS

MIKE HOOKS

MIKE MANUEL MUSIC

MIKE VACCARO COM INC

MILES MUSIC LLC

MILES PIKE MUSIC

MILHARMONIC INC

MILL CITY SUMMER OPERA

MILLER AD AGENCY

MILLER ZACHERY CROWELL

MILLS LOGAN

MILTON PUBLIC LIBRARY 476 CANTON AVENUE MILTON MA

MILWAUKEE BALLET COMPANY INC

MILWAUKEE SYMPHONY ORCHESTRA

MINNEAPOLIS POPS ORCHESTRA

MINNESOTA DANCE THEATRE

MINNESOTA OPERA

MINNESOTA ORCHESTRAL ASSOCIATION

MINNESOTA SINFONIA

MINNESOTA TIMBERWOLVES

MINNESOTA TWINS

MINNESOTA VIKINGS FOOTBALL CLUB LLC

MINSKOFF THEATRE LION KING

MIRRAM GROUP LLC

MISS GRACE TOURING INC

MISSISSIPPI SYMPHONY ORCHESTRA

MISSOURI BAPTIST COLLEGE

MISTY CREEK RECORDS INC

MITTHOFFBURTON PARTNERS

MIX KITCHEN

MJC PRODUCTIONS

MJP MUSICAL LLC

MLEONHART INC

MLH TOURING

MMO BROADWAY LIMITED LIABILITY COMPANY

MOCCA RECORDS

MODERN WHOMP RECORDS INC

MODESTO SYMPHONY ORCHESTRA

MOJO FI LLC

AFMEPF0276
MOLLY RECORDS LLC

MOM PIA ZINGS LLC

MONMOUTH CIVIC CHORUS INC

MONMOUTH SYMPHONY ORCHESTRA

MONO ADVERTISING

MONTEREY COUNTY POPS

MONTEREY COUNTY SYMPHONY ASSOCIATION INC

MONTGOMERY SYMPHONY ASSOCIATION

MOON MOOSIC INC

MOONMAN PRODUCTIONS INC

MOORE JAMZ LLC

MOPHONICS INC

MOR LANDO RECORDS

MORAINE MUSIC GROUP

MORAS MODERN MUSIC LLC

MOREHEAD UU

MORGAN M CLARK

MORRIS HIGHAM MANAGEMENT

MORTONS MUSIC LLC 

MOTHER OF PEARL RECORDS INC

MOTIF MUSIC LLC

MOTION PICTURE COSTUMERS IATSE LOCAL 705

MOTOR CITY SYMPHONY SOCIETY INC

MOTOWN USA TOUR LLC

MOUNT VERNON PRESBYTERIAN CHURCH

MOUNTAIN BROOK BAPTIST CHURCH

MOUNTAIN DOG MUSIC INC

MOUNTAINSIDE PRODUCTIONS

MOZART CLASSICAL ORCHESTRA

MPA PRODUCTIONS

MPTF

MPTF LIVESTREAM GMG STUDIOS INC

MPTF SUMNER SPECIAL HOUSING INC

MR MUSIC LLC

MR OBOE INC

MRB MUSICAL LLC

MTT INC

MUD CRACKER MUSIC

MUDDY CREEK MUSIC CORP

MULE AND MAGPIE INC

MULHOLLAND MUSIC

MULLEN ADVERTISING INC

MULLEN LOWE

MUNICIPAL THEATRE ASSOCIATION

MURALI CORYELL

MURIEL ANDERSON

MURILO ROMANO

AFMEPF0277
MURRAH MUSIC CORPORATION

MUSE IQUE

MUSIC AND HEALTH INC

MUSIC AND MOTION PRODUCTIONS

MUSIC AND STRATEGY LLC

MUSIC AT EDENS EDGE INC

MUSIC BOX THEATRE DEAR EVAN HANSEN

MUSIC BY BELK INC

MUSIC BY BELK INC/MEGAN HART BELK

MUSIC BY RICK PURCELL PURCELL ENTERTAINMENT

MUSIC CITY INC

MUSIC CITY RECORDS

MUSIC FUND OF LOS ANGELES

MUSIC INK LLC

MUSIC OASIS INC

MUSIC OF THE BAROQUE

MUSIC PARTNERS INC TN

MUSIC PLUS INC

MUSIC TALENT OF CLEVELAND

MUSIC THEATER INTERNATIONAL

MUSIC THEATER WORKS

MUSICA ANGELICA BAROQUE ORCHESTRA

MUSICA SACRA INC NY

MUSICA SACRA MA

MUSICA VIVA INC

MUSICAL ARTS ASSOCIATION

MUSICAL PRODUCTIONS LTD

MUSICAL THEATRE GUILD

MUSICALFARE PRODUCTIONS

MUSICIANS AT PLAY FOUNDATION

MUSICIANS FOUNDATION OF LOS ANGELES

MUSICIANS PAYROLL INC PHOENIX AZ

MUSICIANS SERVICES INC HI

MUSICIANS SERVICES INC MN

MUSICIANS TALENT AGENCY INC

MUSIKVERGNUEGEN

MUSK MUSIC PRODUCTIONS

MUTATO MUZIKA

MV2 MUSIC COMPANY LLC

MY FAIR LADY ON TOUR LLC

N J J MUSIC INC

N SOUND ENTERTAINMENT

N2D PUBLISHING COMPANY INC

NABISCO INC

NADA DINERO INC

NAFSHENU ORCHESTRA INC

NAJ ROC INC

AFMEPF0278
NARROW GATE PRODUCTIONS LLC

NASHVILLE JAZZ WORKSHOP

NASHVILLE MUSIC GROUP INC

NASHVILLE STRING MACHINE LLC

NASHVILLE SYMPHONY ASSOCIATION

NASHVILLE TELEPRODUCTIONS INC

NASHVILLE YACHT CLUB BAND

NAT GAMES CO LTD

NATALIE MURPHY

NATHAN HOSIE

NATIONAL ACADEMY OF RECORDING ARTS AND SCIENCES

NATIONAL ARTISTS MANAGEMENT CO CHICAGO

NATIONAL ARTISTS MANAGEMENT COMPANY INC

NATIONAL CHILDRENS CHORUS

NATIONAL CHORALE COUNCIL

NATIONAL LUTHERAN CHOIR

NATIONAL MARINE MANUFACTURERS ASSOCIATION INC

NATIONAL PHILHARMONIC THE MUSIC CENTER AT STRATHMORE

NATIONAL PORK BOARD

NATIONAL SYMPHONY ORCHESTRA ASSOCIATION

NATIONAL THEATRE GROUP

NATIONAL YIDDISH THEATRE FOLKSBIENE INC

NATIONWIDE INSURANCE COMPANY

NBC UNIVERSAL

NEAL JAMES

NEAL MCCOY ENTERPRISES INC

NEDERLANDER COMPANY LLC

NEDERLANDER OF SAN DIEGO LLC

NEDERLANDER PRODUCING COMPANY OF AMERICA INC

NEDERLANDER PRODUCTIONS LION KING

NEDERLANDER THEATRE HARRY CONNICK JR A CELEBRATION OF COLE PORTER

NEDERLANDER THEATRE PRETTY WOMAN

NEDERLANDER THEATRE THE LEHMAN TRILOGY

NEIL SIMON THEATRE MJ THE MUSICAL

NEIL SIMON THEATRE THE CHER SHOW

NELONS LLC

NENTU RECORDS

NERF HERDER MUSIC

NESTA MUSIC SOLUTIONS LLC

NESTLE PURINA PETCARE INC

NESTLE USA INC

NETCOM MUSIC

NETFLIX STUDIOS LLC

NETWORKS PRESENTATIONS LLC

NEVADA SCHOOL OF THE ARTS

NEVER NEVER NEVER NEVER NEVER LLC

NEVIS PRODUCTIONS LLC

AFMEPF0279
NEW BEDFORD SYMPHONY ORCHESTRA

NEW CENTURY CHAMBER ORCHESTRA

NEW DOMINION CHORALE

NEW HAVEN RECORDS LLC

NEW HAVEN SYMPHONY ORCHESTRA

NEW JERSEY FESTIVAL ORCHESTRA

NEW JERSEY PERFORMING ARTS CENTER

NEW JERSEY SYMPHONY ORCHESTRA

NEW LIBERTY PRODUCTIONS INC

NEW LINE PRODUCTIONS INC

NEW MATH LLC

NEW PHILHARMONIC

NEW VALLEY SYMPHONY ORCHESTRA

NEW VICTOR HERBERT RENAISSANCE PROJECT LIVE INC

NEW WEST RECORDS LLC

NEW WEST SYMPHONY ASSOCIATION

NEW YORK CITY BALLET

NEW YORK CITY CENTER INC

NEW YORK CITY LABOR CHORUS INC

NEW YORK CITY OPERA

NEW YORK GILBERT AND SULLIVAN PLAYERS INC

NEW YORK JAZZHARMONIC INC

NEW YORK LIFE

NEW YORK PHILHARMONIC

NEW YORK POPS INC

NEW YORK SCANDIA SYMPHONY

NEW YORK SHAKESPEARE FESTIVAL

NEW YORK THEATRE WORKSHOP

NEW ZION

NEWELL BRANDS

NEXUS

NEYCOAT PRODUCTIONS INC

NICHE PRODUCTIONS LLC

NICK FOLSOM

NICK LUTSKO

NICK PHOENIX

NICK WAYNE

NICKS RESTAURANT

NIGHT VISION ENTERTAINMENT INC

NIK E NIGHT

NIKO MOON

NINA JOSEPHS

NINARAY INC

NINETY NINE MUSICIANS CLUB INC

NIPPIT RECORDS

NORM MCDONALD

NORRO PRODUCTIONS

AFMEPF0280
NORTH AVENUE PRESBYTERIAN CHURCH

NORTH CAROLINA SYMPHONY

NORTH CAROLINA THEATRE

NORTH DRURY LANE PROD MARRIOTT

NORTH SOUTH CONSONANCE INC

NORTH TEXAS TALENT PARTNERS LLC

NORTHBROOK SYMPHONY ORCHESTRA

NORTHERN ROOTS FESTIVAL

NORTHLIGHT THEATRE

NORTHMINSTER

NORTHSIDE UNITED METHODIST CHURCH

NORTHWEST INDIANA SYMPHONY SOCIETY INC

NORTHWESTERN MUTUAL

NORTHWESTERN UNIVERSITY

NORTHWIND QUINTET INC

NOSHA

NOT STIRRED LLC

NOTEFORNOTE ENTERTAINMENT CO

NOTEWORTHY ENTERPRISES INC

NOUVEAU PRODUCTIONS LLC

NOVARTIS CONSUMER HEALTH INC

NOVARTIS PHARMACEUTICALS CORPORATION

NOXELL CORPORATION

NUMBER ONE GROUP MEDIA DIVISION LLC

NUTMEG DULCIMER FESTIVAL

NYC HEALTH AND HOSPITALS

NYC SWING CORP

NZK PRODUCTIONS INC

OAKLAND MUNICIPAL BAND

OAKLAND SYMPHONY

OAKWOOD BRASS OUTREACH PROJECT

OASIS PRODUCTIONS

OBRIEN MUSIC PRODUCTIONS

OCARINA MASSE LLC

OD MUSIC INC

ODYSSEUS ADVENTURES INC

ODYSSEY OPERA OF BOSTON INC

OGILVY AND MATHER INC

OGUNQUIT PLAYHOUSE FOUNDATION

OH BOY RECORDS

OINK INK RADIO

OKEEFE REINHARD AND PAUL

OKLAHOMA PHILHARMONIC SOCIETY

OKTOBERFEST ENTERTAINMENT LLC

OLD FIRST REFORMED CHURCH

OLD GLOBE THEATRE

OLD JOE MUSIC AND ENTERTAINMENT

AFMEPF0281
OLD RIVER PRODUCTIONS INC

OLD SOL RECORDS LLC

OLD SOUTH CHURCH

OLD ST MARYS DETROIT

OLD ST PATRICKS CHURCH

OLNEY THEATRE CENTER

OLOUGHLIN ARTS INC

OLYMPIA ENTERTAINMENT INC

OMAHA SYMPHONY

OMNICOM RED TEAM

OMNISOUND STUDIOS LLC

ON MUSIC AND SOUND

ON Q LLC

ON SITE OPERA INC

ON THE WALL MUSIC INC

ON YOUR FEET BROADWAY LLC

ONCE ON THIS ISLAND CAST ALBUM LLC

ONCUE RESOURCES INC

ONE CHORD SONG LLC

ONE17 PUBLISHING LLC

ONGAKUSHITSU INC

ONLY ONE PRODUCTIONS INC

OOTI TOURING LLC

OPEN 4 BUSINESS PRODUCTIONS LLC

OPEN ROAD RECORDINGS

OPERA COLORADO

OPERA HOUSE OPERATOR LLC

OPERA IN THE HEIGHTS

OPERA PHILADELPHIA

OPERA SAN JOSE

OPERA SANTA BARBARA

OPERA SARATOGA

OPERADELAWARE

OPPENHEIMER FUNDS INC

ORATORIO SOCIETY OF QUEENS

ORCHESTRA 33 ENTERTAINMENT INC

ORCHESTRA INDIANAPOLIS

ORCHESTRA SANTA MONICA

OREGON BALLET THEATRE

OREGON MOZART PLAYERS

OREGON MUSIC FESTIVAL

OREGON SYMPHONY ASSOCIATION

ORLANDO SYMPHONY

ORPHEUS CHAMBER ORCHESTRA

ORPHEUS MUSIC PROJECT

OUT OF THE DARKNESS MUSICAL LLC

OUTDOOR SPORTSMAN GROUP

AFMEPF0282
OUTWARD AG LLC

OVEN MUSIC INC

OVEN PRODUCTIONS INC DBA 19TH AND GRAND RECORDS

OVER THE MOUNTAIN FESTIVAL

OWEN KIRSCHNER

OWENS CORNING CORPORATION

OWL MOUNTAIN MUSIC INC

OX3 TV PRODUCTION LLC

OXNARD TELEVISION LLC

OZZ MANAGEMENT MUSIC CONTRACTING INC

P AND KC MUSIC

P G M PRODUCTIONS INC

P SQUARED MUSIC INC

PAC RECORDS

PACIFIC CHAMBER ORCHESTRA

PACIFIC CHORALE

PACIFIC COAST PRESENTATIONS INC

PACIFIC GARDEN MISSION

PACIFIC STICKS

PACIFIC SYMPHONY

PACO COMMUNICATIONS INC

PADEN PLACE MUSIC PRODUCTIONS

PADEREWSKI SYMPHONY ORCHESTRA

PAEINC PRODUCTION DISBURSEMENT

PAINE WEBBER INC

PALM BEACH OPERA INC

PALM COURT JAZZ CAFE INC

PALM SPRINGS OPERA GUILD

PALM WESTSIDE RESTAURANT

PAMELA A LASSELL

PANAGOS GLOBAL ENTERTAINMENT LLC

PANAMA CITY UU

PANTAGES THEATRE

PAPER AIR PLANE MUSIC

PAPER MILL PLAYHOUSE THEATRE

PARALLEL 28 EQUIPA

PARALLEL MUSIC PUBLISHING LLC

PARAMOUNT ARTS CENTRE

PARAMOUNT PICTURES CORP

PARBIZ

PARIS ACROSS AMERICA LLC

PARISH OF TRINITY CHURCH

PARK PLACE PRODUCTIONS INC

PARK RIDGE CIVIC ORCHESTRA

PARK RIDGE FINE ARTS SOCIETY

PARK SQUARE THEATRE

PARLOPHONE RECORDS LTD

AFMEPF0283
PARLOR PRODUCTIONS

PASADENA MASTER CHORALE

PASADENA SYMPHONY ASSOCIATION

PASSION PICTURES FILMS LIMITED

PASTEL MUSIC INC

PASTIS PRODUCTIONS INC

PATACHAD INC

PATRICK DAVIS

PATRICK MURPHY LIVE

PATRICK N BARBER

PATRICK WILLIAMS ENTERPRISES INC

PATRIOT BRASS ENSEMBLE

PATRIOT ENTERTAINMENT LLC

PATRISHA THOMSON

PAUL BLAKE

PAUL BOGART

PAUL DAVID MUSIC

PAUL SEMANIC

PAUL SHAFFER ENTERPRISES INC

PAUL TUVMAN

PAUL WAINWRIGHT MUSIC

PAUL WARNER

PAULA EISENSTEIN BAKER

PEABODY RAGTIME ENSEMBLE

PEACHTREE CINEMA 7 LLC

PEACHTREE CITY UNITED METHODIST CHURCH

PEACHTREE ROAD UNITED METHODIST CHURCH

PEARL RECORDS INC

PEAS N SOUP MUSIC INC

PENINSULA NEW YORK

PENINSULA SYMPHONY ASSOCIATION

PENNSYLVANIA BALLET ASSOC

PENTHOUSE PRESENTATIONS

PEOPLE IN PLAZAS

PEOPLES VOICE CAFE

PEORIA SYMPHONY

PEPSI COLA COMPANY

PERCUSSION SERVICES LTD

PERDIDO PRODUCTIONS INC

PERFECT PRINCESS LLC

PERFORMING ARTS CENTER OF LOS ANGELES COUNTY

PERLA ORG LLC

PERRYETTY VS LLC

PETER AND LOREE MYERS MUSIC FOUNDATION INC DBA PETER MYERS ORCHESTRA

PETER DUCHIN MUSIC INC

PETER GRAVES ORCHESTRAS INC

PETER KOGAN

AFMEPF0284
PETER ROTTER MUSIC SERVICES

PETER SCHWARTZ MUSIC

PETROL RECORDS

PFIZER CONSUMER HEALTHCARE

PHANTOM COMPANY LIMITED PARTNERSHIP

PHARMACIA UPJOHN INC

PHENX RECORDS LLC

PHILADELPHIA BOYS CHOIR

PHILADELPHIA BOYS CHOIR AND CHORALE

PHILADELPHIA ORCHESTRA ASSOCIATION

PHILADELPHIA THEATRE COMPANY

PHILHARMONIA BAROQUE ORCHESTRA INC

PHILHARMONIA INC

PHILHARMONIC SOCIETY OF NORTHEAST PA

PHILHARMONIC SOCIETY OF ORANGE COUNTY

PHILIP MARSHALL

PHILLIPS MUSIC GUILD OF INDIANAPOLIS

PHILLY BREAKDOWN RECORDS

PHILLY POPS INC

PHIRE ADVERTISING AND DESIGN LLC

PHOENIX SYMPHONY

PIA ZADORA

PIANELLA MUSIC INC

PICROW INC

PICTURE HEAD LLC

PICTURE PERFECT OF NY

PIERRE HOTEL

PILGRIM LUTHERAN CHURCH AND SCHOOL

PILGRIM MUSIC

PILLSBURY COMPANY

PINBALL JUKEBOX

PINK NOISE INC

PIONEER RECORDING STUDIO INC

PITTSBURGH BALLET THEATRE INC

PITTSBURGH FESTIVAL ORCHESTRA

PITTSBURGH MUSICAL THEATER

PITTSBURGH OPERA INC

PITTSBURGH OPERA THEATER INC

PITTSBURGH PUBLIC THEATER

PITTSBURGH SYMPHONY INC

PJM PRODUCTIONS INC

PLANTE MORAN PLLC

PLATEAU MUSIC LLC

PLATINUM LEAF PRODUCTIONS

PLATINUM PEN PUBLISHING

PLAYBILL ONLINE INCORPORATED

PLAYHOUSE SQUARE FOUNDATION

AFMEPF0285
PLAYSTATION PRODUCTIONS LLC

PLAYWRIGHTS HORIZON INC

PLAZA HOTEL

PLEASANT STREET ENTERTAINMENT LLC

PLYMOUTH PLACE

POCKET OPERA INC

POINT PLEASANT BEACH BOARD OF EDUCATION

POLAR BOEHME MUSIC INC

POLYDOR RECORDS LTD

PONCHO SANCHEZ ENTERPRISES LLC

POPP CULTURE INC

PORTLAND CENTER STAGE

PORTLAND GAY MENS CHORUS

PORTLAND OPERA

PORTLAND OPERA ASSOCIATION INC

PORTLAND SUMMERFEST

PORTLAND SYMPHONIC CHOIR INC

PORTLAND SYMPHONY ORCHESTRA INC

PORTLAND TAIKO

POSITRON PRODUCTIONS

POST CLASSICAL ENSEMBLE INC

POTOMAC PRODUCTIONS INC

POUND IT OUT LOUD ENT

POWDER RIVER RECORDS LLC

POWERBASE ENTERTAINMENT

PREPARED MUSIC LLC

PRESERVATION HALL

PRESTONWOOD BAPTIST CHURCH

PRIMALSCREAM MUSIC

PRISM MUSIC INC

PRO ARTE CHAMBER ORCHESTRA

PROCTER AND GAMBLE COMPANY

PRODUCERS ASSOCIATES INC

PROFESSIONAL BULL RIDERS INC

PROGRESSIVE DEMOCRATS OF THE SMM

PROJECT M MEDIA SDN BHD

PROMETHEUM PRODUCTIONS INC

PROMO INC

PROMUSICA CHAMBER ORCHESTRA OF COLUMBUS

PROOF ADVERTISING

PROPHECY PRODUCTIONS

PROVIDENCE PERFORMING ARTS CENTER

PROVIDENCE SINGERS

PROVIDENCE SINGERS INC

PROXIMO SPIRITS INC

PRUDENTIAL INSURANCE COMPANY

PS CLASSICS LLC

AFMEPF0286
PSALM SPACE

PTG FLORIDA INC

PUBLICIS

PUBLICIS KAPLAN THALER

PUFF BUNNY RECORDS INC

PULL

PUMP HOUSE RECORDS

PURPLE CRAYON PRODUCTIONS INC

PUZZLE TREE INC

Q DEPARTMENT LLC

Q PRIME SOUTH

QUADRE MUSIC GROUP INC

QUAIL VALLEY CHURCH

QUAKER OATS COMPANY

QUANTUM LEAP PRODUCTIONS

QUE TI RECORDS PRODUCTION

QUEEN E LLC

QUEENS SYMPHONY ORCHESTRA

QUINCY JONES PRODUCTIONS INC

QUINN BOSS

QUINTET OF THE AMERICAS

R C ONE CORPORATION

R G D LLC

R K MUSIC PRODUCTION

RACHAEL RECORDS AND ASSOCIATES

RACHEL AUBREY MUSIC INC

RACHEL EDGAR

RACHEL REINERT

RADCLIFFE CHORAL SOCIETY INC

RADIO CITY MUSIC HALL PROD INC

RAINBOW QUEEN PUBLISHING LLC

RAINWATER ENTERTAINMENT INC

RALEIGH J SQUIRES

RALEIGH KEEGAN LLC

RALPH MURPHY

RANDALL STROOPE

RANDY GOODRUM INC

RANDY ROCKIT PRODUCTION

RANDY RUTHERFORD

RAUXA AGENCY

RAVINIA FESTIVAL ASSOCIATION

RAY ANTHONY ENTERPRISES INC

RAY BAKER PRODUCTIONS INC

RAY DEWEY

RAY JACKSON INC

RAY PARKER MUSIC INC

RAY STEVENS MUSIC

AFMEPF0287
RAY STEVENS PRODUCTIONS LLC

RAYMOND G MAJOR

RDA PRODUCTIONS LLC

RDGE

READING SYMPHONY ORCHESTRA

REAL HORNS INC

REALITY BRANDING 360 LLC

REBEL ENGINE ENTERTAINMENT LLC

REBIRTH INC

RECORD BREAKER RECORDS

RECORDING MUSICIANS ASSOCIATION

RED BROWN VENTURE LLC

RED CREATIVE GROUP LLC

RED CREATIVE RECORDS LLC

RED DOOR MUSIC GROUP

RED KING CREATIVE

RED LIGHT MANAGEMENT

RED MARLOW

RED MOUNTAIN THEATRE CO

RED PONY RECORDS

RED STREET RECORDS

REDFORD CIVIC SYMPHONY ORCHESTRA INC

REDLANDS COMMUNITY MUSIC ASSOCIATION INC

REDLANDS SYMPHONY ASSOCIATION

REDNECK MOGUL LLC

REDNECK RECORDS LLC

REEL AUDIBLE JOSEPH B DEMKO

REGAN D STEWART

REGGIE YOUNG

REGINA NURSING HOME

REGINA VIOLIN LLC

REGINAPOLIS INC

RELARION RECORDS

REMUDA RECORDS INC

RENEE BLAIR

RENEE BURKETT

RENO CHAMBER ORCHESTRA

RENO PHILHARMONIC ASSOCIATION

RENWICK SMITH CURRY

REPERTORY THEATRE OF SAINT LOUIS

REPRISE 2 0 INC

RESERVOIR MEDIA MGMT

RETAIL WHOLESALE AND DEPARTMENT STORE UNION

RETRAC PRODUCTIONS INC

REUBEN RISTROM MUSIC INC

REV ROBERT FLEMING

REVELS INC

AFMEPF0288
REVEREND ROBERT FLEMING

REVEREND WHITE LLC

REVIVER MUSIC LLC

REVLON CONSUMER PRODUCTS CORP

REYNOLDS AMERICAN INC

REYNOLDS METALS COMPANY

REZONANT PUBLISHING

REZZONATOR MUSIC

RH LAKEWAY DEVELOPMENT LTD

RH ON BROADWAY LLC

RHIMSHOT MUSIC INC

RHINESTONE ROOSTER RECORDS

RHODE ISLAND CIVIC CHORALE ORCHESTRA

RHODE ISLAND PHILHARMONIC ORCHESTRA

RHOMBOID MUSIC

RHONDA VINCENT ENTERPRISES

RHUBARB RECORDINGS

RIC WEB PRODUCTIONS

RICHARD BENNETT

RICHARD BROWN MUSIC INC

RICHARD KAHN

RICHARD RODGERS THEATRE HAMILTON

RICHMOND SYMPHONY INC

RICHMONDERS FOR PEACE

RICK HANSON PRODUCTIONS

RICK HUCKABY

RIDERS IN THE SKY LLC

RILEY CLARK

RING THE ALARM LLC

RINGOS HOUSE CONCERT

RIO BRAVO PUBLISHING

RIOT DRUM MUSIC CORPORATION

RISE RECORDS

RISER HOUSE ENTERTAINMENT LLC

RIVER AND REMY LLC

RIVER CITY BRASS BAND INC

RIVER HOUSE ARTISTS LLC

RIVER OAKS CHAMBER ORCHESTRA

RIVERCHASE UNITED METHODIST CHURCH

RIVERMUSIC HOLDINGS LP

RIVERSIDE COUNTY PHILHARMONIC ASSOC INC

RIVERSIDE SYMPHONIA INC

RIVERSIDE SYMPHONY INC

RIVIERA RECORDS

RJP PRODUCTIONS

RMP ENTERTAINMENT

RNDM ORDR LLC

AFMEPF0289
ROA OB LLC

ROACH RECORDS

ROADDAWG LLC

ROB MOUNSEY MUSIC INC

ROBBY JOHNSON

ROBERT BOSCH CORPORATION

ROBERT CARR

ROBERT F SNYDER JR

ROBERT ISRAEL

ROBERT WAYNE MUSIC

ROBINSDALE MUSIC CO INC

ROBINSON RESTAURANT ENTERPRISES LLC

ROBOT REPAIR

ROC NATION

ROCCABELLA INC

ROCHESTER PHILHARMONIC ORCHESTRA

ROCK HOUSE RECORDING LLC

ROCKIN R RECORDS LLC

ROCKIN ROAD TO DUBLIN LLC

ROD MCCORMACK PRODUCTIONS

RODNEY CLAWSON

RODNEY LLAVERIAS

ROGER BEAN

ROJON PRODUCTION INC

ROKKAN

ROLF BARNES

ROLLER COASTER TOURING LLC

ROME PHREY PUBLISHING LLC

ROME RECORDS

RON ABEL

RON REYNOLDS SNAKE MUSIC PRODUCTIONS

RONNIE LAWSON PRODUCTIONS INC

RONNIE MILSAP PRODUCTIONS

ROO BADLEY LLC

ROOMDAD PRODUCTIONS INC

ROOSTER TAIL PRODUCTIONS

ROSE COLORED RECORDS INC

ROSEANN FENZA FOR BELMOND USA

ROSEWOOD AVENUE

ROSS DE ROCHE

ROSS INVESTOR GROUP LLC

ROSS PRODUCTION INC

ROSS VANNELLI INC

ROTTEN TOUR LLC

ROUND HOUSE THEATRE

ROUNDABOUT THEATRE CO INC

ROXY COSS LLC

AFMEPF0290
ROY FURMAN

ROY ORBISON JR

ROY RIVERS PRODUCTIONS

ROYAL TRUMPET WORKS INC

ROYCE PRODS

RPM AGENCY LLC

RRMG II LLC DBA OAK HOLLOW

RUBIN POSTAER AND ASSOCIATES

RUKKUS ROOM INC

RUNNING SUBWAY LLC

RUSSELL E LONG

RUSSIAN BOY INC

RYAN BEAVER

RYAN MONTGOMERY MUSIC LLC

RYAN SWEENEY

RYMAN AUDITORIUM

S CURVE RECORDS

S FORD MUSIC INC

S L O CIRCUS PRODUCTIONS INC

S2BN ENT INC

SAAB CARS USA INC

SAATCHI AND SAATCHI ADVERTISING

SABRA DIPPING COMPANY

SABRON INC

SACHA BOUTROS

SACRAMENTO CHORAL SOCIETY AND ORCHESTRA

SACRAMENTO REGION PERFORMING ARTS ALLIANCE

SACRED HEART SEMINARY

SACRED MUSIC SOCIETY OF OUR LADY QUEEN OF MARTYRS CHURCH

SACRED NOISE INC

SAFARI RECORDS

SAG AFTRA

SAI TOURING LLC

SAINT DOMINICS PARISH

SAINT JAMES EPISCOPAL CHURCH LOS ANGELES CA

SAINT JAMES UNITED METHODIST CHURCH

SAINT JOHNS EPISCOPAL CHURCH OAKLAND CA

SAINT JOHNS EPISCOPAL CHURCH TX

SAINT JOHNS PRESBYTERIAN CHURCH BERKELEY

SAINT JOSEPH CATHEDRAL

SAINT JOSEPHS ACADEMY

SAINT LOUIS CARDINALS LLC

SAINT LOUIS CATHEDRAL CONCERTS

SAINT LOUIS COUNTY COMMUNITY CHORUS

SAINT LOUIS SYMPHONY ORCHESTRA

SAINT LUKES CHAMBER ENSEMBLE INC

SAINT LUKES EPISCOPAL CHURCH ATLANTA GA

AFMEPF0291
SAINT LUKES EPISCOPAL CHURCH BIRMINGHAM AL

SAINT LUKES UNITED METHODIST CHURCH HOUSTON TX

SAINT MARK UNITED METHODIST CHURCH GA

SAINT MARYS CATHEDRAL

SAINT MICHAEL AND SAINT GEORGE EPISCOPAL CHURCH

SAINT PAUL CHAMBER ORCHESTRA

SAINT PHILIP THE DEACON LUTHERAN CHURCH

SAINT RITA CHURCH

SAINT THOMAS CHURCH FIFTH AVENUE

SAKS FIFTH AVENUE

SAL ANGELO PRODUCTION INC

SALINA UU

SAM DAVIS MUSIC INC

SAM RIGGS BAND LLC

SAMANDA LYNN RECORDS

SAMUEL FRENCH INC

SAN BERNARDINO SYMPHONY ORCHESTRA

SAN DIEGO SYMPHONY ORCHESTRA

SAN FRANCISCO BALLET ASSOCIATION

SAN FRANCISCO CHAMBER ORCHESTRA

SAN FRANCISCO CITY CHORUS ASSOCIATION

SAN FRANCISCO CONSERVATORY OF MUSIC

SAN FRANCISCO CONTEMPORARY MUSIC PLAYERS

SAN FRANCISCO OPERA

SAN FRANCISCO SYMPHONY

SAN GABRIEL VALLEY MUSIC THEATRE INC

SAN JOSE CHAMBER ORCHESTRA

SAND AND SNOW PRODUCTIONS LLC

SANDOVAL ENTERPRISES OF AMERICA INC

SANDY LINZER PRODS INC

SANDY PRODUCTIONS INC

SANTA BARBARA CHAMBER ORCHESTRA

SANTA BARBARA SYMP ORCH ASSOC

SANTA CECILIA ORCHESTRA

SANTA CLARITA PHILHARMONIC

SANTA CRUZ COUNTY SYMPHONY ASSOCIATION

SANTA FE OPERA

SANTA FE SYMPHONY ORCHESTRA AND CHORUS INC

SANTA MONICA SYMPHONY ASSOCIATION INC

SANTA ROSA SYMPHONY

SARAH BETH TAITE

SARAH LAWTON

SARASOTA ORCHESTRA

SASSITUDE LLC

SATURDAY NIGHT BATH

SAVANNAH COLLEGE OF ART AND DESIGN

SAVANT PRODUCTIONS INC

AFMEPF0292
SAVE THE RAISINS LLC

SBC COMMUNICATIONS INC

SBH MUSIC LLC

SCAM 1108 INC

SCARLET LETTER RECORDS

SCENARIO MUSIC PRODUCTIONS INC

SCHAFER CONDON CARTER

SCHERING PLOUGH HEALTHCARE PRODUCTS INC

SCHNITZELBANK RESTAURANT

SCHOLLS WELLNESS COMPANY

SCHOOL OF AMERICAN BALLET INC

SCHOOL OF JAZZ THE NEW SCHOOL

SCHOOL OF ROCK ON TOUR LLC

SCOOTER LEE ENTERPRIZES INC

SCORE CREATIVE INC

SCOTT COOKE

SCOTT PASCHALL PRODUCTIONS

SCOTT STUDIOS INC

SCOTTY KIPFER

SCURVY DOG INC

SEA GAYLE RECORDS LLC

SEA SYMPHONY INC

SEARCH MINISTRIES INC

SEATTLE LABOR CHORUS

SEATTLE REPERTORY THEATRE

SEATTLE THEATRE GROUP

SEATTLEMUSIC INC

SECOND CITY INC

SECOND PONCE DE LEON BAPTIST CHURCH

SECOND PRESBYTERIAN CHURCH MO

SECOND STAGE THEATRE

SECOND STORY MUSIC LLC

SECOND SUNDAY STUDIO SHOWS

SEISMIC SOUND INC

SELAH LLC

SENTIMENTAL JOURNEY BIG BAND EDUCATION INITIATIVE MORTONS MUSIC LLC

SERAPHIM SINGERS INC

SERENADE SAVANNAH LLC

SERINO COYNE INC

SERIOUS FUN CHILDRENS NETWORK

SERVICES ALL MUSIC INTERNATIONAL INC

SESAME WORKSHOP

SEVEN STRING LTD

SFW

SHADES CREST BAPTIST CHURCH

SHADY LEA/DUPS HOUSE

SHAE DUPUY MUSIC

AFMEPF0293
SHAKESPEARE THEATRE

SHANE PITSCH

SHARP IMAGE ENERGY INC

SHAWN FICHTER

SHEL LEE PRODUCTIONS

SHELBY NETWORK

SHENZHEN SHIKONG CULTURE MEDIA CO LTD

SHERI JONES ENTERTAINMENT CONSULTING INC

SHERMAN OAKS HOUSE CONCERT

SHERRI CHUNG

SHERRY BERRY MUSIC

SHINDIG MUSIC

SHINJU LTD

SHOEBOX MUSIC PUBLISHING

SHOESTRING PRODUCTIONS

SHOLEM COMMUNITY

SHOW DOG LLC

SHOWDOWN MANAGEMENT

SHPANTS INC

SHREVEPORT SYMPHONY ORCHESTRA

SHTFA ENTERPRISES LLC

SHUBERT ORGANIZATION 77

SHUBERT THEATRE HELLO DOLLY

SHUBERT THEATRE TO KILL A MOCKING BIRD

SID LEE INC

SIDNEY BOWEN MUSIC LLC

SIEMENS CORPORATION

SIGNATURE SOUND QUARTET INC

SIGNATURE SYMPHONY

SIGNATURE THEATRE INC

SILVA SCREENS MUSIC AMERICA

SILVER LINING MUSIC INC

SILVER STREET RECORDS

SILVERADO RECORDS INC

SING IT LOUD LLC

SING STREET BROADWAY LLC

SINGING SERPENT INC

SIR CHARLES PRODUCTIONS

SIX ON BROADWAY LP

SIX ONE FIVE RECORDS

SIXTEEN AS ONE MUSIC INC

SKAGGS FAMILY RECORDS INC

SKAGGS PLACE PRODUCTION INC

SKEETERBIT RECORDS

SKID ROW DOWNTOWN CAST ALBUM LLC

SKID ROW DOWNTOWN LLC

SKIP EWING ENTERTAINMENT

AFMEPF0294
SKYCRUNCH PRODUCTIONS

SKYLARK OPERA

SKYNYRD PARTNERS

SKYTONE ENTERTAINMENT LLC

SMACK SONGS LLC

SMACK TALENT LLC

SMARTOUF RECORDS LLC

SMG WORLDWIDE ENTERTAINMENT GREEK THEATRE

SMILIN CASTLE PRODUCTIONS LLC

SMOKE RISE BAPTIST CHURCH

SMOKEY JOES CAFE NEW YORK REVIVAL LLC

SMYTHE AND COMPANY LTD

SOCIETA DI MARIA SANTISSIMA DEL LUME

SOCIETY FOR THE PROMOTION OF JAPANESE ANIMATION

SOCIETY OF COMPOSERS AND LYRICISTS

SOLID GROUNDS

SOLITARE RECORDS

SOLORA PRODUCTIONS

SOLOWE PRODUCTIONS INC

SOMERVILLE HOUSE CONCERT

SON OF POSEIDON LLC

SONGMAKER MUSIC INC

SONGS IN THE KEY OF B LLC

SONIXPHERE INC

SONOMA BEACH

SONY ATV MUSIC PUBLISHING

SONY MUSIC ENTERTAINMENT

SONY MUSIC ENTERTAINMENT AUSTRALIA

SOPHIE DOG INC

SOULJET MUSIC

SOUND RECORDING SPECIAL PAYMENTS FUND

SOUND WIZARD LLC DBA DSB MUSIC

SOUND80

SOUNDSTAGE MUSIC INC

SOUNDTRACK RECORDS INC DBA LAKESHORE RECORDS

SOUP RECORDS AND MUSIC PUBLISHING

SOUTH BEND SYMPHONY ORCHESTRA

SOUTH BERRY CHAPEL MUSIC LLC

SOUTH COAST REPERTORY

SOUTH COAST SYMPHONY

SOUTH FLORIDA MUSICIANS ASSOCIATIONS

SOUTH LIGHT SOUND

SOUTH MAIN BAPTIST CHURCH HOUSTON TX

SOUTHERN COMPANY SERVICES INC

SOUTHERN DISPOSITION

SOUTHERN NEVADA MUSICAL ARTS SOCIETY

SOUTHERN VALLEY PUBLISHING

AFMEPF0295
SOUTHMINSTER PRESBYTERIAN CHURCH

SOUTHPAW MUSICAL PRODUCTIONS

SOUTHPORT RECORDS

SOUTHWEST MICHIGAN SYMPHONY

SOUTHWEST SYMPHONY ORCHESTRA

SPACE DREAM PRODUCTIONS

SPACEBOMB RECORDS LLC

SPARKLE JOLLY TOURING LLC

SPECIAL AFM NEW USE PROVISION

SPECIAL AUDIENCES AND MUSICIANS INC

SPECIAL OPERATIONS LLC

SPECIAL PROMOTIONS INC

SPECTRUM SINGERS

SPENCER BRUNO PRODUCTIONS INC

SPIRE INC

SPIRIT MUSIC NASHVILLE

SPOKANE SYMPHONY SOCIETY

SPONGEBOB TOURING INC

SPOTCO

SPOTLIGHT AWARDS ORCHESTRA

SPRAYING SYSTEMS

SPRING HILL MUSIC GROUP

SPRING HOUSE RECORDING INC

SPRINGFIELD CITY LIBRARY

SPRINGFIELD SYMPHONY ORCHESTRA MA

SPRINGMOOR LIFE CARE RETIREMENT COMMUNITY

SRM PRODUCTIONS LLC

ST ANDREWS EPISCOPAL CHURCH

ST ANDREWS VILLAGE

ST BARTHOLOMEW CHURCH

ST DUNSTANS EPISCOPAL CHURCH

ST FRANCES DE SALES OF JERUSALEM CHURCH

ST JAMES EPISCOPAL CHURCH

ST JAMES THEATRE FROZEN

ST LOUIS METRO SINGERS

ST MARKS EPISCOPAL

ST MARKS EPISCOPAL CHURCH

ST MARTIN IN THE FIELDS EPISCOPAL CHURCH

ST MARTINS EPISCOPAL

ST MARYS EPISCOPAL CHURCH

ST PAULS EPISCOPAL CHUCH OAKLAND CA

ST PETERS EPISCOPAL CHURCH

ST ROSE MUSIC PUBLISHING CO INC

ST STEPHENS CHURCH OF BELVEDERE

STAMFORD SYMPHONY ORCHESTRA INC

STANLEY KURTIS

STANLEY WORKS

AFMEPF0296
STARDUST PRODUCTIONS CA

STARGOLD STARCOUNTRY MUSIC

STARLITE STRINGS INC

STARMA MUSIC INC

STARRY STARRY NIGHT

STARSTRUCK ENTERTAINMENT LLC

STARTS WITH MUSIC LLC

STARZ PIRATES PRODUCTIONS LLC

STARZ POWER PRODUCTIONS LLC

STARZ VIDA PRODUCTIONS

STATION WEST

STEEL HAMMER PRODUCTIONS

STEFANIE CACCAMO

STELLATION ENTERTAINMENT LLC

STEP FORWARD ENTERTAINMENT GROUP LTD

STEPHANIE A BLYTHE

STEPHEN A CHRISMAR MARYBETH L MEYER

STEPHEN COLEMAN MUSIC INC

STEPHEN L VEAL

STEPHEN S WISE TEMPLE

STERLING JEWELERS INC

STERLING PUBLISHING CO INC

STERN ADVERTISING INC

STERN GROVE FESTIVAL ASSOCIATION

STEVE BUCKINGHAM PRODUCTIONS

STEVE FORD MUSIC INC

STEVEN DALE JONES

STEVEN H SPIEGL

STEVEN JULIANI MUSIC LLC

STEVEN RAWLINS

STEVEN REINEKE

STEVEN SCHENKEL

STEVLAND MORRIS

STICKY AUDIO LABS

STILL LAUGHING PRODUCTIONS INC

STIMMUNG

STOCKTON SYMPHONY ASSOCIATION

STONE CARNIVAL TOURING

STONEY CREEK RECORDS DBA THIS IS HIT INC

STOREFRONT MUSIC

STORMCHASER LLC

STORY HOUSE MUSIC INC

STOWTOWN RECORDS LLC

STRATOSTORM CREATIVE STUDIOS

STRAWBERRY FROG

STRONGHOUSE MUSIC LLC

STUART THOMPSON PRODUCTIONS

AFMEPF0297
STUDIO A RECORDING INC

STUDIO DIGISON

STUDIOS AT LINDEN OAKS LLC

SUB POP RECORDS

SUBCULTURE LLC

SUGAR HIGH THEATRE PRODUCTIONS INC 000

SUMMER FIRST NATIONAL TOUR LLC

SUMNER SPECIAL HOUSING

SUMNER SPECIAL HOUSING INC

SUNDANCE HEAD

SUNDANCE MUSIC INC

SUNDAY PRODS

SUNKEN ROAD PUBLISHING

SUNLIGHT ESSENCE RECORDS

SUNNYSIDE SINGERS CLUB

SUNRISE PRODUCTIONS INC

SUNSET PROMOTIONS OF CHICAGO INC

SUPERGIANT GAMES LLC

SUPERLATONE CREATIVE GROUP

SUPERSTAR FACTORY PRODUCTIONS LLC

SUPREME MASTER CHING HAI INTERNATIONAL

SURFS LIKE A GIRL LLC

SURSUM CORDA INC

SUSAN GLADSTONE

SUSAN LERNER MUSICIANS LLC

SUSPENDED MUSIC PUBLICATIONS

SUWANEE CREEK MUSIC LLC

SUZANNE AND JIM INC

SUZANNE ROSS

SUZI O PRODUCTIONS

SWEET C RECORDS

SWEET HONEY IN THE ROCK INC

SWEET SONG NASHVILLE

SWEETLOAF PRODUCTIONS LLC

SWELL MUSIC AND SOUND

SWIFT RIVER SCHOOL

SYMPHONIC JAZZ ORCHESTRA

SYMPHONY OF OAK PARK AND RIVER FOREST

SYMPHONY SILICON VALLEY

SYMPHONY SOCIETY OF SAN ANTONIO

SYNTHESIS PICTURES INC

TAILLIGHT INC

TAKE NOTE INC

TALENT SOLUTIONS

TALKING DOG RECORDS

TALL PONY PRODUCTIONS

TANIKAWA ARTISTS PRODUCTIONS

AFMEPF0298
TANRY DOON MUSIC CO

TARGET

TASTY TUNES INC

TAYLOR SWIFT PRODUCTIONS INC

TBSE MUSIC LLC

TBWA CHIAT DAY INC

TBWA LONDON LTD

TEAM COMPANIES TTC BA

TEAM MUSIC

TEAM ONE ADVERTISING

TEAM SAN JOSE INC

TEBEY MUSIC AKA TEBEY OTTOH

TED LYNCH

TEDESCO ENTERPRISES LLC

TEENEY SWEENEY LLC

TELLO MUSIC INC

TEMPTATIONS BROADWAY LLC

TEN FINGER MINISTRY

TEN MILE MUSIC

TEN TEN MUSIC GROUP INC

TENNESSEE PERFORMING ARTS CENTER

TENSKY ENTERTAINMENT

TENTATIVE MUSIC INC DBA CONTROL GROUP MUSIC

TERRI AND SANDY SOLUTION

TERRY BROWN MUSIC

TERWILLIKER LTD

TEXACO

TEXANNA RECORDS INC

TEXAS CAMERATA

THANKSGIVING WHATEVER INC

THE 500 HATS MUSIC CO LLC

THE ACTORS FUND

THE AD PLAYERS AT THE GEORGE THEATRE

THE ALS ASSOCIATION GOLDEN WEST CHAPTER

THE ASCEND GROUP LLC

THE BAM CONNECTION

THE BANDS VISIT BROADWAY LLC

THE BANDS VISIT BROADWAY LLC 000

THE BANDS VISIT NATIONAL TOUR LLC

THE BAPTIST CHURCH AT MCADORY

THE BAY BRASS ENSEMBLE

THE BELNICK CORPORATION

THE BEVERLY HILTON

THE BLACK BROTHERS

THE BLOC

THE BLUE LOFT LLC

THE BROADWAY LEAGUE

AFMEPF0299
THE BROADWAY LEAGUE FOUNDATION INC

THE BROWNSTEIN GROUP INC

THE CATHEDRAL OF ST PHILIP

THE CENTURYMEN

THE CHORUS OF WESTERLY

THE COLOR PURPLE ON TOUR LLC

THE COMMUNITY

THE CROSSWIND CORPORATION

THE DOG LIVES PRODUCTIONS LTD

THE DRIFTERS ENTERTAINMENT COMPANY

THE ELEMENTS PRODUCTIONS LLC

THE FIFTH AVENUE THEATRE

THE GATEWAY PERFORMING ARTS CENTER OF SUFFOLK CENTER INC

THE GLORIAS LLC

THE GOOD GUYS FOUNDATION

THE HIT HOUSE

THE HOUSTON CHAMBER CHOIR

THE HOUSTON CHORAL SOCIETY

THE JAMESON SINGERS

THE JOHN F KENNEDY CENTER FOR THE PERFORMING ARTS

THE KENNEDYS LLC

THE KNICKERBOCKER CHAMBER ORCHESTRA INC

THE LADIES WHO LUNCH LLC

THE LAST SHIP ON TOUR LLC

THE LORE FAMILY MINISTRIES INC

THE MANHATTAN CHORAL ENSEMBLE INC

THE MANOR

THE MARKETING ARM

THE MIDORI FOUNDATION INC

THE MUSIC CENTER

THE MX GROUP

THE NEW GROUP

THE NORRISTOWN VERDI BAND

THE ORCHESTRA OF NEW ENGLAND INC

THE ORLANDO PHILHARMONIC ORCHESTRA

THE PALACE THEATER

THE PASADENA PLAYHOUSE

THE PATRICK G AND SHIRLEY W RYAN OPERA CENTER

THE PEAK EXPERIENCE JAZZ ENSEMBLE

THE PERCY JACKSON LLC

THE PHILADELPHIA CHORUS

THE RALPHE ARMSTRONG SHOW LLC

THE RANCH MOVIE LLC

THE RECORD SHOP

THE REMINDERS

THE RICHARDS GROUP INC

THE RITZ THEATRE LIMELITERS LLC

AFMEPF0300
THE SCOTTS MIRACLE GRO COMPANY

THE SHOT LLC

THE SING TOGETHER PROJECT

THE SMITH CENTER

THE SMITH CENTER BELLAS ENTERPRISES DBA THE DISPENSARY LOUNGE

THE STEEL DRIVERS

THE SWON BROTHERS

THE TAYLORS LLC

THE TOOTSIE MUSICAL LLC

THE VIETNAM FILM PROJECT LLC

THE VILLAGE SCHOOL

THE WASHINGTON BALLET

THE YOUNG ARTISTS ORCHESTRA AT LAS VEGAS

THE YOUNG ARTISTS ORCHESTRA OF LAS VEGAS

THEATER LATTE DA

THEATER LEAGUE INC

THEATRE AT THE CENTER

THEATRE DREAMS LA CHI LP

THEATRE UNDER THE STARS

THEATREWORKS

THEATRICAL RIGHTS WORLDWIDE LLC

THEME PARK PRODUCTIONS INC

THIRD BAPTIST CHURCH MO

THIRD RAIL REPERTORY THEATRE

THIRTEEN

THIS AMERICAN LIFE

THOMAS FOUNTAIN

THOMAS JUDE GAFFNEY JR

THOMAS STOKES

THOUSAND OAKS PHILHARMONIC

THREE BROTHERS BROADWAY LLC

THREE HOUNDS MUSIC LLC

THREE RING CIRCUS MUSIC LLC

THRIVE MUSIC PUBLISHING LLC

THUNDER RECORDS LLC

THWAK INC

TICINO MUSIC INC

TIFFANY AND CO

TIM MONTANA AND THE SHREDNECKS INC

TIM RUSHLOW PRODUCTIONS

TIMBERDALE MUSIC SERVICES LLC

TINA TURNER MUSICAL LLC

TINY LION

TISH HINOJOSA

TJL VENTURES INC

TLC ENTERPRISES LLC

TM ADVERTISING LP

AFMEPF0301
TMEA REGION 33 MS CHOIR

TMG HIPPODROME LLC

TMH COMPANY

TO THE MOON BROADWAY LLC

TOBIN CENTER FOR THE PERFORMING ARTS

TOBIN CENTER FOR THE PERFORMING ARTS

TODD MILLER

TODD PASICK

TOLEDO SYMPHONY

TOM HOOTEN

TOM LEHRER

TOM ONEIL

TOMANDANDY

TOMMY CECIL PRODUCTIONS

TONE TIGER INC

TONEFARMER

TONY GALLA

TOP DOG RECORDS INC

TOPANGA SYMPHONY

TORQUE ENTERTAINMENT TN

TOUCHDOWN ENTERTAINMENT INC

TOWER GROVE PARK

TOWER OF QUARTERS INC

TOWNHOUSE

TOWNSHIP OF LAKEWOOD

TOWNSWAY ENTERTAINMENT

TOYS R US DELAWARE INC

TRACK ATTACK PARTNERS

TRACY LAWRENCE ENTERPRISES

TRACY LOCKE INC

TRANSLATION LLC

TRANSOCEANIC RECORDING CO LLC

TRANSPORT GROUP INC

TRAUMA 2 RECORDS LLC

TRAVIS AND MAUDE

TRAVIS CORPORATION

TRAVIS GIBSON

TRAVIS HOOD

TREE VIBEZ PRODUCTIONS LLC

TRENNER MUSIC CO

TRENT WILLMON

TREY BRUCE

TRI CITIES OPERA

TRI HONDA DEALERS CORP

TRI STATE MUSICIANS UNION LOCAL 80

TRIAGE ENTERTAINMENT INC

TRIBAL WORLDWIDE

AFMEPF0302
TRINITY CHURCH IN THE CITY OF BOSTON

TRINITY PRESBYTERIAN CHURCH GA

TRIPLET RECORDS INC

TRIPPLE SHOES PRODUCTIONS INC

TRIUMPHANT QUARTET

TROFIA AGENCY

TROUBADOUR MUSIC INC

TROVATA ENTERTAINMENT INC

TRUE BEARING ENTERTAINMENT LLC

TRULIA INC

TUBACHRISTMAS SCOTT WILKINSON

TUCSON SYMPHONY ORCHESTRA

TUESDAY COLLECTIVE

TULANE UNIVERSITY

TULSA OPERA INC

TURN OF THE CENTURY MUSIC INC

TURNING POINT

TVK MUSIC INC

TWANGIN AND SLANGIN LLC

TWELVE6 ENTERTAINMENT GROUP LLC

TWENTIETH CENTURY FOX

TWIN CITIES CATHOLIC CHORALE

TWIN PINES STUDIO

TWO LITTLES MUSIC INC

TWO PIE ARE MUSIC

TWO STEPS FROM HELL LLC

TWO WAY CROSSING

TYLER BRADEN

TYLER REEVE INC

TYLER RESCH

TYSON FOODS INC

U M G NASHVILLE

U S CELLULAR CORPORATION

UBS FINANCIAL SERVICES INC

UFO PICTURES AND DITCH PITCHURES

UGLY DUCKLING ENTERTAINMENT LLC

ULTIMATE SITE PROMOTION INC

UMBRELLA MEDIA LLC

UMG RECORDINGS INC

UNCLE SI AND THE SICOTICS

UNDER THE LL SEA LLC

UNDISCOVERED MUSICAL DEVELOPMENT JOINT VENTURE

UNHEARD VOICES ENTERTAINMENT ENTERPRISES LLC

UNILEVER UNITED STATES INC

UNION ADVERTISING CANADA LP

UNION AVENUE OPERA THEATRE

UNION TALENT SERVICES

AFMEPF0303
UNISONAR INC

UNITARIAN UNIVERSALISTS

UNITAS ENSEMBLE INC

UNITED AIRLINES INC

UNITED METHODIST CHURCH OF GILROY

UNITED TECHNOLOGIES

UNITED UNIVERSITY CHURCH

UNIVERSAL MUSIC

UNIVERSAL MUSIC FRANCE

UNIVERSAL MUSIC ITALIA SRL

UNIVERSAL NETWORK TELEVISION LLC

UNIVERSAL SOUND RECORDS

UNIVERSITY OF MONTEVALLO

UNIVERSITY RESIDENT THEATRE ASSOCIATION

UNSECRET MUSIC LLC

UP COMEDY CLUB

URI CAINE MUSIC

URUNGA RECORDS LLC

US CONNECTION

US POWER SQUADRON DISTRICT 12 DBA AMERICAS BOATING CLUB

UTAH SYMPHONY AND OPERA

UTOPIA BROADWAY LLC

UU ROCKVILLE

V L S MUSIC PUBLISHING

VALHALLA MUSIC GROUP LLC

VALLEJO COMMUNITY ARTS FOUNDATION

VAMP PRODUCTION LLC

VANDAM PRODUCTIONS LLC

VARESE SARABANDE RECORDS LLC

VARIETY CHILDRENS THEATER

VARKEY FOUNDATION

VECO PRODUCTIONS

VELOCITY OMC LLC

VENABLES BELL AND PARTNERS

VENICE INSTITUTE FOR PERFORMING ARTS LIMELITERS LLC

VERIZON

VERVE MUSIC GROUP

VESTAVIA HILLS BAPTIST CHURCH

VETROWORKS INC

VIBE RECORDINGS LLC

VIC CLAY PRODUCTIONS

VIDEO HELPER INC

VIE RECORDS

VILLA 40 LLC

VILLA SINFONIA FOUNDATION

VILLAGE LIGHT OPERA GROUP

VILLAGE OF ISLAND LAKE ISLAND LAKE IL 60042

AFMEPF0304
VILLAGE THEATRE

VINCE GILL BUSINESS

VINCENT J TROMBETTA PROD INC

VINE RECORDS

VINEYARD PARK PRODUCTIONS

VINEYARD THEATRE COMPANY

VINYL RECORDINGS LLC

VIRGIN EMI RECORDS DECCA UK

VIRGINIA SYMPHONY

VIRGINIA WARING INTL PIANO COMPETITION

VISA USA INC

VISAGE PRODUCTION INC

VISITATION ACADEMY

VIVACE PAYROLL SOLUTIONS

VML INC

VOCALESSENCE

VOICE AND MUSIC PRODUCTIONS

VON HAMMETT ENTERPRISES INC

VSA PARTNERS INC

W G B H EDUCATIONAL FOUNDATION

W W O Z FM

W W PRODUCTIONS INC

WACISSA RIVER MUSIC INC

WAD PRODUCTIONS

WAITRESS LLC

WALKER 1138 LLC

WALKER COUNTY CHRISTIAN CHORUS

WALLIS ANNENBERG CENTER FOR THE PERFORMING ARTS

WALNUT STREET THEATRE CORP

WALT DISNEY COMPANY

WALT DISNEY PARKS AND RECREATION USA INC

WALT DISNEY PARKS AND RECREATIONS USA INC

WALT DISNEY PARKS AND RESORTS US INC

WALTER KERR THEATRE HADESTOWN

WALTON ISAACSON

WALTON RECORD PRODUCTION

WALTZ TIME PRODUCTIONS

WARD AND AMES SPECIAL EVENTS

WAREHOUSE WEST ENTERTAINMENT LLC

WARNER BROS PRODUCTIONS

WARNER BROS RECORDS INC

WARNER CHAPPELL MUSIC INC

WARNER LAMBERT COMPANY

WARNER MUSIC CANADA LTD

WARNER MUSIC NASHVILLE LLC

WARREN PIECE PRODUCTIONS LLC

WASHINGTON CONCERT OPERA

AFMEPF0305
WASHINGTON NATIONAL OPERA

WASHINGTON SQUARE ASSOCIATION MUSIC FUND

WASHINGTON SYMPHONIC BRASS INC

WASHNURN NORLANDS LIVING HISTORY CENTER

WASSERMAN MEDIA GROUP LLC

WAVEPLANT LLC

WAVING CAT PRODUCTIONS

WAX RECORDS

WCE PRODUCTIONS INC

WE ARE THE TIGERS 2019 PRODUCTIONS LLC

WE ARE UNLIMITED

WE ARE WALKER LLC

WEBER SHANDWICK

WEBER STEPHEN PRODUCTS CO

WEBFLOW INC

WEBSTER GROVES PRESBYTERIAN CHURCH

WEDDINGTON STREET PRODUCTIONS

WEISMAN PRODUCTION GROUP

WELCH FOODS INC

WELK GROUP

WELLESLEY CHORAL SOCIETY

WENDY DEVELOPMENT LLC

WENDYS INTERNATIONAL INC

WEST COAST POPS ORCHESTRA

WEST EDGE OPERA

WEST LOS ANGELES SYMPHONY

WEST UNIVERSITY METHODIST

WEST VIRGINIA PUBLIC RADIO

WEST VIRGINIA SYMPHONY ORCHESTRA

WESTBURY BAPTIST CHURCH

WESTCHESTER BROADWAY THEATRE

WESTCHESTER PHILHARMONIC INC

WESTERN HEAVEN LLC

WESTERN STARS FILM LLC

WESTON PLAYHOUSE THEATRE COMPANY

WESTWIND STUDIOS LLC

WESTWOOD PRESBYTERIAN CHURCH

WETA

WHATEVER WORKS INC

WHEEL HOUSE RECORDS LLC DBA THIS IS HIT INC

WHEELING SYMPHONY SOCIETY INC

WHISKEY RAIN INC

WHISS RECORDS LLC

WHITE LINE FEVER LLC

WHITEHOUSE RECORDS LLC

WICHITA FALLS SYMPHONY ORCHESTRA

WICHITA SYMPHONY SOCIETY

AFMEPF0306
WICKED GAME RECORDS LLC

WICKED LLC

WIDE OPEN MUSIC GROUP LLC

WIEDEN AND KENNEDY

WILBUR WITTERMANN LAVELLETTE HERITAGE CONCERT SERIES

WILD FAERY COMPANY

WILD OX INC

WILDERSIDE PUBLISHING LLC

WILDFIRE PRODUCTIONS

WILDFLOWER RECORDS

WILKINSOUND

WILL BANISTER

WILLIAM CONTI

WILLIAM D MCCLUNG

WILLIAM LEE GOLDEN

WILLIAM MICHAEL MORGAN

WILLIAM P DUNCAN

WILLING ENTERTAINMENT

WILMINGTON MEMORIAL LIBRARY

WILSHIRE BAPTIST CHURCH

WIMBERLEY MUSIC

WIND MUSIC TAP PUBLICATIONS

WINDHAVEN PRODUCTIONS LLC

WINTER GARDEN THEATRE BEETLEJUICE

WISCONSIN CHAMBER ORCHESTRA INC

WIT INC

WJ MERCH LLC

WLRN

WM WRIGLEY JR COMPANY

WOJAHN BROS

WOLF MOON INC

WOLF TRAP FOUNDATION

WOODLAND BAPTIST CHURCH

WOODS MUSIC LLC

WORD ENTERTAINMENT INC

WORKDAY

WORKINPROGRESS LLC

WORKLIGHT PRODUCTIONS

WOW ENTERTAINMENT INC

WRENSING PRODUCTIONS LLC

WRIGHT OF CENTER MUSIC

WRITERS BLOC INC

WRITERS THEATRE

WTTW

WURLD MUSIC GROUP LLC

WW INTERNATIONAL INC

WYNN LAS VEGAS LLC

AFMEPF0307
WYSE ADVERTISING

XEROX CORPORATION

YAGER MUSEUM

YAMAHA CORPORATION OF AMERICA

YAMAHA ENTERTAINMENT GROUP

YAMBU PRODUCTIONS

YELLOW HOUSE RECORDS LLC

YELLOW SOUND LABEL

YELLOWGRASS TOURING LLC

YES ON 21

YESSIAN MUSIC INC

YIDDLER CO LLC

YO YO MANAGEMENT ENTERTAINMENT LLC

YORK THEATRE COMPANY INC

YOSH BROS ENTERTAINMENT LLC

YOSHIMOTO KOGYO CO LTD

YOUNG AND RUBICAM INC NEW YORK

YOUNG BULL PRODUCTIONS INC

YOUNG PEOPLES CHORUS OF NY CITY INC

YOUNG SOUNDS OF ARIZONA INC

YOUNGSTOWN SYMPHONY SOCIETY INC

ZAMIR CHORALE OF BOSTON

ZANZIBAR PRODUCTIONS

ZARATHUSTRA MUSIC INC

ZEE STUDIOS

ZIMMERMAN ADVERTISING

ZIMMERSMITH INC

ZIMMITTI INC

ZINAWORKS LLC

ZISKIND R LIEB

ZOE NUTT

ZOLU INC

ZULU ALPHA KILO

AFMEPF0308
Exhibit 6.01 

Proposed Ballot 

AFMEPF0309
Proposed Ballot 

BALLOT EXPLANATION

The Board of Trustees (“Trustees”) of the American Federation of Musicians and Employers’ Pension Plan (“AFM-EPF” 

or the “Plan”) previously notified you that the Plan filed an application with the Secretary of the Treasury (“Treasury”) 

proposing to reduce benefits under the Multiemployer Pension Reform Act of 2014 (“MPRA”). MPRA requires the 

Secretary of the Treasury (in consultation with the Pension Benefit Guaranty Corporation (“PBGC”) and the Secretary of 

the Department of Labor (“Labor”)) to review the Plan’s proposal to see if it meets the requirements of MPRA. 

MPRA requires that Treasury (in consultation with the PBGC and Labor) approve the Plan’s proposal if the proposal 

meets the requirements of MPRA. After careful review of the Plan’s proposal, and consultation with PBGC and Labor, 

Treasury determined that the proposal meets the requirements of MPRA, and as required, approved the Plan’s proposal on 

[date]. 

Before any reduction is allowed to take effect, however, MPRA requires that participants and beneficiaries vote to 

approve or reject the proposed benefit reduction. You are now being asked to vote on whether the proposed benefit 

reduction should go into effect. You may vote to approve or to reject the proposed benefit reduction. 

If a majority of eligible participants and beneficiaries do not vote to reject the benefit reduction, the reduction will go into 

effect beginning on January 1, 2022. If you do not vote, or if your vote is received after [deadline] you will be treated as 

though you voted to approve the benefit reduction. In other words, your failure to vote on time is the same as a vote to 

approve the benefit reduction. Counting a non-vote as a “yes” vote is required by MPRA. 

This explanation is intended to help you make your decision whether to vote to approve or reject the proposed benefit 

reduction. The statements and opinions in this ballot are those of the Trustees, or are compiled from public comments on 

the proposed benefit reduction, and do not reflect the views or opinions of any government agency. 

This explanation includes the following important information: 

• Detailed information about the proposed benefit reduction; 

• The factors considered by the Trustees in designing the proposed benefit reduction; 

• A statement from the Trustees in support of the proposed benefit reduction; 

• A statement in opposition to the proposed benefit reduction compiled from public comments; and 

• Information about what would happen if the proposed benefit reduction is rejected. 

DETAILED INFORMATION ABOUT THE PROPOSED REDUCTION

The proposed reduction would take effect January 1, 2022 and is expected to be permanent. An estimate of the effect 

that the proposed reduction would have on your benefit was mailed in January 2021 and is also shown in the 

enclosed “Ballot Overview.” 

The various parts of the reduction are listed below by affected group. Please keep in mind that you may be affected by 

more than one of these changes. 

Participants who began receiving subsidized early retirement benefits before June 1, 2010 

The multipliers used to calculate pre-65 benefits for contributions earned through December 31, 2003 (which is Benefit 

Period A in the charts below) were subsidized. 

1 

AFMEPF0310

1111 

-
Pre-January 1, 2004: Those whose Initial Pension Effective Date 

was earlier than 2004 and were under age 65 received this subsidy on 

the full amount of their benefit. 

Pre-June 1, 2010: For those whose Initial Pension Effective Date 

was January 1, 2004 through May 1, 2010, the subsidized pre-65 

multipliers applied only to the portion of their contributions earned 

through December 31, 2003. 

June 1, 2010 and later: For Pension Effective Dates on or after 

June 1, 2010, the multipliers used to calculate pre-65 benefits have 

not included any subsidy no matter when the contributions were 

earned. 

Participants whose Initial Pension Effective Date for an early 

retirement pension began on or after June 1, 2010 will not be subject 

to an adjustment in the subsidy since it was already removed. 

As part of this benefit reduction, participants whose Initial Pension 

Effective Date for an early retirement pension was before 

What is an early retirement subsidy? 

For a benefit paid before age 65 to be 

“actuarially equivalent” in value to the 

benefit that would be payable at age 65, it 

needs to be reduced to account for the fact 

that the benefit will be paid earlier and likely 

for a longer period of time. An actuarially 

equivalent benefit is one that reduces the age 

65 benefit by enough to make the pre-65 

benefit and the normal retirement age 65 

benefit actuarially equal in value. 

When a pre-65 benefit is not reduced enough 

to make it actuarially equivalent, it is 

considered a subsidized early retirement 

benefit. 

June 1, 2010, will have the subsidy removed. This means that benefits for contributions earned through 

December 31, 2003 will be recalculated using multipliers that produce a benefit that is actuarially equivalent to the 

Regular Pension Benefit that would have been payable at the Plan’s Normal Retirement Age of 65. 

These unsubsidized (actuarially equivalent) multipliers will be further reduced by the flat 30.9% as described in the next 

section. The chart below shows for Benefit Period A the current subsidized multiplier at each age, the current multiplier 

after the subsidy is removed and then the unsubsidized multiplier with the flat 30.9% reduction described below. 

Removal of Early Retirement Subsidy 

Benefit Period A: Through 12/31/2003 

Age Subsidized Unsubsidized 

Unsubsidized, 

After Flat 30.9% Reduction 

65 $4.65 $4.65 $3.21 

64 $4.46 $4.16 $2.87 

63 $4.28 $3.75 $2.59 

62 $4.09 $3.36 $2.32 

61 $3.91 $3.04 $2.10 

60 $3.72 $2.75 $1.90 

59 $3.44 $2.48 $1.71 

58 $3.16 $2.26 $1.56 

57 $2.88 $2.05 $1.42 

56 $2.60 $1.86 $1.29 

55 $2.33 $1.70 $1.17 

All participants who earned contributions before January 1, 2010 

The proposed reduction includes an across-the-board 30.9% reduction of the multipliers used to calculate benefits for 

contributions earned before January 1, 2010 (when the age-65 multiplier was higher than $1.00). There is no change to the 

multipliers for contributions earned on or after January 1, 2010 – the $1.00 multiplier is not being reduced. 

The following chart shows a “before” and “after” column for each benefit period. The “before” column shows the current 

multipliers at each retirement age. The “after” column shows the multiplier at each retirement age under the Trustees’ 

proposed reductions. The numbers in both the “before” and “after” columns already reflect the elimination of any early 

retirement subsidy (as described above). 

AFMEPF0311

2 
Benefit Period 

A: Through 

12/31/2003 

B: 1/1/2004 – 

3/31/2007 

C: 4/1/2007 – 

4/30/2009 

D: 5/1/2009 – 

12/31/2009 

E: 1/1/2010 and 

After 

Age Before After Before After Before After Before After No Change 

65 $4.65 $3.21 $3.50 $2.42 $3.25 $2.25 $2.00 $1.38 $1.00 $1.00 

64 $4.16 $2.87 $3.13 $2.16 $2.91 $2.01 $1.79 $1.24 $0.90 $0.90 

63 $3.75 $2.59 $2.82 $1.95 $2.62 $1.81 $1.61 $1.11 $0.80 $0.80 

62 $3.36 $2.32 $2.53 $1.75 $2.35 $1.62 $1.45 $1.00 $0.72 $0.72 

61 $3.04 $2.10 $2.29 $1.58 $2.13 $1.47 $1.31 $0.91 $0.65 $0.65 

60 $2.75 $1.90 $2.07 $1.43 $1.92 $1.33 $1.18 $0.82 $0.59 $0.59 

59 $2.48 $1.71 $1.87 $1.29 $1.74 $1.20 $1.07 $0.74 $0.53 $0.53 

58 $2.26 $1.56 $1.70 $1.17 $1.58 $1.09 $0.97 $0.67 $0.49 $0.49 

57 $2.05 $1.42 $1.54 $1.06 $1.43 $0.99 $0.88 $0.61 $0.44 $0.44 

56 $1.86 $1.29 $1.40 $0.97 $1.30 $0.90 $0.80 $0.55 $0.40 $0.40 

55 $1.70 $1.17 $1.28 $0.88 $1.19 $0.82 $0.73 $0.50 $0.37 $0.37 

Monthly benefits for those already receiving their pension will be recalculated using the new multipliers for the retiree’s 

age as of the date they began receiving their benefit (their Pension Effective Date) and the form of payment they chose at 

that time. 

Keep in mind, participants who have only earned contributions in the Plan on and after January 1, 2010 are not affected by 

this part of the benefit reduction. For participants who earned contributions both before and after January 1, 2010, only the 

portion of the benefit earned during Benefit Periods A through D is subject to the 30.9% reduction in the multipliers. 

Participants who have earned, or may in the future earn, Re-retirement Benefits 

Those who began their pension benefit before age 65 but then earn contributions before reaching age 65 earn “Reretirement Benefits.” Upon reaching 65, a “Re-retirement Benefit” (based on contributions earned between the Initial 

Pension Effective Date and age 65) is added to the Regular Pension Benefit. 

Under the current rules, the Re-retirement Benefit is calculated by multiplying each $100 of contributions earned both 

before and after the Initial Pension Effective Date by the age-65 benefit multiplier for all benefit periods, reduced by the 

value of benefits received expressed as a monthly benefit, and then reduced by the initial benefit. 

Under the proposed reduction, your Re-retirement Benefit will be recalculated using a revised formula consistent with the 

way Regular Pension Benefits are calculated: 

• Each $100 of contributions earned since the Initial Pension Effective Date is multiplied by the age-65 benefit 

multipliers for the benefit period in which the contributions were earned (the multipliers used will be those that 

have been reduced by 30.9%, with the exception of the $1.00 multiplier). 

• The recalculated Re-retirement Benefit will then be adjusted for your elected form of payment. 

In any event, the recalculated Re-retirement Benefit will not increase your current in-pay Re-retirement Benefit. 

This new method of calculating Re-retirement Benefits applies to participants who are already receiving a Re-retirement 

Benefit, as well as to all Re-retirement Benefits payable in the future. 

Participants who have earned, or may in the future earn, Re-determination Benefits 

Those who began their pension benefit but also earn contributions after the later of age 65 or their Initial Pension 

Effective Date earn “Re-determination Benefits.” 

Under the current rule, the Re-determination portion of the benefit is based on contributions received in the prior calendar 

year, reduced by the value of the Re-determination Benefit received in the previous year. 

Under the proposed reduction, Re-determination Benefits will be offset by the total amount of all benefits that the 

AFMEPF0312

individual has already received from the Plan, including both Regular Pension Benefits and Re-retirement Benefits. This 

3 
offset applies to participants who are already receiving a Re-determination Benefit, as well as to all Re-determination 

Benefits payable in the future. 

Participants with benefits limited by the $195,000 annual benefit maximum 

The Plan limits the annual age-65 benefit to $195,000. Currently, this maximum is not reduced to account for benefits 

taken in a joint and survivor form of payment. Moreover, it is not fully actuarially reduced to account for early retirement 

(because the reduction currently begins at age 62, rather than age 65). Under the proposed reduction, these benefits will be 

fully actuarially reduced for any Pension Effective Date before age 65 to be actuarially equivalent to the age-65 benefit 

and reduced for joint and survivor forms of payment. The $195,000 annual benefit limit will continue to be applied on an 

employer-by-employer basis for benefits earned through December 31, 2007. 

Participants who began or will begin receiving benefits later than age 65 

For an Initial Pension Effective Date after age 65 to be equivalent in value to the normal retirement benefit that would be 

payable at age 65, the monthly benefit for a late retirement needs to be increased to reflect the fact that it will be paid later 

and for a shorter period of time. 

The Plan’s current method of calculating benefits earned after normal retirement age is performed annually. Each year, the 

Plan determines the benefit increase based on the greater of the benefit earned or the actuarial increase to the benefit at the 

start of the year. For example, the benefit at age 66 is the greater of the age 65 benefit actuarially increased to the age-66 

benefit, or the benefit using all contributions through age 66. Similarly, the benefit at age 67 is the greater of the age-66 

benefit actuarially increased benefit to age 67 or the benefit using all contributions through age 67. 

Under the proposed reduction, benefits that had or will have an Initial Pension Effective Date later than age 65 will be 

recalculated. You will receive the greater of: 

• Your benefit calculated using your total contributions as of your Pension Effective Date, or 

• Your benefit calculated using your contributions to age 65, with an actuarial increase to your Pension Effective 

Date. 

Participants with a pre-merger AFM-EPF Staff Plan benefit 

In 1999, the American Federation of Musicians and Employers’ Pension Plan Staff Plan (“Staff Plan”) merged with the 

Plan. Before the merger, the Staff Plan had its own formula for calculating benefits, which was different from the Plan’s 

formula. At the date of the merger, the pre-merger benefits were increased by 7% for participants who were actively 

working at the time of the merger to align with the multiplier increase that participants in the Plan had received. The 7% 

increase in pre-merger benefits will be eliminated in the proposed reduction. Benefits earned by these participants based 

on contributions to the Plan will be reduced the same as the benefits earned by all other Plan participants. 

Participants with a pre-merger AFM Retirement Plan benefit 

On April 1, 2000, the American Federation of Musicians Retirement Plan (“AFM RT Plan”) merged with the Plan. Before 

the merger, the AFM RT Plan had its own formula for calculating benefits, which was different from the Plan’s formula. 

Participants receiving pre-merger benefits have had an annual cost of living increase on the portion of their benefit earned 

as of March 31, 2000. Going forward, there will be no cost of living increases as long as the individual’s benefit is greater 

than 110% of their PBGC-guaranteed benefit amount. Benefits earned by these participants after March 31, 2000 based on 

contributions to the Plan will be reduced the same as the benefits earned by all other Plan participants. 

Participants with a Retirement Account Benefit (pre-1968 contributions) 

Participants with qualified contributions earned before 1968 earned a Retirement Account Benefit (“RAB”). That benefit 

could be paid in the same manner as a Regular Pension Benefit. Prior to June 1, 2010 the participant could instead elect to 

receive the RAB portion of their benefit as a lump sum. For those who elected to receive the RAB portion of their benefit 

as a lump sum, the proposed reduction will be calculated based on the participant’s entire benefit (the RAB lump sum 

already paid, plus the portion paid as a monthly benefit). This is to ensure that all participants’ benefits are treated the 

same way, whether or not they took a lump sum. 

Participants whose reduction is limited by 40% maximum 

Under the proposed reduction, the Trustees have limited the amount of any person’s total benefit reduction on 

January 1, 2022 to a maximum of 40% before taking into consideration the MPRA limits. 

4 

AFMEPF0313
No change for reductions less than $1.00 per month 

Finally, to reduce complexity, there will be no reduction for anyone whose monthly benefit would change by less than a 

dollar a month. 

* * * * * 

This proposed benefit reduction has been approved by the Secretary of Treasury, in consultation with the PBGC and the 

Secretary of Labor. 

The Plan’s actuary has certified that, with the reduction of benefits described above, the Plan should be able to continue to 

pay benefits and not run out of money. This expectation is based on a number of assumptions; if future experience differs 

significantly from these assumptions, the results may differ from current expectations. However, we have used realistic 

assumptions to give the Plan the best chance of success. 

FACTORS CONSIDERED BY THE TRUSTEES IN DESIGNING THE PROPOSED

BENEFIT REDUCTION

In deciding whether the proposed reduction is spread fairly, the Board of Trustees took into account the following: 

• Extent to which participant or beneficiary is receiving a subsidized benefit (any benefit that costs the Plan more to 

provide than an age-65 regular pension benefit) 

• History of benefit increases and reductions 

• Differences in historical benefit levels among active participants and retirees 

• Extent to which active participants are reasonably likely to withdraw support for the Plan, accelerating 

withdrawals from the Plan and increasing the risk of additional benefit reductions for participants in and out of 

pay status 

• Length of time in pay status 

• Type of benefit 

• Amount of benefit 

• Limiting hardship 

• Ease of communication and understanding. 

TRUSTEES’ STATEMENT IN SUPPORT OF THE PROPOSED REDUCTION

The decision to apply for benefit reductions under MPRA was painful, but it is essential that we do everything possible to 

put the Plan on stronger financial footing. 

Doing nothing also results in benefit reductions. This isn’t a choice between reducing benefits and not reducing 

benefits. It is a choice between reducing benefits now or reducing benefits later, but to a greater extent. No one wants to 

reduce benefits. But, if we don’t reduce benefits now, at some point in the future the Plan won’t have enough money to 

pay benefits. If the Plan does not have enough money, the PBGC will provide financial assistance so the Plan can 

continue paying a portion of your benefits. However, by law, the portion that will continue to be paid is capped at a 

maximum guaranteed amount that is less (sometimes significantly less) than the current benefit for many participants in 

the Plan. So, insolvency of the Plan could result in benefits lower than the benefits paid under this proposal. Further, if the 

Plan becomes insolvent and the PBGC provides financial assistance, there are no special protections for those who are 

over age 75 or receiving a disability pension. Simply put, reducing benefits ourselves now means smaller cuts than if the 

Plan became insolvent and benefits were limited to the PBGC guarantees. 

Saving the Plan is the right thing to do for the good of all participants. The economic impact of the COVID-19 

pandemic hurt those in the performing arts more than most, and recovery will take time. In the face of so much 

If we allow the Plan to fail, 

AFMEPF0314

uncertainty, the imperative to protect benefits as much as possible is even more urgent. 

benefits would continue as usual for a while, but at the expense of those who come later. By making this collective 

5 
sacrifice now, we are doing our best to secure as much as possible for everyone. We believe that our proposed reduction 

will reposition the Plan to be around to pay benefits to current and future retirees for decades to come. 

We can protect the $1.00 multiplier – the core promise of the Plan. Active participants and those who have retired 

more recently have already made enormous sacrifices to repair the damage done by the 2000-2002 Dot Com Bubble and 

the 2008-2009 Financial Crisis. The Plan started out in 1959 with a $1.00 multiplier. When times were good, benefit 

increases, which reached a $4.65 multiplier, were applied not only to benefits that would be earned in the future but to 

benefits already earned in the past for retired, active, and terminated vested participants alike. But, when economic crises 

required reducing benefits, those benefit reductions and contribution increases applied only going forward (as required by 

law). We owe it to this more recent group to do all we can to ensure that the Plan can continue to honor its core promise— 

the Regular Pension Benefit earned at the $1.00 multiplier. 

Not only is the PBGC guarantee lower, but the PBGC is in bad financial condition and can’t be relied upon. Absent 

a change in the law, the PBGC currently projects its multiemployer insurance program will become insolvent by the end 

of its 2026 fiscal year. If this happens, the PBGC will not have nearly enough money to pay the benefits it guarantees. 

Therefore, if the Plan runs out of money, participants’ benefits could be much less than even the current PBGC guaranteed 

amount. The Plan’s proposed benefit reduction is structured to avoid the Plan’s insolvency and involvement by the PBGC. 

It gives us the chance to be able to pay benefits to current and future participants for many years to come, and not have to 

rely on whatever help—likely very little—that the PBGC may be able to provide. 

WHAT WOULD HAPPEN IF THE PROPOSED BENEFIT REDUCTION IS REJECTED

The reduction described above will take effect on January 1, 2022, unless a majority of eligible participants and 

beneficiaries vote to reject the proposed reduction. If a majority of participants and beneficiaries vote to reject the 

proposed benefit reduction, the reduction will not go into effect. 

If the proposed benefit reduction is not made, the Plan’s actuaries have projected that the Plan will run out of money in the 

Plan year April 1, 2034 – March 31, 2035. This means that, if the projection is correct, the Plan would not have enough 

money to pay the full amount of the monthly pension benefit payments that are due in 2034/2035. This projection of the 

Plan’s insolvency is based on certain assumptions about events that are reasonably likely to take place in the future, but 

are not certain. For example, if the Plan’s investments perform better than expected, the date the Plan runs out of money 

could be later than 2034/2035. On the other hand, if the Plan’s investments perform worse than expected, the date the Plan 

runs out of money could be earlier than 2034/2035. 

If the Plan is unable to pay at least the PBGC-guaranteed level of benefits, the PBGC will provide the Plan with financial 

assistance that will allow it to continue paying a portion of your monthly retirement benefit. The amount that the Plan will 

be allowed to pay, however, is capped at a maximum guaranteed amount. That guaranteed amount may be less than the 

current benefit for many participants in the Plan and may be less than the monthly benefit payment you would receive 

after the proposed benefit reduction. Also, by law, the PBGC does not take into account your age or the disability status of 

your benefit in making adjustments to your benefits. 

The Plan’s ability to receive financial assistance from the PBGC if the Plan runs out of money depends on the financial 

stability of the PBGC. In a recent report, the PBGC projected that its Multiemployer Plan Program could run out of 

money by the end of its 2026 fiscal year. In other words, PBGC could run out of money before the Plan is projected to run 

out of money. If both the Plan and the PBGC Multiemployer Plan Program run out of money, this would result in benefits 

that are lower than the benefits paid if only the Plan ran out of money. Simply put, if the proposed benefit reduction is 

rejected, there will be larger cuts in the future than if we reduce benefits ourselves now. 

6 

AFMEPF0315
Exhibit 6.03 

Description of Assumptions 

AFMEPF0316
if ijjiii,fi,f Report of Required Actuarial Information Application for Proposed Benefit Suspensions 

Exhibit 6.03 - Response to Revenue Procedure 2017-43 Section 6.03 and Appendix B - Checklist 

Item 25 

The following is a response to Section 6.03 and Appendix B of Revenue Procedure 2017-43. The assumptions 

used for the PPA Actuarial Certification for plan year beginning April 1, 2020 are described in Exhibit 3.01 and the 

April 1, 2019 actuarial valuation report (see checklist item 41 ). This section responds to the items in Revenue 

Procedure 2017-43 Appendix B for the actuarial projections included in Exhibits 3.02, 4.02(1), 4.02(2) and 4.03(1-

4) in the same order specified in Appendix B. 

Part 1 - Actuarial Assumptions and Methods Used for Projections 

Development of Projected March 31 , 2021 Market Value of Assets 

The table below shows the actual change in the market value of assets from April 1, 2019 through March 31, 2020 

and from April 1, 2020 through September 30, 2020. It also sets forth the projected market value of assets from 

October 1, 2020 through March 31 , 2021. The calculations are based on the following information: 

1. The market value of assets as of April 1, 2020 and the employer contributions, benefit payments and 

administrative expenses from April 1, 2019 through March 31, 2020, are based on draft financial statements 

prepared by the auditor. 

2. The market value of assets as of September 30, 2020 and the employer contributions, benefit payments and 

administrative expenses from April 1, 2020 through September 30, 2020 are based on unaudited financial 

statements prepared by the Plan Administrator. 

3. Estimated employer contributions from October 1, 2020 through March 31, 2021 are equal to the projected 

contribution of $51 .50 million for the plan year ending March 31 , 2021 less the actual employer contributions 

reported for the April 1, 2020 through September 30, 2020 period. 

4. Estimated benefit payments from October 1, 2020 through March 31 , 2021 are equal to the projected benefit 

payments for the plan year ending March 31 , 2021 by the actuarial software based on the data and assumptions 

described in this Exhibit 6.03 less the actual benefit payments reported for the April 1, 2020 through 

September 30, 2020 period. 

5. The administrative expenses from October 1, 2020 through March 31, 2021 are equal to the projected full year's 

administrative expense assumption described in this Exhibit 6.03 less the actual administrative expenses 

reported for the April 1, 2020 through September 30, 2020 period. 

6. Investment returns from October 1, 2020 through March 31, 2021 are based on an assumed return of 3.41 % 

(6 months of the annual 6.93% expected return) during that period. 

4/1/2019 4/1/2020 10/1/2020 Total for Plan 

through through through Year Ending 

3/31/2020 9/30/2020 3/31/2021 3/31/2021 

1. Market value of assets 

(beginning of period) $1,802,573,699 $1 ,553,823,018 $1 ,747,431 ,918 $1,553,823,018 

2. Employer contributions 74,976,332 20,371,894 12,642,124 33,014,018 

3. Withdrawal liability payments 97,348 100,472 116,673 217,145 

4. Court-ordered settlement agreement 0 0 18,300,000 18,300,000 

5. Benefit payments 200,079,679 105,408,058 119,839,841 225,247,899 

6. Administrative expenses 21,405,012 10,155,105 11 ,731 ,520 21,886,625 

7. Investment returns (102,339,670) 288,699,697 57,839,510 346,539,207 

8. Market value of assets 

(end of period) 

(1) + (2) + (3) + (4) - (5) - (6) + (7) 1,553,823,018 1,747,431,918 1,704,758,864 1,704,758,864 

AFMEPF0317 

Report of Required Actuarial Information - Application for Proposed Benefit Suspensions 1 

American Federation of Musicians and Employers' Pension Fund 

This wor1( product was prepared solely for the American Federation of Musicians and Employers' Pension Fund. Milliman does not intend to benefit and assumes no duty or liability 

to other parties who receive this wor1(. Milliman recommends that third parties be aided by their own actuary or other qualified professional when reviewing the Milliman wori( product. 
if ijjiii,fi,f Report of Required Actuarial Information Application for Proposed Benefit Suspensions 

Investment Returns 

• Investment Earnings: Investment returns after March 31, 2020 are based on the Fund's target asset allocation 

and 2020 Horizon 10-year capital market survey assumptions for first 10 years and 2020 Horizon 20-year capital 

market survey assumptions thereafter. The assumed rates of return on market assets (net of investment-related 

administrative expenses) for every year after the plan year ended March 31, 2020 are shown in the table below. 

FYE Assumed Investment Return 

2021 6.93% 

2022 6.93 

2023 6.93 

2024 6.93 

2025 6.93 

2026 6.93 

2027 6.93 

2028 6.93 

2029 6.93 

2030 6.93 

2031 and later 7.61 

• Asset Allocation: Target asset allocation shown in table below. 

Asset Class 

U.S. Equity Large Cap 18.74% 

US Equity Small Cap 2.08% 

Developed Market ex U.S. Equity 14.55% 

Emerging Market Equity 4.62% 

Hedge Funds 17.00% 

Private Equity 18.00% 

Private Credit 13.00% 

US Corp Bonds Core 12.00% 

Cash 0.00% 

Total 100.00% 

10-year return 6.93% 

20-year return 7.61 % 

• Capital market assumptions used for projections: The table below provides the expected geometric returns, 

arithmetic returns, and standard deviation of returns for each asset class in which the plan is invested (or is 

expected to be invested). The probability distribution of returns is normal. The second table below provides the 

correlations used in the projections. 

Report of Required Actuarial Information - Application for Proposed Benefit Suspensions 

American Federation of Musicians and Employers' Pension Fund 

AFMEPF0318 

2 

This wor1( product was prepared solely for the American Federation of Musicians and Employers' Pension Fund. Milliman does not intend to benefit and assumes no duty or liability 

to other parties who receive this wor1(. Milliman recommends that third parties be aided by their own actuary or other qualified professional when reviewing the Milliman wori( product. 
if ijjiii,fi,f Report of Required Actuarial Information Application for Proposed Benefit Suspensions 

Asset Class 10-year 

Geometric 

Return 

U.S. Equity Large Cap 7.40% 

US Equity Small Cap 6.85 8.76 

Developed Market ex U.S. Equity 6.80 8.33 

Emerging Market Equity 7.85 10.59 

Hedge Funds 4.74 5.08 

Private Equity 9.08 11.42 

Private Credit 7.75 8.50 

US Corp Bonds Core 2.60 2.75 

Cash 1.56 1.59 

US Equity Non-US Equity US Corp 

Bonds 

Correlation Coefficients Large cap Small Cap Developed Emerging Core 

US Equity Large Cap 1.00 

US Equity Small Cap 0.89 1.00 

Non-US Equity Developed 0.84 0.76 1.00 

Non-US Equity Emerging 0.73 0.69 0.80 1.00 

US Corp Bonds Core 0.15 0.08 0.17 0.16 1.00 

US Treasuries (Cash (0.08) (0.08) (0.07) (0.06) 0.23 Equivalents) 

Hedge Funds 0.63 0.61 0.63 0.61 0.15 

Private Equity 0.73 0.71 0.67 0.59 0.04 

Private Debt 0.57 0.57 0.53 0.52 0.11 

20-year 

Return 

8.36% 

7.56 9.54 

7.48 9.09 

8.42 11.33 

5.71 6.10 

9.87 12.54 

7.85 8.63 

3.56 3.74 

2.25 2.28 

us Hedge Private 

Treasuries Funds Equity 

(Gash 

Equivalents) 

1.00 

(0.06) 1.00 

(0.06) 0.60 1.00 

(0.09) 0.52 0.56 

Standard 

Deviation 

16.22% 

20.22 

18.05 

24.23 

8.00 

21 .99 

12.06 

5.47 

1.78 

Private 

Debt 

1.00 

• Future asset allocation change to meet liquidity needs: For stochastic projections, if projected market value of 

assets is less than projected benefit payments for the two following years, asset allocation is assumed to be 

changed at that projected date to 100% cash. The assumed "liquidity penalty" for converting the portion of the 

market value of assets invested at that date in Private Equity, Private Real Estate, and Private Debt asset 

allocations is 15% of those assets. 

Mortality assumptions 

• Employee: RP-2006 Employee Mortality Table and Mortality Improvement Scale MP-2020 on a generational 

basis for males and females 

• Healthy Annuitant: Plan-specific mortality rates developed using IRS Revenue Procedure 2017-55 with 2017 

base year and Mortality Improvement Scale MP-2020 on a generational basis for males and females 

• Disabled: RP-2006 Disabled Annuitant Mortality Table and Mortality Improvement Scale MP-2020 on a 

generational basis for males and females. 

Report of Required Actuarial Information - Application for Proposed Benefit Suspensions 

American Federation of Musicians and Employers' Pension Fund 

AFMEPF0319 

3 

This wor1( proouct was prepared solely for the American Federation of Musicians and Employers' Pension Fund. Milliman does not intend to benefit and assumes no duty or liability 

to other parties who receive this wor1(. Milliman recommends that third parties be aided by their own actuary or other qualified professional when reviewing the Milliman wori( product. 
if ijjiii,fi,f Report of Required Actuarial Information Application for Proposed Benefit Suspensions 

Other demographic assumptions 

• Termination Rates: Termination rates have been separated into two groups. 

Sample rates are shown below for participants who earned less than $10.000 in the plan year prior to the 

valuation date: 

Years of Service 

Attained Age 0-2* (Select) 2-3 (Select) 3-4 (Select) 4 or More 

(Ultimate) 

20 35.0% 30.0% 20.0% 20.0% 

25 35.0 30.0 20.0 20.0 

30 40.0 35.0 25.0 20.0 

35 45.0 40.0 30.0 20.0 

40 45.0 40.0 30.0 20.0 

45 45.0 40.0 30.0 20.0 

50 45.0 35.0 30.0 20.0 

55 45.0 35.0 30.0 20.0 

60 45.0 35.0 30.0 20.0 

64 45.0 35.0 30.0 20.0 

65 0.0 0.0 0.0 0.0 

* Participants with less than one year of service are not included for valuation purposes. Therefore, 

this select period with respect to the present value of benefits only impacts participants who have 

accrued between 1 and 2 years of vesting service as of the valuation date. 

Sample rates are shown below for participants who earned $10.000 or more in the plan year prior to the 

valuation date: 

Attained Age Termination Rate 

20 6.0% 

25 6.0% 

30 6.0% 

35 4.0% 

40 4.0% 

45 4.0% 

50 3.0% 

55 3.0% 

60 3.0% 

64 3.0% 

65 0.0% 

Report of Required Actuarial Information - Application for Proposed Benefit Suspensions 

American Federation of Musicians and Employers' Pension Fund 

AFMEPF0320 

4 

This wor1( product was prepared solely for the American Federation of Musicians and Employers' Pension Fund. Milliman does not intend to benefit and assumes no duty or liability 

to other parties who receive this wor1(. Milliman recommends that third parties be aided by their own actuary or other qualified professional when reviewing the Milliman wori( product. 
if ijjiii,fi,f Report of Required Actuarial Information Application for Proposed Benefit Suspensions 

• Retirement Rates: The retirement rates for active participants are shown below: 

Attained Age % Retiring 

55-59 1.0% 

60-61 1.0 

62-63 2.0 

64 15.0 

65 50.0 

66-68 20.0 

69 20.0 

70 100.0 

71 and Over NIA 

• Disability Rates: None. 

Assumptions regarding form and commencement age of benefits 

• Form of Payment: future retirees will elect each optional form of benefit as shown below: 

Form of Payment % Electing 

Single Life 50% 

Joint & 50% Survivor 30 

Joint & 75% Survivor 20 

The form of payment assumption includes the probability that future retirees have either a spouse or nonspouse beneficiary. 

• Commencement Age: participants who have terminated with deferred benefits or who are assumed to terminate 

with deferred benefits in the future as shown below: 

Attained Age % Retiring 

55-59 1.0% 

60-61 3.0 

62-63 3.0 

64 3.0 

65 20.0 

66-68 20.0 

69 10.0 

70 10.0 

71 and Over 100.0 

• Pre-Retirement Death Benefits: 80% of the participants are assumed to have beneficiaries eligible for preretirement survivor benefits. Male participants are assumed to be three years older than female beneficiaries 

and female participants are assumed to be three years younger than male beneficiaries. Because the form of 

payment assumptions for future retirees already reflects marital status, this assumption does not apply to postretirement death benefits. 

Report of Required Actuarial Information - Application for Proposed Benefit Suspensions 

American Federation of Musicians and Employers' Pension Fund 

AFMEPF0321 

5 

This wor1( product was prepared solely for the American Federation of Musicians and Employers' Pension Fund. Milliman does not intend to benefit and assumes no duty or liability 

to other parties who receive this wor1(. Milliman recommends that third parties be aided by their own actuary or other qualified professional when reviewing the Milliman wori( product. 
if ijjiii,fi,f Report of Required Actuarial Information Application for Proposed Benefit Suspensions 

Assumptions regarding missing or incomplete data 

• Lost Participants: Assume 100% of lost participants will receive benefits. Lost participants over age 701⁄2 receive 

actuarial increase from Normal Retirement Date to April 1 following the calendar year in which they turn age 

701⁄2. In addition, a one-time payment of missed payments from the April 1 following the calendar year in which 

they turn age 701⁄2 to the valuation date with interest at 7.5%. 

Summary of Lost Participants as of 4/1/2020 

Count 302 

Average Age 68 

Average Annual Benefit $2,314 

One-Time Payment $6.0M 

• Unreported Data: Active participants with unreported data (gender, date of birth) are assumed to have 

characteristics of the average group. If not easily determined, participants with unknown sex are assumed to 

be male. 

New entrant profile 

• Active participant count remains level. New entrant wages projected to increase at 2.25% wage increase 

assumption from 2019. New entrant profile per 1,000 new entrants outlined in table below: 

Female 

22 21 10 1.16 7 3 

27 84 39 1.35 23 12 

32 102 41 1.83 16 8 

37 87 30 2.86 12 4 

42 72 23 4.71 9 3 

47 68 24 6.53 9 2 

52 56 18 10.07 6 1 

57 58 20 12.73 5 1 

62 66 17 15.77 4 1 

67 29 7 13.12 2 0 

1.16 

1.32 

1.79 

2.83 

4.00 

5.47 

7.84 

12.07 

14.29 

12.46 

AFMEPF0322 

Report of Required Actuarial Information - Application for Proposed Benefit Suspensions 

American Federation of Musicians and Employers' Pension Fund 

6 

This wor1( product was prepared solely for the American Federation of Musicians and Employers' Pension Fund. Milliman does not intend to benefit and assumes no duty or liability 

to other parties who receive this wor1(. Milliman recommends that third parties be aided by their own actuary or other qualified professional when reviewing the Milliman wori( product. 
if ijjiii,fi,f Report of Required Actuarial Information Application for Proposed Benefit Suspensions 

Contribution Rates 

• Future Benefit Accruals: 

• Long-term assumptions before reflecting impact of COVID-19 on work levels: 

o Current actives and current in-pay retirees under 65: Future years' contributions are assumed to increase 

by 2.25% per year from those contributions reported for the prior pension credit year. 

o Post-Retirement Benefit Accruals for future retirees and current in-pay retirees under 65 contribution 

amounts used are shown in the table below. 

r--a\E~~!;t•.,.,.ij,i,\1fi4;Tfi''i1fii1M'id, _ 76-85 _ 250 _ 

*For benefit statement estimates, contributions for post-65 retirees increase vesting service to proposed 

MPRA suspension date but do not create additional re-determination benefits. 

• Adjustments to long-term assumptions to reflect impact of COVID-19 on work levels: 

o Future benefit accruals adjusted by the same reduction to work levels reflected in the projected 

contribution income described below. 

Fiscal Year Ending 3/31 % of Work Level Due to COVID-19 

2021 32% 

2022 57 

2023 91 

2024 and later 98 

• Contribution Income: 

(a) Long-term, wage-based contribution assumption 

• Wage-based contributions of $67,078,889 for fiscal year ending March 31, 2020 ("FYE") are expected to 

increase 2.6% per annum thereafter prior to consideration of the impact of COVID-19 described below. In 

addition, the 10% contribution rate increase implemented in June 2018 updated rehabilitation plan is expected 

to phase in according to the following schedule: 

o Freelance and Single-Engagement: 66% of contracts renewed in FYE 2020 and remaining 34% in FYE 

2021 

o Broadway Theaters reflected prior to FYE 2021 

o All other: 25% of contracts renewed in FYE 2020 and remaining 75% distributed equally over FYE 2021 

- 2023, inclusive 

(b) Impact of COVID-19 

• The following chart shows the Trustees' expectations in wage-based contributions for FYE 2021 to 2025. 

FYE Projected Wage-Based Revenue ($M) 

2021 $23.8 

2022 $43.4 

2023 $72.4 

2024 $80.1 

2025 $82.4 

Report of Required Actuarial Information - Application for Proposed Benefit Suspensions 

American Federation of Musicians and Employers' Pension Fund 

AFMEPF0323 

7 

This wor1( product was prepared solely for the American Federation of Musicians and Employers' Pension Fund. Milliman does not intend to benefit and assumes no duty or liability 

to other parties who receive this wor1(. Milliman recommends that third parties be aided by their own actuary or other qualified professional when reviewing the Milliman wori( product. 
if ijjiii,fi,f Report of Required Actuarial Information Application for Proposed Benefit Suspensions 

These projections are based on an individualized analysis of each of the various industry segments, and 

take into account all information available to the Trustees. In each case, the Trustees began with the 

current decline in the industry segment, determined the date in which the segment is reasonably expected 

to begin to recover and established an expected timeline over which that the recovery would occur, typically 

on a graduated basis. 

• Non-benefit-bearing, non-wage-based contributions of $7,897,443 FYE 2020, increase according to the table 

below and then 3.00% per annum thereafter. 

o $5,969,804 Streaming 

o $1,927,639 Film Musicians Fund 

FYE Non-benefit-bearing, non-wage-based contributions ($ or % increase) 

Streaming (see description below) Film Musicians Fund (see description below) 

2021 $6,000,000 5% 

2022 27% 5 

2023 20 5 

2024 16 5 

2025 12 4 

2026 10 4 

2027 8 3 

2028 6 3 

2029 5 3 

2030 4 3 

2031 and later 3 3 

• Other income principally withdrawal liability of $97,348 FYE 2020. Future other income according to the table 

below assumes that currently withdrawn employers continue to make scheduled quarterly withdrawal liability 

payments. 

Fiscal Year Ending 3/31 Contributions ($M) 

2021 $0.22 

2022 $0.18 

2023-2032 $0.11 

2033 $0.09 

2034 $0.07 

2035-2036 $0.05 

2037 $0.02 

2038-2040 $0.01 

2041 and later $0.00 

• The Plan received a one-time payment of $18.3 million during the fiscal year ending March 31, 2021 as part of 

a court-ordered settlement agreement. 

Administrative expenses 

• The prior year's administrative expenses increased by 2.25% for each plan year after FYE 2020. Further, 

additional expenses for MPRA suspension are shown in the table below. 

Ljl@f ~: l±Wl;ii#i:r1⁄2i•:j 

Report of Required Actuarial Information - Application for Proposed Benefit Suspensions 

American Federation of Musicians and Employers' Pension Fund 

AFMEPF0324 

8 

This wor1( product was prepared solely for the American Federation of Musicians and Employers' Pension Fund. Milliman does not intend to benefit and assumes no duty or liability 

to other parties who receive this wor1(. Milliman recommends that third parties be aided by their own actuary or other qualified professional when reviewing the Milliman wori( product. 
if ijjiii,fi,f Report of Required Actuarial Information Application for Proposed Benefit Suspensions 

Projection methodology 

• Adjustment to cash flow projections provided by the actuarial software: projected benefit payments from the 

actuarial software reflecting current plan provisions from April 1, 2020 through December 31 , 2021 are 

combined with projected benefit payments reflecting proposed suspension effective January 1, 2022. 

Part 2 - Supporting Documentation for Selection of Certain Actuarial Assumptions 

Long-term Demographic Assumptions Used for Projections 

• The most recent 5-year experience study was performed for FYE 2012-2016, inclusive. 

• We reviewed and updated assumptions including mortality based on that study 

o The liability gain/loss analysis through FYE 2020 shows losses from retiree mortality for each year starting 

with the April 1, 2016 actuarial valuation, which was the first year that RP-2006 was used for the base 

mortality rates 

• Therefore, plan-specific mortality rates were developed for use in the April 1, 2020 actuarial valuation 

o The development of the plan-specific mortality rates are described in greater detail below 

• The new entrant profile was created based on plan experience through FYE 2020 

• The form of payment elected assumption was modified slightly based on plan experience through FYE 2020 

• No other long-term changes to any of the other demographic assumptions were made for the projections 

because the liability gain/loss analysis since the assumptions adopted with the April 1, 2016 actuarial valuation 

did not show any other significant sources of gains or losses that warranted change. 

• Consequently, we concluded all the long-term demographic assumptions are reasonable for the MPRA 

suspension application. 

Short-term Adjustments to Assumptions to Reflect Impact of COVID-19 

Contribution Income: 

• Lower levels of wage-based contributions based on an individualized analysis of each of the various industry 

segments were reflected, taking into account all information available to the Trustees. In each case, the 

Trustees began with the current decline in the industry segment, determined the date in which the segment is 

reasonably expected to begin to recover and established an expected timeline over which that the recovery 

would occur, typically on a graduated basis 

Demographic Assumptions: 

• Future benefit accruals were adjusted by the same proportion of work levels as the reductions in the projected 

contribution income to reflect the impact of COVID-19 

• No other adjustments to demographic assumptions for active participant level, termination or retirement rates 

due to the impact of COVID-19 were made 

The adjustment to future benefit accruals essentially assumes the same number of active musicians are 

performing proportionately less work during the pandemic 

Report of Required Actuarial Information - Application for Proposed Benefit Suspensions 

American Federation of Musicians and Employers' Pension Fund 

AFMEPF0325 

9 

This wor1( product was prepared solely for the American Federation of Musicians and Employers' Pension Fund. Milliman does not intend to benefit and assumes no duty or liability 

to other parties who receive this wor1(. Milliman recommends that third parties be aided by their own actuary or other qualified professional when reviewing the Milliman wori( product. 
if ijjiii,fi,f Report of Required Actuarial Information Application for Proposed Benefit Suspensions 

Investment Returns 

■ The components of the target portfolio used in the projections, expressed in terms of the asset classes used 

for setting the Plan's investment policy are as follows: 

Asset Class Allocations 

Global Equities 40.0% 

Private Equity 18.0% 

Hedge Funds 17.0% 

Private Credit 13.0% 

Fixed Income 12.0% 

Cash and Cash Equivalents 0.0% 

• Based on input from the Plan's outsourced chief investment officer, the components of the target portfolio were 

allocated as follows among the asset classes provided in Appendix B of Revenue Procedure 2017-43. Private 

Credit which was first included as a separate asset class in the 2019 Horizon Survey after Revenue Procedure 

2017-43 was released is included as a separate asset class. The table below shows the allocation of Global 

Equity in the table above to the asset classes shown in the 2020 Horizon Survey. 

Asset Class 

U.S. Equity Large Cap 18.74% 

US Equity Small Cap 2.08 

Developed Market ex U.S. Equity 14.55 

Emerging Market Equity 4.62 

Hedge Funds 17.00 

Private Equity 18.00 

Private Credit 13.00 

US Corp Bonds Core 12.00 

Cash 0.00 

Total (numbers may not foot due to rounding) 100.00% 

• Investment returns after March 31 , 2020 are based on the Fund's target asset allocation and 2020 Horizon 10-

year capital market survey assumptions for the first 10 years and 2020 Horizon 20-year capital market survey 

assumptions thereafter. The 10- and 20-year expected returns (arithmetic returns), associated standard 

deviations and correlation coefficients shown on Exhibit 15 of the 2020 edition of the Horizon Survey of Capital 

Market Assumptions were used. 

• This process produced a median geometric return of 6.93% for fiscal years ending FYE 2021 through FYE 2030 

using the 10-year capital market assumptions and a median geometric return of 7 .61 % thereafter using the 20-

year capital market assumptions. 

• Inflation rate: Average inflation assumption from 2020 Horizon Survey 

o 1.98% for Horizon 10-year 

o 2.17% for Horizon 20-year 

• Investment-related expenses: investment returns are net of expenses. 

• Future asset allocation change to meet liquidity needs: This assumption reflects the possibility of future changes 

in the Plan's asset allocation to satisfy the Plan's liquidity needs. Based on input from the Plan's outsourced 

chief investment officer, the stochastic projections reflect a change in asset allocation to 100% Cash when the 

AFMEPF0326 

Report of Required Actuarial Information - Application for Proposed Benefit Suspensions 

American Federation of Musicians and Employers' Pension Fund 

10 

This wor1( product was prepared solely for the American Federation of Musicians and Employers' Pension Fund. Milliman does not intend to benefit and assumes no duty or liability 

to other parties who receive this wor1(. Milliman recommends that third parties be aided by their own actuary or other qualified professional when reviewing the Milliman wori( product. 
if ijjiii,fi,f Report of Required Actuarial Information Application for Proposed Benefit Suspensions 

Plan is projected to have two years or less of projected benefit payments and a 15% liquidity penalty for assets 

invested in Private Equity, Private Real Estate, and Private Debt asset classes to reflect the potential sale of 

assets in the classes at a discount. Based on input from the Plan's outsourced chief investment officer, other 

asset classes are not expected to be liquidated at a discount. 

There is no specific trigger for the reduction in the Plan's private investment allocation. Rather, each year, the 

Plan's outsourced chief investment officer conducts a modeling/pacing study in which it determines how to 

maintain the target allocation to private investments, taking into account, for example, the projected assets of 

the Plan as a whole, and the expected pacing of capital calls from existing and potential future unfunded 

commitments, and the expected pacing of distributions from the private funds in which the Plan invests or may 

invest. 

As a result, as the assets of the Plan decline, the reduction in the dollar amounts allocated to private funds will 

be achieved through the continued receipt of distributions from existing funds combined with a reduction (and, 

ultimately, elimination) of any new commitments. In other words, those distributions will not be reinvested in 

future private investments in order to maintain the level percentage of the asset allocation. Thus, there is no 

specific trigger that will result in the reduction in private equity investments over time, and there are no criteria 

for selecting investments to be liquidated as assets decline. Rather, increasing liquidity will occur naturally as 

part of the pacing strategy to maintain the existing target allocations as all the assets decline. 

There should not be material legal costs, as the legal costs associated with any such transactions are included 

in the fees the Plan pays to the outsourced chief investment officer. 

Since the relative allocation to private investments would be consistent with the target asset allocation until the 

Plan's investments are liquidated, the return assumption was based on the 2020 Horizon 10-year capital market 

survey assumptions for the first 10 years and 2020 Horizon 20-year capital market survey assumptions 

thereafter. 

The Plan does not intend to continue to make commitments to private investments irrespective of where they 

are in terms of the target percentage. As described above, the pacing of such commitments would be based 

on annual pacing studies designed to maintain the target allocations to private investments, taking into account 

the projected total assets of the Plan, the expected pacing of capital calls from existing and potential future 

unfunded commitments, and the expected pacing of distributions from the private funds in which the Plan 

invests or may invest. Thus, any continued commitments would be made with an eye toward maintaining the 

target percentages currently and in the future. 

The Plan's outsourced chief investment officer does not anticipate a need to actively sell interests in private 

equity investments through the decline in the Plan because the reduction in the absolute dollar investments 

would be achieved through pacing as described above. If the Plan were to have to sell these interests because 

it is two years from insolvency, the Plan's outsourced chief investment officer would expect to use an 

intermediary. The costs for intermediaries have been factored into the estimate of a 15% reduction in value. 

Demographic experience 

• The most recent 5-year experience study of demographic assumptions was based on analysis of Plan 

experience for FYE 2012 - 2016, inclusive. In connection with this application for a MPRA suspension, a 

mortality experience study was performed for FYE 2016 - 2020, inclusive. Copies of the two most recent 

experience study reports and the mortality experience study report are in Exhibit 6.04(2) of the application. 

o Retirement Rates: Based on analysis of retirements experienced by the Plan for FYE 2012 - 2016, 

inclusive, for actives, and for FYE 2013 - 2017, inclusive for terminated vesteds see below. 

o Form of Payment Elected: Based on analysis of Plan experience for FYE 2016 - 2020, inclusive see 

below. 

Report of Required Actuarial Information - Application for Proposed Benefit Suspensions 

American Federation of Musicians and Employers' Pension Fund 

AFMEPF0327 

11 

This wor1( product was prepared solely for the American Federation of Musicians and Employers' Pension Fund. Milliman does not intend to benefit and assumes no duty or liability 

to other parties who receive this wor1(. Milliman recommends that third parties be aided by their own actuary or other qualified professional when reviewing the Milliman wori( product. 
if ijjiii,fi,f Report of Required Actuarial Information Application for Proposed Benefit Suspensions 

• The liability gain or loss analysis performed over the last ten years is shown in the table below. 

Fiscal Year 

Ending March 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 

31* 

Source of 

(Gain)/Loss 

Contributions/ ($7) $4 ($1) ($6) $1 ($6) $2 $1 ($5) ($2) Wages 

Mortality - (2) 12 7 17 22 21 10 13 12 13 Retiree 

Mortality - (3) (5) (2) (3) (6) (6) 2 1 1 0 Active/TV 

Retirement - 6 2 3 3 5 5 2 0 1 3 Active 

Retirement - 3 2 2 3 2 3 4 4 5 (7) TV 

Termination 2 0 (1) 0 1 1 0 1 3 1 

New Entrants 1 1 1 1 1 1 2 2 2 2 

Return to 2 2 2 2 3 2 2 2 2 2 Work 

Unexplained 2 11 1 fill ill 2 £ ill 1 28 .. 

Total $8 $29 $14 $12 $25 $26 $26 $17 $22 $40 

* Active and Terminated Vested (TV) census data based on calendar year; retiree census determined as of 

April 1. 

** Unexplained loss for 2020 includes one-time adjustments for data previously excluded: $10 million for 

beneficiaries with deferred benefits and $13 million for alternate payees with deferred benefits 

• Regarding the assumption that 80% of the active and terminated vested participants have beneficiaries eligible 

for pre-retirement survivor benefits, we do not receive data beneficiary information for participants not yet in 

pay status. The current assumption was based on the U.S. Census Bureau, "America's Families and Living 

Arrangements: 2004 Table A2 - Family Status and Household Relationship of People 15 Years and Over, by 

Marital Status, Age, Sex, Race, and Hispanic Origin: 2004" published June 29, 2005. The section for "All Races" 

showed that 79 .4 % of Americans between the ages of 55 and 7 4 were married. Although more current versions 

of this study shows that marriage rates have declined, we believe 80% is a reasonable assumption because 

this Plan allows for non-spouses to receive a benefit. For the age difference, the assumption that males are 

three years older than females was chosen because it was a common assumption among multiemployer 

pension plans as well as other private plans. There was no empirical study used to select this assumption. 

Given the limitations of the available data and the relatively small impact of the assumption, we believe that the 

current assumption remains reasonable. Due to the use of form of payment assumptions for future retirees, 

this assumptions does not affect post-retirement death benefits. 

• The distribution of benefit form elections as provided by the Plan for FYE 2016 - 2020, inclusive, is shown 

below. The analysis includes retirements from both active and terminated vested status. 

Election Rates (%) 

Benefit Form 2016 2017 2018 2019 

Single Life 48.9 46.5 47.9 51.4 

Joint and 50% Survivor 29.4 31.7 29.8 32.0 

Joint and 75% Survivor 21.6 21.8 22.3 16.6 

Report of Required Actuarial Information - Application for Proposed Benefit Suspensions 

American Federation of Musicians and Employers' Pension Fund 

2020 Summary 

50.6 49.3 

29.8 30.6 

19.6 20.2 

AFMEPF0328 

12 

This wor1( product was prepared solely for the American Federation of Musicians and Employers' Pension Fund. Milliman does not intend to benefit and assumes no duty or liability 

to other parties who receive this wor1(. Milliman recommends that third parties be aided by their own actuary or other qualified professional when reviewing the Milliman wori( product. 
if ijjiii,fi,f Report of Required Actuarial Information Application for Proposed Benefit Suspensions 

• The retirement rates by age for terminated participants for FYE 2013 - 2017, inclusive, are shown below. 

Retirement Rates (%) 

Age 2013 2014 2015 2016 2017 Summary 

55-59 1.0 0.6 0.9 0.7 0.9 0.8 

60-61 1.7 1.1 1.0 0.8 2.2 1.4 

62-63 2.8 3.4 2.2 2.7 3.7 2.9 

64 4.5 5.0 5.1 3.6 8.0 5.4 

65 10.9 9.2 7.5 9.4 31.0 14.9 

66-68 28.2 28.8 26.0 23.9 11 .3 22.8 

69 8.4 11 .2 5.0 8.5 10.2 8.8 

70 3.7 6.0 5.8 6.3 24.5 10.3 

71+ 29.7 39.5 32.1 40.6 21.8 33.1 

Mortality assumptions 

• For disabled participants and participants not in pay, mortality is based on the recent pension mortality research 

conducted by the Society of Actuaries. The mortality improvement scale for the MPRA suspension application 

are the assumptions published by the Society of Actuaries in October 2020. The mortality experience used in 

developing the total data set mortality rates is the RP-2014 Mortality Tables Report. 

• Plan-specific mortality rates were developed for non-disabled, in-pay participants, beneficiaries and alternate 

payees using the methodology described in IRS Revenue Procedure 2017-55 and Regulation Section 

1.430(h)(3)-2. The development of plan-specific mortality rates is described below. See the Mortality Experience 

Study report dated December 23, 2020 in Exhibit 6.04(2) for additional details. 

• The experience study period is the five-year period from the plan year beginning April 1, 2015 to the plan year 

ending March 31 , 2020. 

• The Plan has credible mortality information for each gender because the Plan's experience satisfies the 

requirement for partial credibility as described in IRS Regulation Section 1.430(h)(3)-2(e). 

• The Plan's information has partial credibility using the simplified rule under IRS Regulation Section 1.430(h)(3)-

2(c)(2)(ii)(B). Accordingly, the determination of whether there is credible mortality information for a gender is 

determined by only taking into account individuals who are at least age 50 and less than age 100. 

The following steps describe the development of the plan-specific mortality rates. 

Step 1: Determine amount-weighted and headcount-weighted mortality experience 

• Age is determined as age nearest birth 

• The experience study is based on benefit amount as described in IRS Regulation Section 1.430(h)(3)-

2( d)(2)(iii) 

• An individual's benefit amount is the annual payment for the individual determined at the beginning of each 

plan year 

• For each non-disabled participant, beneficiary and alternate payee receiving benefits as of the beginning of 

each plan year, calculate the probability of the individual's death each plan year using RP-2006 mortality rates 

projected with Scale MP-2020 to the calendar year including the mid-point of the plan year, e.g., mortality 

improvement is projected to 2019 for the plan year April 1, 2019 through March 31 , 2020 

• For each individual, calculate the expected deaths: 

Report of Required Actuarial Information - Application for Proposed Benefit Suspensions 

American Federation of Musicians and Employers' Pension Fund 

AFMEPF0329 

13 

This wor1( product was prepared solely for the American Federation of Musicians and Employers' Pension Fund. Milliman does not intend to benefit and assumes no duty or liability 

to other parties who receive this wor1(. Milliman recommends that third parties be aided by their own actuary or other qualified professional when reviewing the Milliman wori( product. 
if ijjiii,fi,f Report of Required Actuarial Information Application for Proposed Benefit Suspensions 

o Headcount-weighted: based on the probability of death 

o Amount-weighted: based on the probability of death multiplied by the amount of the in-pay benefit at the 

beginning of each plan year 

• Expected deaths calculated above are compared to actual deaths during plan year using actual to expected 

ratio: 

o Headcount-weighted: based on (a) the number of actual deaths divided by (b) the number of expected 

deaths for the headcount-weighted tables 

o Amount-weighted: based on (a) the number of actual deaths multiplied by the amount of the in-pay 

benefit at the beginning of each plan year divided by (b) the number of expected deaths multiplied by 

the amount of the in-pay benefit at the beginning of each plan year 

• For the five-year period ending March 31, 2020 and each plan year, the experience analysis is summarized in 

the tables from the Mortality Experience Study report - Exhibit 1 for the amount-weighted basis and in Exhibit 

2 for the headcount-weighted basis. 

• The table below shows the five-year amount-weighted mortality ratios for males and females constructed 

pursuant to§ 1.430(h)(3)-2(d)(4)(ii). The development of these ratios is shown in Exhibit 6 of the Mortality 

Experience Study report. 

Gender Mortality Ratio 

Males 71.2829% 

Females 74.2389% 

Step 2: Determine partial credibility weighting factors by gender 

Partial credibility weighting factors were developed separately for males and females following the guidance in 

IRS Revenue Procedure 2017-55 and Regulation Section 1.430(h)(3)-2 as described below. The mortality 

experience for males and females has partial credibility because the actual number of deaths for each gender is 

at least equal to 100 and is less than the full credibility threshold. The full credibility threshold is 1,082 times the 

population's benefit dispersion factor, which is a ratio of which the numerator is the product of the number of 

expected deaths and the sum of the mortality-weighted squares of the benefits, and the denominator is the 

square of the sum of mortality-weighted benefits. The partial-credibility weighting factor is calculated as the 

square-root of a fraction of which the numerator is the actual number of deaths by individuals included in the 

study, and the denominator is the full credibility threshold. Exhibit 3 of the Mortality Experience Study report 

includes the demonstrations of credible mortality information under Section 7 of IRS Revenue Procedure 2017-55 

for the five-year period ending March 31, 2020 and each plan year in the study period separately for males and 

females. The development of the partial-credibility weighting factors is shown in the table below. 

Calculation Component Males 

Standard for full credibility 1,082 

Number of expected deaths 2,030.81 

Sum of mortality-weighted squares of benefits 7,623,818,383 

Sum of mortality-weighted benefits 1,744,087 

Square of sum of mortality-weighted benefits 3,041,840,381,066 

Report of Required Actuarial Information - Application for Proposed Benefit Suspensions 

American Federation of Musicians and Employers' Pension Fund 

Females 

1,082 

797.25 

1,272,189,642 

455,452 

207,437,042,362 

AFMEPF0330 

14 

This wor1( product was prepared solely for the American Federation of Musicians and Employers' Pension Fund. Milliman does not intend to benefit and assumes no duty or liability 

to other parties who receive this wor1(. Milliman recommends that third parties be aided by their own actuary or other qualified professional when reviewing the Milliman wori( product. 
if ijjiii,fi,f Report of Required Actuarial Information Application for Proposed Benefit Suspensions 

Calculation Component Males Females 

Benefit dispersion factor 5.089865 4.889423 

Full credibility threshold 5,507 5,290 

Number of actual deaths 1,809 715 

Partial credibility weighting factor 57.31% 36.76% 

Step 3: Determine plan-specific mortality rates by gender 

A. The base year for the plan-specific mortality rates is 2017 which is the calendar year of the mid-point of the 

experience study period. 

B. For each gender, the mortality rates from the base table, RP-2006, are projected to the 2017 base year 

using Scale MP-2020. 

C. Mortality rates for plans with fully credible mortality experience are determined by multiplying the projected 

mortality rates from the base table by the mortality ratio calculated separately for each gender. Because 

the Plan applies the simplified rule, the mortality ratios determined using the experience of individuals 

between the ages of 50 and 100 are used for all ages as described in §1.430(h)(3)-2(d)(4)(i). However, for 

ages 96 and older, the mortality ratios are adjusted using linearly interpolation as described in §1.430(h)(3)-

2(d)(4)(iv). 

D. The final adjustment to determine plan-specific mortality rates is to apply the partial-credibility weighting 

factor as described in §1 .430(h)(3)-2(e)(1 ). The development of the partial-credibility weighting factors are 

shown in Step 2 above. The plan-specific mortality rate for each gender is equal to the mortality rates under 

(2) multiplied by one minus the partial-credibility weighting factor plus the mortality rates under (3) multiplied 

by the partial-credibility weighting factor respectively. 

The development of plan-specific mortality rates by gender is shown in Exhibit 5 of the Mortality Experience Study 

report. 

Selection of Base Mortality Table 

The development of plan-specific mortality rate requires the selection of a base mortality table assumption for the 

experience study analysis. This section describes the rationale for using RP-2006 as the base mortality assumption 

for this study. 

Actuarial valuation assumptions 

The mortality assumptions used in the actuarial valuations since April 1, 2016 use RP-2006 as the base mortality 

assumption and generational mortality improvement. The mortality improvement scale has been updated from time 

to time based on tables published by the Society of Actuaries. For example, the April 1, 2019 actuarial valuation 

uses the MP-2019 mortality improvement scale published by the Society of Actuaries in October 2019. 

The table below shows the actuarial (gains) or losses due to retiree mortality. This table presents the mortality 

experience starting with the plan year ending March 31, 2017 because the base mortality assumption was revised 

to use RP-2006 as the base mortality rates for the April 1, 2016 actuarial valuation. 

Report of Required Actuarial Information - Application for Proposed Benefit Suspensions 

American Federation of Musicians and Employers' Pension Fund 

AFMEPF0331 

15 

This wor1( product was prepared solely for the American Federation of Musicians and Employers' Pension Fund. Milliman does not intend to benefit and assumes no duty or liability 

to other parties who receive this wor1(. Milliman recommends that third parties be aided by their own actuary or other qualified professional when reviewing the Milliman wori( product. 
if ijjiii,fi,f Report of Required Actuarial Information Application for Proposed Benefit Suspensions 

($ in Millions) 

Retiree Mortality 

Plan year ending (Gain)/Loss due to Total Liability in Loss as Percentage 

March 31 Retiree Mortality April 1 Valuation of Total Liability 

2017 $10 $3,107 0.32% 

2018 $13 3,131 0.42 

2019 $12 3,255 0.37 

2020 $13 3,309 0.39 

Regulatory guidance 

Some of the regulatory guidance reviewed in this section specifically mentions the mortality table RP-2014. As 

stated in the RP-2006 Mortality Tables report published by the Society of Actuaries, the mortality table RP-2014 is 

constructed from the RP-2006 mortality using 2006 as the base year and projecting mortality rates from 2006 to 

2014 using the mortality improvement scale, MP-2014. See report linked: RP-2006 Mortality Tables Document 

(soa.org). The Society of Actuaries published the RP-2006 Mortality Tables report to provide the 2006 base mortality 

rates actuaries may use in combination with a specific mortality improvement scale, e.g., MP-2020, to avoid the 

additional complication of backing out the embedded effects of mortality improvement scale MP-2014. In our review 

of regulatory guidance, we consider any references to RP-2014 to be the same as a reference to RP-2006. 

There is no explicit IRS guidance for multiemployer plans to set plan-specific mortality assumptions. Applying the 

concepts from current IRS guidance for single employer plans to set plan-specific mortality assumption for a 

multiemployer plan suggests the use of RP-2006 as the base mortality assumption. IRS Revenue Procedure 2017-

55 describes the procedures for plan sponsors of single employer pension plans to request approval for the use of 

plan-specific mortality rates. This revenue procedure requires the use of generally applicable mortality tables for 

purposes of Internal Revenue Code Section 430, which sets forth the minimum funding requirements for single 

employer pension plans. 

IRS Notice 2019-67 was published in October 2019 and specifies the mortality rates to be used for minimum funding 

requirements for valuation dates occurring in the 2021 calendar year. The base mortality assumption for these rates 

is RP-2006. IRS Notice 2019-67 also states that the Society of Actuaries published the Pri-2012 Private Retirement 

Plans Mortality Tables Report in October 2019 and invited public comments. 

IRS Revenue Procedure 2017-43 describes the procedures for plan sponsors of multiemployer pension plans to 

request approval for a suspension of benefits under MPRA. Appendix B of this revenue procedure describes the 

information on actuarial assumptions and methods to be included in a MPRA application. For mortality assumptions, 

this Revenue Procedure allows applicants to refer to the mortality experience under RP-2006 to be treated as 

representative of the expected mortality experience for the plan. 

As of the date of this application, there is no published guidance from the IRS that indicates the use of Pri-2012 for 

any purposes under private employer plans whether sponsored by single or multiemployers. 

Consideration of Pri-2012 

The Pri-2012 Private Retirement Plans Mortality Tables Report was released in October 2019 by the Society of 

Actuaries. The Society of Actuaries recommend actuaries consider its use for private pension plans. The table 

below compares immediate annuity factors produced by using Pri-2012 to RP-2006 at various ages. Ratios greater 

than zero indicate that Pri-2012 would produce a higher liability, and ratios less than zero indicate that Pri-2012 

would produce a lower liability. Based on this review, we concluded the use of Pri-2012 would produce lower Plan 

liabilities and thus higher mortality losses than would be produced by the use of RP-2006. Because the Plan has 

experienced actuarial losses on retiree mortality using RP-2006, we concluded it is more appropriate to use RP2006 as the base mortality table for this analysis notwithstanding the fact the Pri-2012 is a more recent table. 

Report of Required Actuarial Information - Application for Proposed Benefit Suspensions 

American Federation of Musicians and Employers' Pension Fund 

AFMEPF0332 

16 

This wor1( product was prepared solely for the American Federation of Musicians and Employers' Pension Fund. Milliman does not intend to benefit and assumes no duty or liability 

to other parties who receive this wor1(. Milliman recommends that third parties be aided by their own actuary or other qualified professional when reviewing the Milliman wori( product. 
if ijjiii,fi,f Report of Required Actuarial Information Application for Proposed Benefit Suspensions 

Ratios of immediate single life annuity factors using base mortality from Pri-2012 to RP-2006 using a 7 .5% discount 

rate are shown in the table below. 

Age Males Females 

55 -0.1% 0.0% 

60 0.2% 0.1 % 

65 0.3% 0.2% 

70 -0.1% -0.1% 

75 -0.6% -0.9% 

80 -1.4% -1.4% 

85 -2.1% -1.2% 

90 -2.4% -0.6% 

Based on the analysis above, use of the RP-2006 mortality rates as the base mortality table for this experience 

study is reasonable. 

New entrant profile 

• Based on analysis of Plan experience FYE 2016 - 2020, inclusive. After reviewing experience in the aggregate, 

the analysis was refined to review new entrants by age, gender and wage band as shown in the charts below. 

Age 

Below25 

25-29 

30-34 

35-39 

40-44 

45-49 

50-54 

55-59 

60- 64 

65 and over 

Wages less than or 

equal to $10,000 

2020 

Wages greater than 

$10,000 

Female Male Female 

68 43 29 5 

310 143 96 49 

344 161 65 29 

267 111 38 14 

203 62 27 7 

142 49 19 5 

77 31 12 2 

53 32 7 0 

44 16 2 2 

55 16 6 2 

2019 

Wages less than or equal 

to $10,000 

81 32 

317 136 

354 154 

305 93 

174 56 

133 50 

62 28 

58 24 

66 19 

49 15 

Report of Required Actuarial Information - Application for Proposed Benefit Suspensions 

American Federation of Musicians and Employers' Pension Fund 

Wages greater than 

$10,000 

Male Female 

22 10 

71 39 

42 26 

31 9 

21 13 

19 7 

6 8 

5 3 

5 2 

2 0 

AFMEPF0333 

17 

This wor1( product was prepared solely for the American Federation of Musicians and Employers' Pension Fund. Milliman does not intend to benefit and assumes no duty or liability 

to other parties who receive this wor1(. Milliman recommends that third parties be aided by their own actuary or other qualified professional when reviewing the Milliman wori( product. 
IIWM:fl:M Report of Required Actuarial Information Application for Proposed Benefit Suspensions 

Below25 

25-29 

30-34 

35-39 

40-44 

45-49 

50-54 

55-59 

60- 64 

65 and over 

Age 

Below25 

25-29 

30-34 

35-39 

40-44 

45-49 

50-54 

55-59 

60- 64 

65 and over 

92 37 

302 151 

391 136 

269 91 

180 56 

148 33 

66 25 

53 27 

51 16 

29 7 

Wages less than or 

equal to $10,000 

2016 

23 13 

83 43 

55 24 

34 13 

31 3 

28 4 

20 3 

6 2 

6 2 

4 0 

Wages greater than 

$10,000 

Male Female Male Female 

64 31 24 11 

308 149 83 41 

379 130 59 28 

264 78 39 15 

186 48 27 4 

147 49 19 4 

91 21 9 3 

60 18 7 4 

57 16 5 

44 5 2 2 

Contribution base units and emelol£er withdrawals 

76 34 21 13 

288 130 89 44 

347 142 62 27 

267 93 48 10 

168 41 25 6 

129 50 23 6 

69 30 8 2 

49 26 8 3 

60 18 3 

25 7 2 

Summary 

Wages less than or equal 

to $10,000 

Wages greater than 

$10,000 

Female Male Female 

381 177 119 52 

1525 709 422 216 

1815 723 283 134 

1372 466 190 61 

911 263 131 33 

699 231 108 26 

365 135 55 18 

273 127 33 12 

278 85 21 6 

202 50 16 5 

• There were no employers that contributed 5% or more of the annual contributions to the Plan during the past 

10 years. 

Report of Required Actuarial Information - Application for Proposed Benefit Suspensions 

American Federation of Musicians and Employers' Pension Fund 

AFMEPF0334 

18 

This wor1( product was prepared solely for the American Federation of Musicians and Employers' Pension Fund. Milliman does not intend to benefit and assumes no duty or liability 

to other parties who receive this wor1(. Milliman recommends that third parties be aided by their own actuary or other qualified professional when reviewing the Milliman wori( product. 
if ijjiii,fi,f Report of Required Actuarial Information Application for Proposed Benefit Suspensions 

Rationale for Contribution Income Assumptions 

A. Overview 

1. Trustees' Knowledge and Experience in the Music Industry 

The Trustees have discussed the Plan's contribution assumption extensively at numerous Trustees meetings with 

respect to this application and have engaged in detailed discussions each year regarding the industry activity 

assumption for actuarial zone certification purposes. They have evaluated the Plan's historical contribution 

experience, compiled by the Plan's financial department and its actuaries, and applied their knowledge about the 

music and entertainment industry, including past and expected industry revenue, musician compensation, and 

collective bargaining. 

The Union Co-Chair of the Board of Trustees is the president of the American Federation of Musicians of the United 

States and Canada, AFL-CIO ("AFM") and is the chief negotiator for dozens of national musician collective 

bargaining agreements ("CBAs") that cover musicians performing in the sound recording, television, and movie 

industries. Three Union Trustees are former presidents of AFM Locals ("Local") who have served as the chief 

negotiators for all Local CBAs, including those with orchestras, clubs, and other employers in their local areas. One 

of the former Local presidents is currently the Director of Theatre Touring and Booking at the AFM. 

Three other Union Trustees are rank-and-file orchestral musicians, who are active in the operations of the AFM at 

the national level and at their respective Locals. They participate in negotiations of Local CBAs, and in various 

national CBA negotiations. They have also served as elected and appointed representatives of various AFMaffiliated organizations that represent musicians, including, for example, as Secretary, President and Member-atLarge of the International Conference of Symphony and Opera Musicians ("ICSOM"), which represents the top 52 

AFM orchestras in the nation. 

The Employer Co-Chair of the Board is an executive at the national trade association for the Broadway industry 

and sits on the boards of trustees for 10 other local and national Taft-Hartley pension funds, as well as other benefit 

funds, in the entertainment industry. The Employer Trustees also include a senior recording industry executive and 

film and television industry executive; two executives at major symphony orchestras; an executive at the oldest 

professional theater company in the country, which currently owns and runs 17 Broadway Theaters and six OffBroadway Theaters; and one retired executive from the film industry. 

The Trustees' expertise and experience in these fields are particularly essential in accounting for the unprecedented 

COVID-19 pandemic in projecting contribution income in the near-term. The Trustees' projections and their 

rationale are described below in the Section below titled "B. Historical Contribution Information and Projections." 

2. Overview of Musician Compensation, Plan Contribution Income and Industry-Specific COVID-19 

Projections 

Following is a description of musician compensation and Plan contribution income from the principal employer 

groups. 

Plan revenue is divided into three categories: (1) wage-based contributions, (2) non-benefit-bearing, non-wagebased contributions from electronic media sources, such as music-streaming (referred to herein as "Digital 

Revenue"), and (3) other income, such as withdrawal liability payments and, in the years after the Plan's 2010 

rehabilitation plan, employer surcharges (none were received in the fiscal year ending March 31, 2020 ("FYE" 

2020)). 

In general, wage-based contributions constitute income that is paid by employers based on a percentage of actual 

wages (or residuals) paid to musicians. The one significant exception is, as described in detail below, Broadway 

Theaters, which pay contributions based on a percentage of ticket revenue pursuant to a 1963 labor arbitration 

award involving most of the Broadway unions; these contributions are benefit-bearing like the wage-based 

contributions, and, in fact, are converted into wage-based contributions for purposes of benefit calculations. 

Report of Required Actuarial Information - Application for Proposed Benefit Suspensions 

American Federation of Musicians and Employers' Pension Fund 

AFMEPF0335 

19 

This wor1( product was prepared solely for the American Federation of Musicians and Employers' Pension Fund. Milliman does not intend to benefit and assumes no duty or liability 

to other parties who receive this wor1(. Milliman recommends that third parties be aided by their own actuary or other qualified professional when reviewing the Milliman wori( product. 
if ijjiii,fi,f Report of Required Actuarial Information Application for Proposed Benefit Suspensions 

Digital Revenue consists of contributions paid by employers based on employer revenue and is not benefit-bearing, 

meaning that individual musicians do not earn pension credit based on these contributions. Currently, the largest 

sources of these contributions, as described in detail below, are semi-annual payments from record companies 

from their world-wide music-streaming revenue and quarterly payments that are paid out of overall film and 

television musician residuals. (Not all revenue derived from digital income is non-benefit-bearing Digital Revenue. 

For instance, symphony orchestras that stream a live orchestra performance over the Internet pay residuals to 

musicians based on income from the stream, but since the residuals are paid to particular musicians, the 

contributions to the Plan based on the residuals are benefit-bearing and therefore considered wage-based 

contributions.) 

The Plan's wage-based revenue has grown over the last ten years, and, in particular, in the last six years after a 

decline following the 2008-09 Financial Crisis. As more fully explained below, the post-2008 drop was mostly a 

result of the dramatic contraction of symphony orchestra finances and performance schedules experienced in those 

years, as musicians' wages flattened or actually declined. Since then, orchestra performance schedules and wages 

have rebounded. 

Wage-based revenue has declined dramatically starting in March 2020 due to the COVID-19 pandemic. Certain 

industry segments have declined more than others. Using their knowledge of each of the industry segments 

discussed below, as well as information they have obtained from the American Federation of Musicians ("AFM") 

and Locals (collectively, "Union") and other sources, the Trustees have projected wage-based contribution income 

through FYE 2025 in light of the COVID-19 pandemic and other expected developments. Their projections are 

quantified in Section 8(2), below, titled "Wage-Based Revenue Growth Projections." 

Wage-based revenue derives from contributions that are principally paid by the following groups of employers, in 

the following approximate percentage of total FYE 2020 wage-based revenue: Symphony Orchestras 41 %, 

Broadway Theaters 19%, Freelance and Single-Engagements 20%, Television and Motion Picture entities 9%, 

Sound Recording employers 4%, Commercials/Jingles 2%, and, finally, the AFM, Locals, several musician funds 

described below, and Fund Staff, totaling 5%. 

(a) Symphony Orchestras 

Symphony orchestras, which contribute about 41 % of total Plan wage-based revenue, include large metropolitan 

and regional symphony orchestras, such as the largest, world-renowned American philharmonic orchestras, as well 

as smaller regional orchestras and smaller ensembles, like chamber orchestras. Orchestras generally contribute 

pursuant to individual employer CBAs for their live work and pursuant to national agreements for recording work, 

as follows. 

First, all symphony orchestras contribute a percentage of the wage as set forth in the CBA. The scale wage is either 

a weekly wage (for larger orchestras) or a per-performance wage (for smaller regional orchestras) and in some 

cases includes overscale, doubling, and overtime pay. 

Second, if an orchestra intends to record a performance for sale or license, it is also required to execute a separate 

recording CBA, typically the AFM's national Integrated Media Agreement ("IMA"). Pursuant to that CBA, musicians 

are paid in two ways. First, they are paid a flat amount based on the scale wage for the release of the recording 

(called the "upfront payment"). Second, they are paid a percentage of the orchestra's revenue from the sale or 

license of the recording after the orchestra recoups certain costs (called the "musician's revenue share"). The 

orchestra pays a contribution to the Plan on the upfront payment and a contribution to the Plan based on the 

musician's revenue share. When an orchestra records in a non-live setting, musicians are compensated pursuant 

to the CBA that applies to the end-use, such as the AFM's Sound Recording Labor Agreement ("SRLA") if the 

recording is going to be released, or the AFM's Television CBA if the recording is going to be used on a television 

show. The payment could be made by either the orchestra or the end-user (e.g., record company or television 

producer). 

Report of Required Actuarial Information - Application for Proposed Benefit Suspensions 

American Federation of Musicians and Employers' Pension Fund 

AFMEPF0336 

20 

This wor1( product was prepared solely for the American Federation of Musicians and Employers' Pension Fund. Milliman does not intend to benefit and assumes no duty or liability 

to other parties who receive this wor1(. Milliman recommends that third parties be aided by their own actuary or other qualified professional when reviewing the Milliman wori( product. 
if ijjiii,fi,f Report of Required Actuarial Information Application for Proposed Benefit Suspensions 

(b) Broadway Theaters 

Broadway Theaters, which contribute about 19% of total Plan wage-based revenue pursuant to the Broadway 

League and Disney Theatrical Productions CBA ("Broadway Theater CBA"), consist of more than 30 theaters in 

New York City, most of which in any given year employ musicians in their shows. Broadway Musicians are paid 

weekly scale wages for playing in the shows, plus they receive additional compensation for performing certain other 

duties, as set forth in the Broadway Theater CSA. Unlike other wage-based contributions, however, Broadway 

contributions are almost entirely based on ticket revenue, not a percentage of the musicians' wages. As explained 

below, however, the Plan considers the Broadway Theater contributions to be wage-based because musicians earn 

pension credit based on the contributions. 

Pursuant to a 1963 labor arbitration award issued by arbitrator Burton Turkus ("Turkus Award"), Broadway Theaters 

are required to remit a portion of their ticket revenue to an entity called the Tax Relief Fund. The Tax Relief Fund 

then allocates the ticket revenue to various New York City entertainment union benefit funds, including the Plan, 

based on predetermined allocation stipulated in the Turkus Award, depending on the number of musicians in the 

show. 

To calculate benefits for Broadway musicians, each quarter, the Plan combines the contributions it receives from 

the Tax Relief Fund on behalf of all of the Theaters and divides the combined total by the total of the negotiated 

wages paid to the musicians by the Theaters covered by the Broadway Theater CBA. That percentage is used as 

a proxy for the Theaters' contribution rate, varying quarterly depending on total ticket revenue from all Theaters and 

total wages paid by all Theaters. The Broadway Theater contribution rate derived from the Tax Relief Fund 

contributions has averaged about 22% for the past several years (excluding the recent interruption due to COVID19). To calculate the contributions attributable to each individual musician for purposes of the Plan's benefit accrual 

formula, the Plan multiplies the musician's actual reported wages by the Theaters' derived contribution rate. 

Broadway Theaters are required to contribute to the Plan based on an actual percentage of musicians' wages for 

the rehearsals and other work performed by the musicians prior to the show's opening and before a show generates 

ticket revenue subject to the Turkus Award. Once the show opens, if the Plan's portion of the ticket revenue under 

the Turkus Award exceeds the amount the Theater contributed before the show opened, that pre-show amount is 

refunded to the Theater. 

(c) Freelance and Single-Engagement 

Freelance and Single-Engagement employers contribute about 20% of total Plan wage-based revenue. They 

include a wide variety of employers, signed to thousands of CBAs, and include the following: freelance 

engagements, theaters, Disneyland, traveling theaters, and single engagements. Employers classified as 

freelance engagements include hotels and casinos. Theater employers include non-Broadway theaters in New 

York and around the country. Single-Engagement employers include private individuals and venues that engage 

musician(s) on a one-off basis for a single event, such as a wedding. These employers pay a scale wage to the 

musicians, generally per performance, although in some cases they pay a steady wage, and they contribute a 

percentage of that wage to the Plan. 

(d) Television and Movies 

Television and movie studio employers, which together contribute about 9% of total Plan wage-based revenue, 

consist of the country's major television networks, movie studios, and producers. They are generally bound, 

respectively, to the Basic Theatrical Motion Picture CBA ("Theatrical CBA"), the Basic Television Film CBA ("Basic 

TV CBA"), and the TelevisionN ideotape ("Live TV CBA") (collectively, "TV/Theatrical CBAs"). As described below, 

the Basic TV and Live TV CBAs cover different types of television shows. Employers bound to the TV/Theatrical 

CBAs are generally represented in bargaining by the Alliance of Motion Picture and Television Producers 

("AMPTP"), an employer trade group. The Live TV CBA is bargained by the television networks with the AFM. The 

networks are also members of the AMPTP and subject to the TV/Theatrical CBAs for certain television shows. 

Report of Required Actuarial Information - Application for Proposed Benefit Suspensions 

American Federation of Musicians and Employers' Pension Fund 

AFMEPF0337 

21 

This wor1( product was prepared solely for the American Federation of Musicians and Employers' Pension Fund. Milliman does not intend to benefit and assumes no duty or liability 

to other parties who receive this wor1(. Milliman recommends that third parties be aided by their own actuary or other qualified professional when reviewing the Milliman wori( product. 
if ijjiii,fi,f Report of Required Actuarial Information Application for Proposed Benefit Suspensions 

In general under these three CBAs, employers pay musicians based on a scale wage per recording session, along 

with other ancillary compensation spelled out in the CBA, and they contribute a percentage of those wages and 

other ancillary compensation to the Plan. In addition, these employers pay musicians residuals for certain revenue 

earned from the distribution of television and movies in secondary markets and otherwise, as set forth in the CBAs, 

as more fully explained below. 

Under the Theatrical CBA, which covers theatrical motion pictures, musicians are paid a session rate for performing 

on a recording used in a movie or for appearing in the movie, as well as other performance-based compensation. 

The musicians receive no additional compensation regardless of the movie's run in theaters, which is considered 

the primary market. When the movie is distributed on DVD, which is considered a secondary market, the movie 

producer pays a percentage of its revenue from that distribution to an entity called the Film Musicians Secondary 

Markets Fund ("Film Musicians Fund"). The Film Musicians Fund distributes its revenue to musicians (as well as 

other performers) for the residuals the musicians earned under the TV/Theatrical CBAs. Musicians are paid from 

the Film Musicians Fund based on a percentage share; for instance, a film musician is paid a share of a movie's 

residuals based on the proportion of his or her wages for performing in the movie compared to all wages paid to 

musicians on the movie. 

Similarly, under the Basic TV CBA, which covers scripted and episodic television shows, musicians are paid a 

session rate for performing on a recording used in a television show, as well as other performance-based 

compensation. As under the Theatrical CBA, if the employer uses the show in a secondary market (such as by 

releasing the show on DVD or on Netflix), the employer pays residuals to the Film Musicians Fund. 

Under the Live TV CBA, which covers live television shows, such as Saturday Night Live and other late-night talk 

shows, and variety shows, musicians are also paid a session fee and an additional payment for reruns. If the show 

is released in a secondary market, such as on DVD or subscription-based service, such as cable or Netflix, the 

employer pays residuals to the Live TelevisionN ideotape Supplemental Markets Fund ("Live TV Musicians Fund"). 

(Employers do not pay residuals to musicians on the revenue from airing shows on advertiser-supported mediums, 

like YouTube.) 

Although employers pay a designated contribution to the Plan based on the foregoing types of compensation paid 

directly to musicians, they do not pay any Plan contributions on residual payments that they pay to the Film 

Musicians Fund or the Live TV Musicians Fund. In April 2017, however, the parties to the TV/Theatrical CBAs 

bargained an additional quarterly contribution to the Plan, based on 1.5% of the contributions that the AMPTPrepresented employers pay to the Film Musicians Fund as musician residuals. This contribution is unallocated to 

any particular musicians and is therefore non-benefit bearing. 

(e) Sound Recordings (CDs or records) and Digital Music Streaming 

Contributions on sound recordings make up about 4% of total Plan's wage-based contribution revenue. The large 

companies include Sony Music, Universal Music Group, Warner Music Group, Hollywood Records, and certain 

affiliated labels (collectively, "Major Labels"), while the smaller record labels include Concord Records, Big Machine 

Records, Average Joe Records and Curb Records ("Major Independent Labels") and others, and also individual 

artists releasing recordings. They all contribute to the Plan pursuant to the SRLA. (Other employers, such as film 

and television studios and some orchestras, contribute pursuant to the terms of the SRLA if they release a musical 

recording.) 

Like other contributing employers, record companies have traditionally paid contributions to the Plan based on 

musicians' scale wages for musical work performed in the recordings. They are also required to pay musicians and 

contribute to the Plan for any "new use" of the recording, pursuant to the CBA applicable to the new use. For 

instance, if a record company licenses a recording for use in a movie, the record company is required to pay 

musicians and contribute to the Plan pursuant to the Theatrical CBA for the new use. 

The record companies have also traditionally contributed a percentage of revenue from record sales to two separate 

musician trust funds. One fund, the Sound Recording Special Payments Fund ("Sound Recording Fund"}, distributes 

annual payments to musicians. Pursuant to the SRLA, the record companies pay a percentage of various types of 

Report of Required Actuarial Information - Application for Proposed Benefit Suspensions 

American Federation of Musicians and Employers' Pension Fund 

AFMEPF0338 

22 

This wor1( product was prepared solely for the American Federation of Musicians and Employers' Pension Fund. Milliman does not intend to benefit and assumes no duty or liability 

to other parties who receive this wor1(. Milliman recommends that third parties be aided by their own actuary or other qualified professional when reviewing the Milliman wori( product. 
if ijjiii,fi,f Report of Required Actuarial Information Application for Proposed Benefit Suspensions 

revenue to the Sound Recording Fund. By way of example, under the SRLA, the record companies pay 0.52% of 

the manufacturer's suggested retail price for each record sold, if the price exceeds $3.79 up to $8.98. Each year, 

the Sound Recording Fund distributes its revenue to musicians according to a formula based on each musician's 

total reported scale wages over the five years before the year of the distribution. Each musician's payment is a 

fraction of the net revenue proportional to the musician's reported scale wages over the total scale wages reported 

for all musicians who participate in the Sound Recording Fund. (In other words, a musician's share is not tied to the 

revenue generated by the specific album on which the musician performed.) No Plan contributions are paid on 

these record company contributions to the Sound Recording Fund. 

The other fund that receives contributions from the record companies from sales revenue is the Music Performance 

Trust Fund ("MPTF"), which funds live performances through grants to musicians and employers. No Plan 

contributions are paid on contributions to the MPTF; however some employers receiving a grant from the MPTF for 

a musical performance may opt, pursuant to the terms of a CBA, Local scale sheet, or participation agreement, to 

pay pension contributions on the musicians' wages paid with the grant money. 

In addition to paying royalties to royalty artist musicians on the sales for physical products (e.g., records and CDs), 

starting in the 1990s, the Major Labels have also paid royalties to musicians based on revenue they earn as a result 

of the Digital Performance Right in Sound Recordings Act of 1995 ("Copyright Act"). This revenue was principally 

earned by the record companies and other companies from non-interactive streaming services, e.g., Sirius XM 

Radio. The Copyright Act sets forth the royalty amounts due to musicians and other performers. The non-interactive 

streaming service, which could be either a Major Label or another entity, like Sirius, pay the royalties to musicians 

through an entity called SoundExchange, which distributes the royalties to various types of performers. 

SoundExchange in turn pays the income due to non-featured musicians (and some other performers) to a fund 

called the AFM & SAG-AFTRA Intellectual Property Rights Distribution Fund ("IPRDF"). The Major Labels do not 

pay Plan contributions on these amounts. 

In anticipation of the 1994 Copyright Act, the Major Labels and the AFM entered into an agreement in 1994 ("1994 

MOA") requiring the Major Labels to pay 0.5% of digital music sales revenue to the AFM or its designee. Starting in 

2011 , the AFM directed this bargained money to the Plan as non-benefit bearing contributions, although at that time 

it was a relatively small amount. 

Starting with the 2006-15 SRLA (which was extended through 2017), the Major Labels agreed to increase payment 

on certain digital music sales revenue. Specifically, they began to pay 0.55% of the wholesale price of permanent 

music downloads and 0.55% of the wholesale price of non-permanent music downloads (downloads that are tied 

to a subscription) to the Plan. 

Under the 2017-2020 SRLA, the bargaining parties negotiated digital revenue payments to replace the 1994 MOA, 

and the record companies agreed to pay 0.36% of global streaming revenue to the Sound Recording Fund, the 

MPTF, and the Plan ("Musician Recording Funds"), but in no event less than 0.5% or no more than 0.55% of the 

United States streaming revenue. The parties established a set amount of money each year that would be paid 

from this allocation to the Plan. The total allocated to the Plan was $5 million, $5.5 million, and $6 million for calendar 

years 2017, 2018, and 2019, respectively. Like the 1.5% percent payment from the Film Musicians Fund, described 

above, this streaming payment is not allocated to particular musicians and is therefore non-benefit bearing. Each 

Major Label is obligated to pay its specified share of that amount to the Plan. Anything the Major Labels are required 

to pay (out of the 0.36% of global revenue) in excess of the dedicated amount for the Plan is paid to the Sound 

Recording Fund and MPTF. The parties are currently finalizing the successor to the 2017-2020 SRLA, and $6 

million will be allocated to the Plan for calendar year 2020 under the current SRLA. 

(f) Commercials/Jingles 

Employers that contribute for commercials, which make up about 2% of total Plan wage-based revenue, consist of 

advertisers and advertising agencies. They are bound to the Commercial Announcements Agreement, which is 

bargained by the AFM and the Joint Policy Committee. The employers contribute to the Plan based on total 

compensation paid to musicians. Musicians are compensated under this CBA for various activities, including a perReport of Required Actuarial Information - Application for Proposed Benefit Suspensions 

American Federation of Musicians and Employers' Pension Fund 

AFMEPF0339 

23 

This wor1( product was prepared solely for the American Federation of Musicians and Employers' Pension Fund. Milliman does not intend to benefit and assumes no duty or liability 

to other parties who receive this wor1(. Milliman recommends that third parties be aided by their own actuary or other qualified professional when reviewing the Milliman wori( product. 
if ijjiii,fi,f Report of Required Actuarial Information Application for Proposed Benefit Suspensions 

session amount and also for use of the commercial beyond a certain time or geographic limit; re-use of the 

commercial in a new medium; dubbing (where previously recorded music is re-used to create another commercial 

for broadcast in the same medium as the original commercial); conversions (where previously recorded music is 

re-used to create another commercial for broadcast in a different medium than the original commercial); new use 

of music recorded for a commercial (e.g., if it is used in a movie); for appearing on camera in the commercial; and 

for certain other tasks (e.g., cartage, doubling). 

(g) Unions, Plan, and other Musician Funds 

The AFM, most AFM Locals, and the other funds, including the Sound Recording Fund, MPTF, the IPRDF, and 

Film Musicians Fund (as well as the Plan itself) contribute about 5% of total Plan wage-based revenue pursuant 

to individual employer participation agreements based on their employees' wages. 

3. Application Assumptions Based on Total Revenue, not CBUs 

As more fully explained below, the Plan's contribution assumption for this application is based on projected future 

contributions, not just CBUs, which have traditionally been measured as reported covered wages. This is because, 

as described above, a substantial and growing portion of Plan revenue is not wage-based. Limiting the projected 

contributions to only those based on reported wages would substantially undercount the Plan's projected future 

total revenue. 

Contributions to the Plan are bargained by the AFM or its Locals and are generally based on a percentage of the 

wages employers are required to pay the musicians covered under the CBAs and Participation Agreements. 

Pension benefits are calculated based on the contributions that employers report as due to the Plan for each 

participant. As such, reported wages have traditionally been the basis for the Plan's CBUs for purposes of 

calculating withdrawal liability. 

The Trustees have concluded, however, that the correct historical measure of revenue growth is total contributions 

as opposed to reported wages because a substantial and increasing portion of the Plan's revenue derives from 

non-wage-based sources. 

For example, as explained above, contributions due from Broadway Theaters, currently accounting for about 19% 

of total Plan wage-based revenue, are based on a percentage of ticket sales, not wages, and therefore would not 

be reflected in an assumption based on reported wages alone. In addition, as also explained above, over 10% of 

the Plan's revenue is currently from contributions based on employers' revenue from digital sales, principally music 

streaming. Another substantial portion is based on the contributions on the residuals paid to the Film Musicians 

Fund, not reported wages. (The revenue from music streaming and Film Musicians Fund residuals is non-benefit 

bearing, while the Broadway Theater revenue is converted to pension credit for the individual musicians.) 

For these reasons, the Trustees have concluded that basing assumptions about the Plan's future revenue on 

reported wages would not provide a realistic picture of expected future revenue, and would significantly understate 

future revenue. Accordingly, the rationale below is based on actual historical and projected contributions as opposed 

to reported wages alone. 

B. Historical Contribution Information and Projections 

1. Historical Summary 

• Wage-based contributions of $67,078,889 for fiscal year ending March 31, 2020 ("FYE"). 

o Ten-year historical average change: 1.6% 

o Six-year historical average change: 2.2% 

o Six-year historical average adjustment to reflect impact of COVID-19 on FYE 2020 (as 

described below): 2.6% 

Report of Required Actuarial Information - Application for Proposed Benefit Suspensions 

American Federation of Musicians and Employers' Pension Fund 

AFMEPF0340 

24 

This wor1( product was prepared solely for the American Federation of Musicians and Employers' Pension Fund. Milliman does not intend to benefit and assumes no duty or liability 

to other parties who receive this wor1(. Milliman recommends that third parties be aided by their own actuary or other qualified professional when reviewing the Milliman wori( product. 
if ijjiii,fi,f Report of Required Actuarial Information Application for Proposed Benefit Suspensions 

• Non-benefit-bearing, non-wage-based contributions of $7,897,443 FYE 2020. 

o Ten-year historical average change: Not shown because the Plan did not receive sufficient 

income to make longer-term averages meaningful. 

o Six-year historical average change: 20.6% 

• Other income, principally withdrawal liability of $97,348 FYE 2020. 

• Total income of $75,073,680. 

o Ten-year historical average: 3.9%. 

o Six-year historical average change: 3.5% 

The Plan has experienced strong growth in contributions for at least the last ten years, and particularly over the 

last six years, until the COVID-19 pandemic forced large parts of the industry to close in March 2020, shortly 

before the end of the Plan's fiscal year. The six-year average of yearly contribution increases is 3.5%, and the 

ten-year average is 3.9%. 

As noted below as well, the Trustees have concluded that the six-year average is more appropriate than the 10-

year average to project future contributions. The six-year average excludes the depressed years following the 

2008-09 Financial Crisis as well as one year immediately following the Crisis, which experienced an anomalous 

increase coming out of the trough. The ten-year average also would include several years with no income from 

non-traditional sources, principally digital streaming revenue, which, as described below, the Trustees are 

projecting to continue to increase. Accordingly, the Trustees' projections rely on six-year averages, and they are 

providing the 10-year averages for informational purposes only. 

The following chart shows the Plan's total annual revenue for both wage and non-wage-based contributions and 

yearly percentage increases, as well as six- and ten-year average increases: 

FYE Total Plan Revenue ($M) Yearly % Increase/Decrease 

2010 $51.41 

2011 $51.97 

2012 $55.77 

2013 $57.86 

2014 $61.18 

2015 $61.97 

2016 $63.80 

2017 $67.66 

2018 $68.72 

2019 $76.63 

2020 $75.07 

Six-year average 3.5% 

Ten-year average 3.9% 

Report of Required Actuarial Information - Application for Proposed Benefit Suspensions 

American Federation of Musicians and Employers' Pension Fund 

n/a 

1.1% 

7.3% 

3.8% 

5.7% 

1.3% 

3.0% 

6.0% 

1.6% 

11.5% 

-2.0% 

AFMEPF0341 

25 

This wor1( product was prepared solely for the American Federation of Musicians and Employers' Pension Fund. Milliman does not intend to benefit and assumes no duty or liability 

to other parties who receive this wofl(. Milliman recommends that third parties be aided by their own actuary or other qualified professional when reviewing the Milliman wori( product. 
if ijjiii,fi,f Report of Required Actuarial Information Application for Proposed Benefit Suspensions 

2. Wage-Based Revenue Growth Projections 

The Trustees have undertaken an extensive evaluation of the wage-based contributions in the short and long terms, 

including the impact of the COVID-19 pandemic, and in light of past contribution trends, to develop the contribution 

projections described below. 

(a) Long-term, wage-based contribution assumption 

The Trustees are projecting wage-based contributions will grow at the annual rate of 2.6%, which is the same rate 

of growth over the past six years, after an adjustment for depressed income at the end of FYE 2020 due to COVID19, as described below. 

The wage-based growth rate is based on six-year average rather than ten, because the six-year average excludes 

declines and stagnation stemming from the 2008-2009 Financial Crisis through FYE 2011 and one year of 

substantial increase coming out of the trough of the Financial Crisis. The Trustees believe that the excluded years 

are anomalous and do not reflect a reasonable basis for projections of future experience. 

The decline after the Financial Crisis was caused largely by retraction in some parts of the music industry, most 

notably, orchestras that make up about 40% of the Plan's contribution base. Some larger orchestras withdrew from 

the Plan and incurred substantial withdrawal liability. Other large metropolitan orchestras such as those in Atlanta, 

Nashville, Jacksonville, Pittsburgh, Utah, and St. Paul negotiated significant wage rate reductions ranging from 5% 

to 20%, as well as decreases in total work. The Trustees do not anticipate such reductions as a result of the 

pandemic, except to the extent they are already reflected in their projections set forth below. With respect to 

orchestras in particular, in developing the contribution projections, the Trustees took into account their expectations 

regarding the industry as a whole, including the impact of the pandemic on overall work and wages and the return 

to work after it eases. In general, the Trustees do not anticipate substantial growth in revenue from orchestras, and 

expect substantially depressed short-term contribution amounts due principally to a decline in work, which is 

reflected in the short-term projections set forth below. The Trustees are aware of media reports of the possibility of 

concessionary bargaining, and have accounted for this possibility at some orchestras within their overall orchestra 

contribution projections, as set forth below. They expect overall wage-growth after the pandemic to return to longterm levels. 

The Trustees adjusted the FYE 2020 contributions for the purpose of determining the six-year average. Specifically, 

the Trustees substituted the wage-based contributions in March 2019 for the wage-based contributions in March 

2020. The reason for this adjustment is that the wage-based contributions in March 2020 were suppressed due to 

COVID-19 in two ways. First, the shutdowns starting in March suppressed the last month of the Fund's FYE 2020 

amount of work performed. Second, contributions for work even before the shutdowns have been slower to arrive, 

and the Fund expects a larger than usual adjustment to the reported numbers once all FYE 2020 contributions are 

received. Because the long-term projections are meant to be based on pre-COVID-19 income, the Trustees 

concluded that this adjustment to the six-year average was appropriate. As described in section (b) below, 

adjustments are made to reflect the impact of COVID-19. 

The chart below reflects the steady and substantial decline in wage-based contributions in the years immediately 

following the Financial Crisis and the generally steady increase since then. The chart also shows the six- and tenyear average increases over that period. 

FYE Wage-Based Contributions ($M) Yearly % Increase/Decrease 

2010 $51.41 

2011 $51.77 

2012 $55.64 

2013 $53.92 

2014 $57.10 

2015 $59.07 

Report of Required Actuarial Information - Application for Proposed Benefit Suspensions 

American Federation of Musicians and Employers' Pension Fund 

n/a 

-1.8% 

2.5% 

-3.1 % 

5.9% 

3.5% 

AFMEPF0342 

26 

This wor1( product was prepared solely for the American Federation of Musicians and Employers' Pension Fund. Milliman does not intend to benefit and assumes no duty or liability 

to other parties who receive this wor1(. Milliman recommends that third parties be aided by their own actuary or other qualified professional when reviewing the Milliman wori( product. 
if ijjiii,fi,f Report of Required Actuarial Information Application for Proposed Benefit Suspensions 

FYE Wage-Based Contributions ($M) Yearly % Increase/Decrease 

2016 $60.10 1.7% 

2017 $60.34 0.4% 

2018 $61.37 1.7% 

2019 $65.69 6.4% 

2020 $68.69 * 2.0% 

Six-year average 2.6% 

Ten-year average 1.9% 

*Actual income totaled $67.0BM plus the $1. 61 M adjustment described above. 

Note regarding income from the 2010 rehabilitation plan and 2018 update: 

The 2010 rehabilitation plan and 2018 update required increases to the rates of contribution, which increased the 

total wage-based contributions in both FYE 2011 and 2012 and 2019 and 2020, respectively. The yearly percentage 

increases shown in the table above have been adjusted to remove the impact of these rate increases because it is 

assumed that they are not recurring events. Specifically, there were additional contributions of $1.28 million and 

$3.89 million in fiscal years 2011 and 2012, respectively, due to the 2010 rehabilitation plan. The -1.8% yearly 

percentage change for fiscal year 2011 equals (($51.77 -$1.28)/$51.41)-1, and the 2.5% yearly percentage 

increase for FYE 2012 equals (($55.64 - $3.89)/($51. 77 - $1.28))-1. There were additional contributions of $0.37 

million and $2.07 million in fiscal years 2019 and 2020, respectively, due to the 2018 update. The yearly percentage 

increases shown in the table above have been adjusted to remove this impact made for the 2018 updated 

rehabilitation plan The 6.4% yearly percentage change for fiscal year 2019 equals [($65.69 - $0.37)/$61 .37)-1 , and 

the 2.0% yearly percentage increase for FYE 2020 equals [($68.69 - $2.07)/($65.69 - $0.37))-1. 

(b) Impact of COVID-19 

Following the development of the long-term assumptions set forth in (a) above, the Trustees adjusted for the short 

term impact of COVID-19. The Trustees have concluded that contribution income will decline dramatically in the 

current fiscal year (FYE 2021) and will build thereafter through FYE 2025. The following chart shows the Trustees' 

expectations in wage-based contributions for FYE 2021 to 2025. 

FYE Projected Wage-Based Revenue ($M) 

2021 $23.8 

2022 $43.4 

2023 $72.4 

2024 $80.1 

2025 $82.4 

These projections are based on an individualized analysis of each of the various industry segments, and take 

account of all information available to the Trustees, which is summarized as follows. In each case, the Trustees 

began with the current decline in the industry segment, determined the date in which the segment is reasonably 

expected to begin to recover and established an expected timeline over which that the recovery would occur, 

typically on a graduated basis. 

Symphony Orchestras have mostly shut down their live performances since the start of the pandemic, although 

certain electronic work has continued. The majority of the 52 major symphony orchestras (whose musicians 

comprise the Union-affiliated International Conference of Symphony and Orchestra Musicians ("ICSOM")) were 

shut down, but they continued to pay wages and make contributions to the Plan under agreements negotiated with 

the Union even after the shutdown. Some of the smaller regional orchestras (whose musicians comprise the 

Regional Orchestras Players Association, or "ROPA") continued wages and contributions as well, although 

generally to a lesser extent. It is expected that orchestras will gradually reopen over the period through FYE 2025. 

Report of Required Actuarial Information - Application for Proposed Benefit Suspensions 

American Federation of Musicians and Employers' Pension Fund 

AFMEPF0343 

27 

This wor1( product was prepared solely for the American Federation of Musicians and Employers' Pension Fund. Milliman does not intend to benefit and assumes no duty or liability 

to other parties who receive this wor1(. Milliman recommends that third parties be aided by their own actuary or other qualified professional when reviewing the Milliman wori( product. 
if ijjiii,fi,f Report of Required Actuarial Information Application for Proposed Benefit Suspensions 

With respect to Broadway, theaters have shut down since the start of the pandemic and are currently scheduled to 

be shut down through May 30, 2021. It is expected that ticket sales will gradually increase after that. 

With respect to Freelance and Single Engagements, these did not cease entirely since the pandemic began, 

although contributions did decline more dramatically in that segment of the industry. It is expected that the recovery 

will be slower than with orchestras and Broadway, particularly given the uncertainty and variability of that work in 

normal times. 

Wage-based contributions that rely on non-live performances (e.g., Sound Recording, Television and Film, and 

Jingles) have declined less during the pandemic and are expected to rebound more quickly than orchestras, 

Broadway, and Single Engagements. The Union accommodated many of these employers by adjusting certain 

interpretations governing remote recording sessions, which had already become more prevalent even before the 

current pandemic, given that many musicians now have high-end recording technology in their homes. More 

recently, many studios have reopened with safety guidelines, and have been very busy. 

Finally, with respect to contributions from the Union and other musician funds that contribute to the Plan, some 

Locals furloughed or laid off some employees during the pandemic; however, the Trustees are not aware of any 

Local completely closing its doors or reducing its payroll to zero. Neither the AFM's national offices, the Plan Office, 

nor the three other non-collectively bargained musician funds that contribute to the Plan have furloughed or reduced 

their staff. 

Based on the aggregation of the expectations for each industry segment, overall wage-based work levels are 

expected to reach 98% of pre-pandemic levels in FYE 2025 and continue at that level throughout the projection 

period. 

3. Digital Revenue Growth 

As discussed in more detail above, Digital Revenue is Plan revenue that is not based on wages paid to musicians 

and does not generate any benefit accruals, meaning that no musicians earn pension credit from this revenue 

component. It includes SRLA streaming revenue ($5.97 million for the fiscal year ending March 31 , 2020, under the 

current SRLA); the 1.5% contribution from the Film Musicians Fund, described above ($1.93 million in FYE 2020), 

and other negligible revenue. 

Digital Revenue first became a source of contributions in FYE 2013, and it has grown dramatically over the last 

six years. The six-year average of yearly Digital Revenue growth is 20.6%. The following chart shows total Digital 

Revenue from these three sources in each of the last eight years, as well as the yearly percentage increases over 

that period, Digital Revenue as a percentage of total Plan revenue, and the six-year average increase (reported 

for consistency with the wage-based income reporting). 

FYE Digital Revenue ($M) Yearly% Increase % of Total Revenue 

2013 $2.05 n/a 3.6% 

2014 $2.57 25.1% 4.2 

2015 $2.15 -16.4% 3.5 

2016 $2.86 33.1% 4.5 

2017 $6.64 132.1% 9.8 

2018 $6.84 3.0% 10.0 

2019 $7.49 9.6% 9.8 

2020 $7.90 5.4% 10.5 

Six-year average 20.6% 

Growth in Digital Revenue is driven by the bargaining parties' agreement on significant contributions from these 

new sources, as well as from overall significant industry growth, detailed below. The Trustees have concluded that 

they would be significantly understating contribution projections if they did not account for this significant revenue 

source that they have concluded, based on their knowledge and experience in the various segments of the music 

Report of Required Actuarial Information - Application for Proposed Benefit Suspensions 

American Federation of Musicians and Employers' Pension Fund 

AFMEPF0344 

28 

This wor1( product was prepared solely for the American Federation of Musicians and Employers' Pension Fund. Milliman does not intend to benefit and assumes no duty or liability 

to other parties who receive this wor1(. Milliman recommends that third parties be aided by their own actuary or other qualified professional when reviewing the Milliman wori( product. 
if ijjiii,fi,f Report of Required Actuarial Information Application for Proposed Benefit Suspensions 

industry, will continue to grow in the future, albeit not at the highest rates of yearly growth reflected in the chart 

above. 

(a) SRLA Streaming Revenue 

As explained in detail below, the Trustees have projected SRLA Streaming Revenue based on past revenue 

reported by various sources and expectations about collective bargaining. 

As detailed above, under the current SRLA, between 0.5% and 0.55% of the record companies' domestic streaming 

revenue ("Musician Recording Funds' Streaming Payment") is distributed to the Musician Recording Funds (which 

are the Plan, the Sound Recording Fund, and the MPTF). The Fund is referred to in this section of the application 

as the "Plan" to distinguish from other musician funds that are discussed below. Pursuant to the current SRLA, the 

Plan receives a specific amount of this overall contribution to the Musician Recording Funds. For the 2017 calendar 

year, the first year of the current SRLA, that amount was $5 million. It increased by $500,000 each calendar year 

for a total of $6 million in 2019, the final year of the current SRLA. The other two Musician Recording Funds, the 

Sound Recording Fund and the MPTF, split the balance of the 0.5-0.55% Musician Recording Funds' Streaming 

Payment. 

With the rapid growth in streaming, even though the Musicians Recording Funds' contributions resulting from 

domestic streaming revenue have increased, the Plan's share of the total revenue paid to the Musician Recording 

Funds has declined every year - from $5 million out of $7.7 million (65%) in 2017 to $6 million out of $13.0 million 

(46%) in 2019 - because the SRLA spelled out a specific dollar allocation. 

The current SRLA expired on January 31, 2020. Negotiations have taken place this year, although they were 

substantially delayed by the pandemic, and, until the new agreement is finalized, the $6 million contribution to the 

Plan will remain in place, plus approximately $500,000 additional income from contributions due on low-budget 

licensing and other sources in the SRLA. In the next SRLA, it is expected that the parties will increase the Plan's 

allocation of the record companies' domestic streaming revenue to be at least equal to one-half ( or an approximation 

of one-half) of the total payable to the three Musician Recording Funds. Accordingly, they expect the Plan's 

streaming revenue to increase at a rate similar to the rate of growth in the record companies' overall streaming 

revenue. 

This expectation about the one-half allocation does not depend on the employers' agreement to additional overall 

payments on behalf of musicians, but only on a different allocation among the three Musician Recording Funds of 

the record company payments they already make. The Trustees are aware, however, that the Union has stated its 

priority to bargain additional contributions from the record companies from streaming revenue, in particular because 

the other national entertainment union that has traditionally received an equal share of streaming revenue as the 

AFM's share recently bargained additional contributions from the record companies. 

In addition, the Union anticipates additional streaming revenue from Major Independent Labels at some point in the 

near future. These entities are also bound to the SRLA, but have not yet begun contributing to the Fund for 

streaming income. Given the Union's recent history of bargaining significant additional Digital Revenue to the Plan, 

specifically in the form of the streaming payment and the 1.5% contribution from the Film Musicians Fund, the 

Trustees believe that this additional income is possible. In addition, the bargaining parties have recently completed 

negotiations of the Basic TV CBA, which includes new unallocated digital revenue for the Fund based on revenue 

from digital television channels. The projections in this application do not incorporate increased streaming revenue 

from the Major Independent Labels because they have not yet been bargained and the Union may not be successful 

in negotiating them, and does not include additional revenue from other sources, such as under the Basic TV CBA, 

as the amount of the revenue is currently uncertain and in any event is expected not to be material relative to the 

projections in this Application. 

Report of Required Actuarial Information - Application for Proposed Benefit Suspensions 

American Federation of Musicians and Employers' Pension Fund 

AFMEPF0345 

29 

This wor1( product was prepared solely for the American Federation of Musicians and Employers' Pension Fund. Milliman does not intend to benefit and assumes no duty or liability 

to other parties who receive this wor1(. Milliman recommends that third parties be aided by their own actuary or other qualified professional when reviewing the Milliman wori( product. 
if ijjiii,fi,f Report of Required Actuarial Information Application for Proposed Benefit Suspensions 

Following is a chart of U.S. paid subscription streaming revenue over the last seven years as reported by the 

Recording Industry Association of America ("RIAA") available at https://www.riaa.com/reports/, showing yearly 

percent increases. 

CY Revenue ($B) Yearly % Change 

2013 $0.64 n/a 

2014 $0.80 25.0% 

2015 $1 .16 45.0% 

2016 $2.26 94.8% 

2017 $3.50 54.9% 

2018 $4.66 33.1% 

2019 $5.93 27.3%* 

*Income for the first half of 2020 totaled $3.35 billion according to the RIAA's half-year report. This application does 

not project 2020 income based on the first half-year's income, because the Trustees believe it would not be 

reasonable to do so for a long-term projection given the likely volatility (positive or negative) in the second half of 

2020 caused by COVID-19. 

The six-year average increase in this streaming income is 45%, although the rate of annual increases has declined 

in recent years. 

Although the actual amount of the Musician Recording Funds' Streaming Payment (from which the Plan receives 

its allocated streaming payment, which is paid semiannually in August, for the first six months of the calendar year, 

and February of the following year, for the second six months of the calendar year) is not directly correlated to the 

total dollars reported by the RIAA (since the amount attributable to the Musician Recording Funds is net of certain 

items), the yearly percent changes in total U.S. streaming revenue does provide an approximation of the likely 

yearly percent changes in the Musician Recording Fund's Streaming Payment (and therefore of the Plan's 

streaming payment), since it is a percentage of the total streaming revenue. 

The Trustees were also able to obtain the last three calendar years' audited total Musician Recording Funds' 

Streaming Payment. This income also serves as an approximation of future Plan Streaming Revenue. The Musician 

Recording Funds have received the following amounts as streaming revenue since 2017, when the SRLA first 

required payments on global streaming, with the yearly percentage increases shown as well, as reported by the 

Sound Recording Fund: 

CY Revenue ($M) Yearly % Change 

2017 $7.70 

2018 $10.60 37.7% 

2019 $13.00 22.6%* 

*As with respect to the RIAA 's income, this application does not project 2020 income based on first half-year's 

income from the Musician Recording Funds' Streaming Payment because the Trustees believe it would not be 

reasonable to do so for a long-term projection given the likely volatility (positive or negative) in the second half of 

2020 caused by COVID-19. 

The Trustees are aware of various projections of the impact of COVID-19 on music streaming, some of which predict 

increased consumption due to a decline in spending on other forms of entertainment and a decline in outside 

activities, and others of which predict decreased consumption due to overall reductions in spending and reductions 

in traveling, when a portion of music streaming takes place. Overall, the Trustees have concluded that streaming 

income projections should not include any adjustments due to the impact of COVID-19. 

Accordingly, taking into account the industry trends as reported by the RIAA, the three years of Musician Recording 

Funds' Streaming Payments shown above, and the Trustees' knowledge of the industry, the Trustees are projecting 

that the Plan's Streaming Revenue will increase 27% for FYE 2022 and increase thereafter in steadily declining 

rates to 3% for FYE 2031 and later. Following is a chart reflecting the projected growth in the Streaming Payments: 

Report of Required Actuarial Information - Application for Proposed Benefit Suspensions 

American Federation of Musicians and Employers' Pension Fund 

AFMEPF0346 

30 

This wor1( product was prepared solely for the American Federation of Musicians and Employers' Pension Fund. Milliman does not intend to benefit and assumes no duty or liability 

to other parties who receive this wor1(. Milliman recommends that third parties be aided by their own actuary or other qualified professional when reviewing the Milliman wori( product. 
if ijjiii,fi,f Report of Required Actuarial Information Application for Proposed Benefit Suspensions 

FYE Yearly % Change in Plan Streaming Revenue 

2021 $6,500,000 

2022 27% 

2023 20 

2024 16 

2025 12 

2026 10 

2027 8 

2028 6 

2029 5 

2030 4 

2031 and later 3 

(b) Film Musicians Fund Contribution 

As described above, another substantial portion of Digital Revenue derives from contributions based on residuals 

the AMPTP-represented employers pay to the Film Musicians Fund under the Theatrical/TV CBAs. The residuals 

paid to the Film Musicians Fund are not all revenue derived from digital sources (e.g., movie streaming), but are 

defined as "Digital Revenue" in this application for ease of reference. As noted above, "Digital Revenue" is defined 

as non-wage-based, non-benefit bearing contributions the Plan receives from employers based on the employers' 

revenue, as opposed to employer contributions based on the compensation paid to musicians. In April 2017, the 

AMPTP employers bound to the Theatrical/TV CBAs agreed to a quarterly contribution to the Plan out of their Film 

Musicians Fund payment, based on 1.5% of the residuals they pay to the Film Musicians Fund. Following is a chart 

showing the total residuals paid to the Film Musicians Fund over the last ten years and the yearly percentage 

changes. 

FYE* Revenue ($M) Yearly% Change 

2010 $76,729,530 n/a 

2011 $79,994,652 4.3% 

2012 $83,658,715 4.6% 

2013 $89,282,701 6.7% 

2014 $86,563,640 -3.0% 

2015 $92,641,562 7.0% 

2016 $93,469,013 0. 9% 

2017 $98,470,444 5.4% 

2018 $106,995,1 12 8.7% 

2019 $11 5,701,916 8.1%** 

* This FYE refers to the Film Musicians Fund fiscal year, not the Plan's. 

** Fiscal year ending 2020 audited financial information was not yet available at the time this application was 

prepared. 

The nine-year average increases in this residual income is 4.7% and the six-year average is 4.4%, and the average 

has been increasing more recently. 

As with Streaming Revenue, described above, the Trustees have concluded that Plan income projections from the 

Film Musicians Fund should not be adjusted in light of COVID-19. Accordingly, the Trustees have concluded that 

residual income and, the Plan's 1.5% allocation of that residual income, will grow at 5% for FYE 2021 and gradually 

decline to 3% for FYE 2027 and later. Following is a chart reflecting the projected growth in the musician residuals. 

Report of Required Actuarial Information - Application for Proposed Benefit Suspensions 

American Federation of Musicians and Employers' Pension Fund 

AFMEPF0347 

31 

This wor1( product was prepared solely for the American Federation of Musicians and Employers' Pension Fund. Milliman does not intend to benefit and assumes no duty or liability 

to other parties who receive this wor1(. Milliman recommends that third parties be aided by their own actuary or other qualified professional when reviewing the Milliman wori( product. 
if ijjiii,fi,f Report of Required Actuarial Information Application for Proposed Benefit Suspensions 

FYE Yearly% Change in Film Musicians Fund Contributions 

2021 5% 

2022 5% 

2023 5% 

2024 5% 

2025 4% 

2026 4% 

2027 and later 3% 

(c) Other Digital Revenue 

The total Digital Revenue from sources other than SRLA streaming and the Film Musicians Fund contribution was 

about $29,868 in FYE 2020. This revenue came from so-called non-tethered downloads (on-line digital music 

purchases), non-traditional licensing (e.g., musical greeting cards), and other miscellaneous sources. The Trustees 

are not projecting any growth in this category of Digital Revenue because it is inconsequential. 

4. Other Revenue Growth 

The Trustees have concluded that other sources of revenue will remain stable but not grow and have assumed zero 

additional contributions. These other sources principally include both lump-sum and periodic withdrawal liability 

payments. These amounts make up a relatively small percentage of Plan revenue and vary sharply year to year, 

especially with a pension plan that is subject to the entertainment industry exception to withdrawal liability, which 

makes such projections difficult. The following chart shows both the one-time payments and the recurring withdrawal 

liability payments over the last ten years. 

FYE One-Time Payments ($M) Recurring Withdrawal Liability Payments ($M) 

2011 $0.20 n/a 

2012 $0.13 n/a 

2013 $1.80 $0.09 

2014 $1.41 $0.10 

2015 $0.68 $0.06 

2016 $0.77 $0.07 

2017 $0.61 $0.07 

2018 $0.09 $0.43 

2019 $3.19 $0.26 

2020 $0.00 $0.10 

Future other income assumes currently withdrawn employers continue to make scheduled quarterly withdrawal 

liability payments. Projected other income is set forth in the table below. 

FYE Other Income ($M) 

2021 $0.22 

2022 $0.18 

2023-2032 $0.11 

2033 $0.09 

2034 $0.07 

2035-2036 $0.05 

2037 $0.02 

2038-2040 $0.01 

2041 and later $0.00 

In addition, the Plan received a one-time payment of $18.3 million during the fiscal year ending March 31, 2021 as 

part of a court-ordered settlement agreement. 

Report of Required Actuarial Information - Application for Proposed Benefit Suspensions 

American Federation of Musicians and Employers' Pension Fund 

AFMEPF0348 

32 

This wor1( product was prepared solely for the American Federation of Musicians and Employers' Pension Fund. Milliman does not intend to benefit and assumes no duty or liability 

to other parties who receive this wor1(. Milliman recommends that third parties be aided by their own actuary or other qualified professional when reviewing the Milliman wori( product. 
if ijjiii,fi,f Report of Required Actuarial Information Application for Proposed Benefit Suspensions 

5. Contribution Rate Assumption 

Finally, the Trustees are assuming no overall changes in the employer contribution rate except as required in the 

June 2018 update to the rehabilitation plan, which requires a 10% increase in the rate of contribution in all successor 

CBAs. The projected contributions assume the CBAs are renewed over the next three fiscal years. (These 

contributions required under the June 2018 updated rehabilitation plan are non-benefit bearing.) 

The Plan requires that wage-based contributions equal between 4% and 15% of covered wages and pursuant to 

the rehabilitation plan and other rules adopted by the Plan, employers are not permitted to reduce their contribution 

rate or effective contribution rate. 

The following chart shows wage-based contributions as a percentage of total reported wages over the past eleven 

years. 

Wage-based Wage-based Contributions as 

FYE Contributions ($M) Reported Wages ($M) 

2010 $51.41 $542.77 

2011 $51.77 $523.79 

2012 $55.64 $520.48 

2013 $53.92 $508.58 

2014 $57.10 $51 1.24 

2015 $59.07 $524.78 

2016 $60.10 $548.65 

2017 $60.34 $550.39 

2018 $61.37 $557.54 

2019 $65.69 $573.25 

2020 $67.08 $585.41* 

*Estimated 

Report of Required Actuarial Information - Application for Proposed Benefit Suspensions 

American Federation of Musicians and Employers' Pension Fund 

% of Reported Wages 

9.5% 

9.9% 

10.7% 

10.6% 

11 .2% 

11 .3% 

11 .0% 

11 .0% 

11 .0% 

11 .5% 

11 .5% 

AFMEPF0349 

33 

This wor1( product was prepared solely for the American Federation of Musicians and Employers' Pension Fund. Milliman does not intend to benefit and assumes no duty or liability 

to other parties who receive this wor1(. Milliman recommends that third parties be aided by their own actuary or other qualified professional when reviewing the Milliman wori( product. 
if ijjiii,fi,f Report of Required Actuarial Information Application for Proposed Benefit Suspensions 

Part 3 - Additional Disclosures Relating to Use of Different Assumptions 

The following assumptions differed between the projections produced under Exhibit 3.01 compared to Exhibits 3.02, 

4.02(1 ), 4.03, 6.05 and 6.06. An explanation for the difference is included below. 

• Investment returns - For purposes of the projections described in Sections 3.02, 4.02(1 ), 4.03, 6.05 and 6.06, 

the investment return assumption was developed using updated expected returns (arithmetic) shown in Exhibit 

15 of the 2020 edition of the Horizon Survey of Capital Market Assumptions. Exhibit 3.01 is based on the 2019 

edition of the Horizon Survey. 

• Administrative expenses - For purposes of the projections described in Sections 3.02, 4.02(1 ), 4.03, 6.05 and 

6.06, the administrative expense assumption for FYE 2021 was increased by $1 million to reflect additional 

expenses related to the application for the proposed benefit suspension. 

• Healthy Annuitant Mortality - For purposes of the projections described in Sections 3.02, 4.02(1 ), 4.03, 6.05 

and 6.06 the healthy annuitant mortality table is based on the RP-2006 healthy annuitant table blended with the 

Plan's experience for the prior 5 years. For purposes of the projections included in Section 3.01, the RP-2006 

healthy annuitant mortality table was used. 

■ Mortality improvement scale - For purposes of the projections described in Sections 3.02, 4.02(1 ), 4.03, 6.05 

and 6.06 the MP-2020 mortality improvement scale was used. Exhibit 3.01, is based on the MP-2019 mortality 

improvement scale was used. 

■ Form of payment - For purposes of the projections described in Sections 3.02, 4.02(1) 4.03, 6.05 and 6.06, 

participants assumed to elect a Single Life 50% of the time and a Joint & 75% Survivor 20% of the time. For 

purposes of the projections included in Section 3.01, participants assumed to elect a Single Life 45% of the 

time and a Joint & 75% Survivor 25% of the time. 

• Long-term contribution increase assumption - For purposes of the projections described in Sections 3.02, 

4.02(1 ), 4.03, 6.05 and 6.06 of this application, the long-term contribution increase assumption is 2.6% 

increases in wage-based contributions and select and ultimate contribution increase assumptions for nonbenefit-bearing, non-wage-based contributions. For purposes of the projections included in Section 3.01 the 

long-term contribution increase assumption is 2.7% increases in wage-based contributions and select and 

ultimate contribution increase assumptions for non-benefit-bearing, non-wage-based contributions. 

• Adjustments to long-term contribution increase assumption - For purposes of the projections described in 

Sections 3.02, 4.02(1 ), 4.03, 6.05 and 6.06 of this application, the contributions were reduced to reflect the 

impact of COVID-19 on work levels. For purposes of the projections included in Section 3.01, we assumed a 

one-time adjustment to projected wage-based contributions for the year ending March 31 , 2021 which are 

assumed to be $37,000,000 lower than the amount otherwise projected. 

• Court-ordered settlement agreement assumption - For purposes of the projections described in Sections 3.02, 

4.02(1 ), 4.03, 6.05 and 6.06 of this application, the court-ordered settlement agreement is $18,300,000. For 

purposes of the projections included in Section 3.01, the court-ordered settlement agreement was $17,000,000. 

The $17,000,000 was an estimate of the anticipated amount, whereas the $18,300,000 is the amount 

subsequently received. 

• Withdrawal Liability income - For purposes of the projections described in Sections 3.02, 4.02(1 ), 4.03, 6.05 

and 6.06, withdrawal liability income was refined to reflect actual experience and projections based on actual 

experience. 

Report of Required Actuarial Information - Application for Proposed Benefit Suspensions 

American Federation of Musicians and Employers' Pension Fund 

AFMEPF0350 

34 

This wor1( product was prepared solely for the American Federation of Musicians and Employers' Pension Fund. Milliman does not intend to benefit and assumes no duty or liability 

to other parties who receive this wor1(. Milliman recommends that third parties be aided by their own actuary or other qualified professional when reviewing the Milliman wori( product. 
Exhibit 6.04(1) 

Ten-Year Experience for Certain Critical Assumptions 

The table below provides the ten-year experience for ce1tain critical assumptions which 

separately identifies (1) total contributions, (2) total contribution base units, (3) average 

contribution rates, ( 4) withdrawal liability payments, and (5) rate of return on plan assets. 

TEN-YEAR EXPERIENCE \\TITH CERTAIN CRITICAL ASSUJ.WPTIONS 

Plan Year Non-benefit-bearing, 

Ending Wage-Based Non-wage Based 

March 31 Contributions Contributions 

2010 $51,410,676 $0 

2011 51,767,553 0 

2012 55,642,296 0 

2013 53,920,852 2,053,736 

2014 57,102,842 2,570,187 

2015 59,076,911 2,149,793 

2016 60,105,304 2,860,329 

2 1 60,338,785 6,638,393 

2018 61,366,706 6,837,648 

2019 65,685,670 7,494,284 

2020 67,078,889 7,897,443 

NOTES: 

Withdrawal 

Liability 

Payments 

6.04(4) 

$0 

0 

0 

1,835,411 

1,497,076 

740,044 

833,998 

681,932 

517,984 

3,450,799 

97,348 

Other 

Income 

$0 

201,047 

126,511 

50,963 

7,344 

0 

0 

0 

0 

0 

0 

Total 

Contributions 

6.04(1) 

$51,410,676 

51,968,600 

55,768,806 

57,860,962 

61,177,449 

61,966,748 

63,799,631 

67,659,110 

68,722,338 

76,630,753 

75,073,680 

Contributions 

Base 

Units (Wages) 

6.04(2) 

$542,767,587 

523,793,091 

520,478,604 

508,580,703 

511,241,434 

524,784,995 

548,645,434 

550,393,815 

557,540,968 

573,253,711 

585,412,654 

Wage-Based 

Contributions 

as % of 

Wages 6.04(3) 

9.5% 

9.9% 

10.7% 

10.6% 

11.2% 

11.3% 

11.0% 

11.0% 

11.0% 

11.5% 

11.5% 

• Total contiibutions are based on repo1ted contributions from the Plan's financial statements adjusted to reflect 

withdrawal liability payments on a cash rather than accmal basis 

• Contiibutions for the plan year ending March 31, 2020 are based on a draft financial statement 

• Total contiibutions include four sources: 1) wage-based contributions; 2) non-benefit-bearing, non-wage based 

contributions; 3) withdrawal liability payments; and 4) other income (p1imruily employer surchru·ge payments) 

• Contiibution base units ru·e wages and relate only to wage-based contributions; there ru·e no contribution base 

units associated with the other three sources of contributions. Repo1ted wages ru·e the basis for the Pension 

Fund's contiibution base units for purposes of calculating withdrawal liability. 

• Contiibution base units for the year ending Mru·ch 31, 2020 ru·e estimated based on the increase in wage-based 

conti·ibutions from the yeru· ended March 31, 2019. 

• An 11-year hist01y is set forth above due to the use of estimates for the plan year ended March 31, 2020. 

AFMEPF0351 

Rate of 

Return 

On 

Market 

Value of 

Assets 

6.04(5) 

30.1% 

12.1% 

2.1% 

8.5% 

8.2% 

5.2% 

-1.2% 

13.1% 

10.9% 

2.8% 

-5.9% 
Exhibit 6.04(2) 

Experience Studies 

AFMEPF0352
AFMEPF0353

Milliman Mortality Experience Study

American Federation of Musicians &

Employers’ Pension Fund

Mortality Experience Study

April 1, 2015 to March 31, 2020

Prepared by:

Kevin M. Campe, EA, MAAA

Principal and Consulting Actuary

Robert A. Behar, FSA, EA, MAAA

Principal and Consulting Actuary

Timothy J. Herman, FSA, EA, MAAA

Principal and Consulting Actuary

Milliman, Inc.

71 South Wacker Drive

Suite 3100

Chicago, Illinois 60606

Tel +1 312 726 0677

Fax +1 312 726 5225

milliman.com

Issued December 23, 2020

Milliman 
M@•F\,I Mortality Experience Study 

April 1, 2015 to March 31, 2020 Mortality Experience Study of the 

American Federation of Musicians & Employers' Pension Fund 

The mortality experience study of the American Federation of Musicians & Employers' Pension Fund (the "Plan") 

for the five-year period for the plan years beginning April 1, 2015 and ending March 31, 2020, inclusive, has been 

completed in accordance with our understanding of the methodology described in IRS Revenue Procedure 2017-

55 and Regulation Section 1.430(h)(3)-2 to develop Plan specific mortality rates. The impact of the change in the 

mortality assumption on the present value of accrued benefits as of April 1, 2020 is based on the actuarial 

assumptions and methods (Appendix A) summarized in the appendix. The experience study results contained in 

this report are based on the principal plan provisions (Appendix B) summarized in the appendix and on census 

data provided by the fund office for actuarial valuations on April 1, 2015 through April 1, 2020, inclusive. 

Limited Distribution 

Milliman's work is prepared solely for the internal business use of the Board of Trustee of American Federation of 

Musicians & Employer's Pension Fund and the Plan's Trustees. Milliman does not intend to benefit or create a 

legal duty to any third party recipient of its work product. 

Any third party recipient of this work product who desires professional guidance should not rely upon Milliman's 

work product, but should engage qualified professionals for advice appropriate to its own specific needs. 

Reliance 

In preparing this report, we relied, without audit, on information (both written and oral) supplied by the Fund 

Administration office. This information includes, but is not limited to, plan documents and summaries, participant 

data, and financial information. We found this information to be reasonably consistent and comparable with 

information used for other purposes, although we have not audited the data at the source. Because the 

investigation results are dependent on the integrity of the data supplied, the results can be expected to differ if the 

underlying data is incomplete or missing. It should be noted that if any data or other information is found to be 

materially inaccurate or incomplete, our calculations may need to be revised. 

Limited Use 

Future actuarial measurements may differ significantly from the current measurements presented in this report 

due to factors such as, but not limited to, the following: plan experience differing from that anticipated by the 

economic or demographic assumptions; changes in economic or demographic assumptions; increases or 

decreases expected as part of the natural operation of the methodology used for these measurements (such as 

the end of an amortization period or additional cost or contribution requirements based on plan funded status); 

and changes in plan provisions or applicable law. Due to the limited scope of the actuarial assignment, we did not 

perform an analysis of the potential range of such future measurements. The consultants who worked on this 

assignment are pension actuaries. Milliman's advice is not intended to be a substitute for qualified legal or 

accounting counsel. 

Certification 

In our opinion, each assumption used is individually reasonable (taking into account the experience of the Plan 

and reasonable expectations) and, in combination, such other assumptions offer our best estimate of anticipated 

experience under the Plan. The results in this report were developed using models intended for actuarial 

valuations and experience studies that use standard actuarial techniques. 

On the basis of the foregoing, we hereby certify that to the best of our knowledge and belief, this report is 

complete and accurate and has been prepared in accordance with generally recognized and accepted actuarial 

AFMEPF0354 

Mortality Experience Study 

American Federation of Musicians & Employers' Pension Fund 
M@•F\,I Mortality Experience Study 

principles and practices which are consistent with the principles prescribed by the Actuarial Standards Board and 

the Code of Professional Conduct and Qualification Standards for Actuaries Issuing Statements of Actuarial 

Opinion in the United States promulgated by the American Academy of Actuaries. We are members of the 

American Academy of Actuaries and meet its Qualification Standards to render the actuarial opinion contained 

herein. 

Respectfully submitted, 

Kevin M. Campe, EA, MAAA 

Principal and Consulting Actuary 

Enrolled Actuary Number 20-05356 

Timothy J. Herman, EA, MAAA 

Principal and Consulting Actuary 

Enrolled Actuary Number 20-05628 

December 23, 2020 

Date 

Mortality Experience Study 

American Federation of Musicians & Employers' Pension Fund 

Robert A. Behar, FSA, EA, MAAA 

Principal and Consulting Actuary 

Enrolled Actuary Number 20-02754 

AFMEPF0355 

ii 
M@•F\,I Mortality Experience Study 

Table of Contents 

Report Summary ................................................................................................................................................ 1 

A. Purpose of the Mortality Experience Study ............................................................................................... 2 

B. Methodology ............................................................................................................................................ 2 

C. Selection of Base Mortality Table .............................................................................................................. 4 

Exhibits .............................................................................................................................................................. 7 

Amount-weighted Experience ........................................................................................................................... 8 

Headcount Weighted Experience .................................................................................................................... 11 

Demonstrations of Credible Mortality Information Required by Section 7 of Revenue Procedure 2017-55 ....... 14 

Demonstration of Population Stability Required by Section 8 of Revenue Procedure 2017-55 ......................... 38 

Plan-specific Mortality Table Construction ...................................................................................................... 39 

Demonstration of Mortality Ratio Development Required by Section 10 of Revenue Procedure 2017-55 ......... 43 

Demonstrations with Respect to Base Tables Required by Section 11 of Revenue Procedure 2017-55 ........... 44 

Demonstrations with Respect to Base Tables Required by Section 11 of Revenue Procedure 2017-55 ........... 45 

Demonstrations with Respect to Base Tables Required by Section 11 of Revenue Procedure 2017-55 -Annuity 

Factors ........................................................................................................................................................... 51 

Appendices ...................................................................................................................................................... 52 

Appendix A - Summary of Actuarial Assumptions and Methods ...................................................................... 53 

Appendix B - Summary of Principal Plan Provisions ....................................................................................... 57 

AFMEPF0356 

Mortality Experience Study 

American Federation of Musicians & Employers' Pension Fund 
M@•F\,I Mortality Experience Study 

Report Summary 

AFMEPF0357 

Mortality Experience Study 

American Federation of Musicians & Employers' Pension Fund 
•@n@•Fl,I Mortality Experience Study 

A. Purpose of the Mortality Experience Study 

This report has been prepared for the American Federation of Musicians & Employers' Pension Fund. This report 

pertains to the mortality experience for non-disabled, in-pay participants, beneficiaries and alternate payees and 

is designed to: 

• Review the mortality experience for the five plan years beginning April 1, 2015 and ending March 31, 2020 

• Determine the applicable partial credibility factors for both male and female mortality 

• Construct a base mortality table using plan experience 

B. Methodology 

Plan-specific mortality rates were developed for non-disabled, in-pay participants, beneficiaries and alternate 

payees using the methodology described in IRS Revenue Procedure 2017-55 and Regulation Section 

1.430(h)(3)-2. The experience study period is the five-year period from the plan year beginning April 1, 2015 to 

the plan year ending March 31, 2020. 

■ The Plan has credible mortality information for each gender because the Plan's experience satisfies the 

requirement for partial credibility as described in IRS Regulation Section 1.430(h)(3)-2(e). 

• The Plan's information has partial credibility using the simplified rule under IRS Regulation Section 

1.430(h)(3)-2(c)(2)(ii)(B). Accordingly, the determination of whether there is credible mortality information for a 

gender is determined by only taking into account individuals who are at least age 50 and less than age 100. 

The following steps describe the development of the plan-specific mortality rates. 

Step 1: Determine amount-weighted and headcount-weighted mortality experience 

• Age is determined as age nearest birth 

■ The experience study is based on benefit amount as described in IRS Regulation Section 1.430(h)(3)-

2( d)(2)(iii) 

• An individual's benefit amount is the annual payment for the individual determined at the beginning of each 

plan year 

• For each non-disabled participant, beneficiary and alternate payee receiving benefits as of the beginning of 

each plan year, calculate the probability of the individual's death each plan year using RP-2006 mortality rates 

projected with Scale MP-2020 to the calendar year including the mid-point of the plan year, e.g., mortality 

improvement is projected to 2019 for the plan year April 1, 2019 through March 31, 2020 

• For each individual, calculate the expected deaths: 

o Headcount-weighted: based on the probability of death 

o Amount-weighted: based on the probability of death multiplied by the amount of the in-pay benefit at 

the beginning of each plan year 

• Expected deaths calculated above are compared to actual deaths during plan year using actual to expected 

ratio: 

o Headcount-weighted: based on (a) the number of actual deaths divided by (b) the number of expected 

deaths for the headcount-weighted tables 

AFMEPF0358 

Mortality Experience Study 

American Federation of Musicians & Employers' Pension Fund 

2 
•@n@•Fl,I Mortality Experience Study 

o Amount-weighted: based on (a) the number of actual deaths multiplied by the amount of the in-pay 

benefit at the beginning of each plan year divided by (b) the number of expected deaths multiplied by 

the amount of the in-pay benefit at the beginning of each plan year 

• For the five-year period ending March 31 , 2020 and each plan year, the experience analysis is summarized in 

the tables in Exhibit 1 for the amount-weighted basis and in Exhibit 2 for the headcount-weighted basis. 

• The table below shows the five-year amount-weighted mortality ratios for males and females constructed 

pursuant to§ 1.430(h)(3)-2(d)(4)(ii). The development of these ratios is shown in Exhibit 6. 

Gender Mortality Ratio 

Males 71.2829% 

Females 74.2389% 

Step 2: Determine partial credibility weighting factors by gender 

Partial credibility weighting factors were developed separately for males and females following the guidance in 

IRS Revenue Procedure 2017-55 and Regulation Section 1.430(h)(3)-2 as described below. The mortality 

experience for males and females has partial credibility because the actual number of deaths for each gender is 

at least equal to 100 and is less than the full credibility threshold. The full credibility threshold is 1,082 times the 

population's benefit dispersion factor, which is a ratio of which the numerator is the product of the number of 

expected deaths and the sum of the mortality-weighted squares of the benefits, and the denominator is the 

square of the sum of mortality-weighted benefits. The partial-credibility weighting factor is calculated as the 

square-root of a fraction of which the numerator is the actual number of deaths by individuals included in the 

study, and the denominator is the full credibility threshold. Exhibit 3 includes the demonstrations of credible 

mortality information under Section 7 of IRS Revenue Procedure 2017-55 for the five-year period ending March 

31, 2020 and each plan year in the study period separately for males and females. The development of the 

partial-credibility weighting factors is shown in the table below. 

Calculation Component Males Females 

Standard for full credibility 1,082 1,082 

Number of expected deaths 2,030.81 797.25 

Sum of mortality-weighted squares of benefits 7,623,818,383 1,272,189,642 

Sum of mortality-weighted benefits 1,744,087 455,452 

Square of sum of mortality-weighted benefits 3,041,840,381,066 207,437,042,362 

Benefit dispersion factor 5.089865 4.889423 

Full credibility threshold 5,507 5,290 

Number of actual deaths 1,809 715 

Partial credibility weighting factor 57.31 % 36.76% 

AFMEPF0359 

Mortality Experience Study 

American Federation of Musicians & Employers' Pension Fund 

3 
•@n@•Fl,I Mortality Experience Study 

Step 3: Determine plan-specific mortality rates by gender 

A. The base year for the plan-specific mortality rates is 2017 which is the calendar year of the mid-point of the 

experience study period. 

B. For each gender, the mortality rates from the base table, RP-2006, are projected to the 2017 base year 

using Scale MP-2020. 

C. Mortality rates for plans with fully credible mortality experience are determined by multiplying the projected 

mortality rates from the base table by the mortality ratio calculated separately for each gender. Because 

the Plan applies the simplified rule, the mortality ratios determined using the experience of individuals 

between the ages of 50 and 100 are used for all ages as described in §1 .430(h)(3)-2(d)(4)(i). However, for 

ages 96 and older, the mortality ratios are adjusted using linearly interpolation as described in §1 .430(h)(3)-

2( d)( 4 )(iv). 

D. The final adjustment to determine plan-specific mortality rates is to apply the partial-credibility weighting 

factor as described in §1 .430(h)(3)-2(e)(1 ). The development of the partial-credibility weighting factors are 

shown in Step 2 above. The plan-specific mortality rate for each gender is equal to the mortality rates under 

(2) multiplied by one minus the partial-credibility weighting factor plus the mortality rates under (3) multiplied 

by the partial-credibility weighting factor respectively. 

The development of plan-specific mortality rates by gender is shown in Exhibit 5. 

C. Selection of Base Mortality Table 

The development of plan-specific mortality rate requires the selection of a base mortality table assumption for the 

experience study analysis. This section describes the rationale for using RP-2006 as the base mortality assumption 

for this study. 

Actuarial valuation assumptions 

The mortality assumptions used in the actuarial valuations since April 1, 2016 use RP-2006 as the base mortality 

assumption and generational mortality improvement. The mortality improvement scale has been updated from time 

to time based on tables published by the Society of Actuaries. For example, the April 1, 2019 actuarial valuation 

uses the MP-2019 mortality improvement scale published by the Society of Actuaries in October 2019. 

The table below shows the actuarial (gains) or losses due to retiree mortality. This table presents the mortality 

experience starting with the plan year ending March 31, 2017 because the base mortality assumption was revised 

to use RP-2006 as the base mortality rates for the April 1, 2016 actuarial valuation. 

($ in Millions) 

Retiree Mortality 

Plan year ending (Gain)/Loss due to Total Liability in Loss as Percentage 

March 31 Retiree Mortality April 1 Valuation of Total Liability 

2017 $10 $3,107 0.32% 

2018 $13 3,131 0.42 

2019 $12 3,255 0.37 

2020 $13 3,309 0.39 

AFMEPF0360 

Mortality Experience Study 4 

American Federation of Musicians & Employers' Pension Fund 
•@n@•Fl,I Mortality Experience Study 

Regulatory guidance 

Some of the regulatory guidance reviewed in this section specifically mentions the mortality table RP-2014. As 

stated in the RP-2006 Mortality Tables report published by the Society of Actuaries, the mortality table RP-2014 is 

constructed from the RP-2006 mortality using 2006 as the base year and projecting mortality rates from 2006 to 

2014 using the mortality improvement scale, MP-2014. See report linked: RP-2006 Mortality Tables Document 

(soa.org). The Society of Actuaries published the RP-2006 Mortality Tables report to provide the 2006 base mortality 

rates actuaries may use in combination with a specific mortality improvement scale, e.g. MP-2020, to avoid the 

additional complication of backing out the embedded effects of mortality improvement scale MP-2014. In our review 

of regulatory guidance, we consider any references to RP-2014 to be the same as a reference to RP-2006. 

There is no explicit IRS guidance for multiemployer plans to set plan-specific mortality assumptions. Applying the 

concepts from current IRS guidance for single employer plans to set plan-specific mortality assumption for a 

multiemployer plan suggest the use of RP-2006 as the base mortality assumption. IRS Revenue Procedure 2017-

55 describes the procedures for plan sponsors of single employer pension plans to request approval for the use of 

plan-specific mortality rates. This revenue procedure requires the use of generally applicable mortality tables for 

purposes of Internal Revenue Code Section 430 which set forth the minimum funding requirements for single 

employer pension plans. 

IRS Notice 2019-67 was published in October 2019 and specifies the mortality rates to be used for minimum funding 

requirements for valuation dates occurring in the 2021 calendar year. The base mortality assumption for these rates 

is RP-2006. IRS Notice 2019-67 also states that the Society of Actuaries published the Pri-2012 Private Retirement 

Plans Mortality Tables Report in October 2019 and invited public comments. 

IRS Revenue Procedure 2017-43 describes the procedures for plan sponsors of multiemployer pension plans to 

request approval for a suspension of benefits under MPRA. Appendix B of this revenue procedure describes the 

information on actuarial assumptions and methods to be included in a MPRA application. For mortality assumptions, 

this revenue procedure allows applicants to refer to the mortality experience under RP-2006 to be treated as 

representative of the expected mortality experience for the plan. 

As of the date of this application, there is no published guidance from the IRS which indicates the use of Pri-2012 

for any purposes under private employer plans whether sponsored by single or multiemployers. 

Consideration of Pri-2012 

The Pri-2012 Private Retirement Plans Mortality Tables Report was released in October 2019 by the Society of 

Actuaries. The Society of Actuaries recommend actuaries consider its use for private pension plans. The table 

below compares immediate annuity factors produced by using Pri-2012 to RP-2006 at various ages. Ratios greater 

than zero indicate that Pri-2012 would produce a higher liability, and ratios less than zero indicate that Pri-2012 

would produce a lower liability. Based on this review, we concluded the use of Pri-2012 would produce lower Plan 

liabilities and thus higher mortality losses than would be produced by the use of RP-2006. Because the Plan has 

experienced actuarial losses on retiree mortality using RP-2006, we concluded it is more appropriate to use RP2006as the base mortality table for this analysis notwithstanding the fact the Pri-2012 is a more recent table. 

Ratios of immediate single life annuity factors using base mortality from Pri-2012 to RP-2006 using a 7.5% discount 

rate are shown in the table below. 

Age Males Females 

55 -0.1% 0.0% 

60 0.2% 0.1% 

65 0.3% 0.2% 

70 -0.1% -0.1% 

AFMEPF0361 

Mortality Experience Study 5 

American Federation of Musicians & Employers' Pension Fund 
•@n@•Fl,I Mortality Experience Study 

Age Males Females 

75 -0.6% -0.9% 

80 -1.4% -1.4% 

85 -2.1% -1.2% 

90 -2.4% -0.6% 

Based on the analysis above, use of the RP-2006 mortality rates as the base mortality table for this experience 

study is reasonable. 

AFMEPF0362 

Mortality Experience Study 

American Federation of Musicians & Employers' Pension Fund 

6 
IM@,hi Mortality Experience Study 

Exhibits 

AFMEPF0363 

Mortality Experience Study 7 

American Federation of Musicians & Employers' Pension Fund 
ffln@•F\,I Mortality Experience Study 

Exhibit 1 

Amount-weighted Experience 

Amount-weighted experience for April 1, 2015 through March 31 , 2020 

I Exposure I Expected I Actual I Sum of Actual/Exp I Total I Total I I Total Sum of 

Age Male I Female Male I Female Male I Female Male I Female Exposure Expected Total Actual Actual/Exp 

50-54 8,760 76,409 44 245 18 1,417 0.42 5.78 85,169 289 1,435 4.96 

55-59 479,491 362,492 3,435 1,708 1,473 4,976 0.43 2.91 841,983 5,143 6,449 1.25 

60-64 3,554,685 1,155,590 35,258 8,264 24,931 3,805 0.71 0.46 4,710,275 43,522 28,736 0.66 

65-69 15,051,682 5,240,041 210,695 54,526 117,046 27,283 0.56 0.50 20,291,724 265,221 144,329 0.54 

70-74 12,735,513 4,663,812 266,824 75,117 149,594 40,719 0.56 0.54 17,399,325 341 ,941 190,313 0.56 

75-79 8,104,132 2,634,611 278,696 69,361 207,840 54,589 0.75 0.79 10,738,743 348,057 262,428 0.75 

80-84 4,918,893 1,431,370 289,441 67,094 231 ,497 35,176 0.80 0.52 6,350,263 356,535 266,674 0.75 

85-89 3,229,319 1,058,163 336,276 88,031 259,496 88,925 0.77 1.01 4,287,482 424,307 348,420 0.82 

90-94 1,439,432 442,287 246,484 63,414 189,758 48,353 0.77 0.76 1,881,719 309,898 238,110 0.77 

95-99 303,811 128,053 76,934 27,692 61,583 32,881 0.80 1.19 431,865 104,627 94,464 0.90 

Grand Total 49,825,719 17,192,829 1,744,087 455,453 1,243,236 338,123 0.71 0.74 67,01 8,547 2,199,540 1,581,359 0.72 

Amount-weighted experience for April 1, 2015 through March 31 , 2016 

Total 

I 

Total I Total Actual I Total Sum of 

Age Exposure Expected Actual/Exp 

50-54 1,270 20,240 6 67 0 0 0.00 0.00 21,510 73 0 0.00 

55-59 128,607 64,127 923 300 0 93 0.00 0.31 192,734 1,223 93 0.08 

60-64 801,798 255,127 7,744 1,774 2,876 0 0.37 0.00 1,056,925 9,518 2,876 0.30 

65-69 2,631,973 858,655 36,581 9,008 17,058 3,421 0.47 0.38 3,490,628 45,588 20,479 0.45 

70-74 2,093,327 717,962 44,727 11,730 16,420 3,466 0.37 0.30 2,811 ,289 56,457 19,886 0.35 

75-79 1,397,786 372,968 49,087 10,002 62,109 8,508 1.27 0.85 1,770,754 59,089 70,616 1.20 

80-84 879,963 245,587 53,379 11,479 40,352 3,055 0.76 0.27 1,125,550 64,858 43,407 0.67 

85-89 627,826 200,835 64,972 16,154 57,266 12,238 0.88 0.76 828,661 81 ,126 69,504 0.86 

90-94 218,853 75,000 38,775 10,926 38,191 4,749 0.98 0.43 293,853 49,701 42,940 0.86 

95-99 41,456 15,876 10,305 3,499 15,584 1,900 1.51 0.54 57,332 13,804 17,485 1.27 

Grand Total 8,822,859 2,826,377 306,498 74,939 249,855 37,431 0.82 0.50 11,649,236 381,437 287,286 0.75 

AFMEPF0364 

Mortality Experience Study 

American Federation of Musicians & Employers' Pension Fund 

8 
ffln@•F\,I Mortality Experience Study 

Amount-weighted experience for April 1, 2016 through March 31 , 2017 

I Exposure I Expected I Actual I Sum of Actual/Exp I Total I Total I I Total Sum of 

Age I Male I Female I Male I Female Male I Female I Male I Female Exposure Expected Total Actual Actual/Exp 

50-54 1,861 18,615 10 59 0 310 0.00 5.24 20,476 69 310 4.49 

55-59 82,355 65,334 587 308 0 3,951 0.00 12.83 147,688 895 3,951 4.42 

60-64 752,457 246,822 7,318 1,767 5,670 1,146 0.77 0.65 999,279 9,085 6,816 0.75 

65-69 2,840,173 920,261 39,941 9,706 31 ,960 961 0.80 0.10 3,760,435 49,647 32,922 0.66 

70-74 2,221,725 840,407 47,106 13,889 27,432 4,800 0.58 0.35 3,062,132 60,995 32,231 0.53 

75-79 1,509,862 409,260 52,370 11,086 35,336 11,745 0.67 1.06 1,919,122 63,455 47,080 0.74 

80-84 914,512 262,773 54,835 12,435 55,471 11,832 1.01 0.95 1,177,284 67,271 67,303 1.00 

85-89 649,606 208,929 67,562 17,171 44,609 28,877 0.66 1.68 858,536 84,733 73,487 0.87 

90-94 235,431 84,918 39,993 12,168 24,215 11,902 0.61 0.98 320,349 52,162 36,117 0.69 

95-99 53,871 25,919 13,325 5,525 10,022 7,099 0.75 1.28 79,790 18,850 17,121 0.91 

Grand Total 9,261 ,853 3,083,238 323,046 84,115 234,716 82,623 0.73 0.98 12,345,091 407,162 317,339 0.78 

Amount-weighted experience for April 1, 2017 through March 31 , 2018 

I Exposure I Expected I 

Actual I Sum of Actual/Exp 

I Total I 

Total 

I I Total Sum of 

Age I Male I Female I Male I Female Male I Female I Male I Female Exposure Expected Total Actual Actual/Exp 

50-54 2,030 11,349 10.65 36.51 0 0 0.00 0.00 13,379 47 0 0.00 

55-59 74,210 69,306 528.75 323.05 1,473 923 2.79 2.86 143,516 852 2,396 2.81 

60-64 673,303 217,606 6,742.63 1,549.48 3,610 725 0.54 0.47 890,909 8,292 4,335 0.52 

65-69 2,857,360 1,046,233 40,208.59 10,827.42 20,866 1,119 0.52 0.10 3,903,593 51,036 21,984 0.43 

70-74 2,532,765 949,018 52,927.03 15,390.58 41,199 12,288 0.78 0.80 3,481,783 68,318 53,486 0.78 

75-79 1,621,636 496,509 56,099.87 13,049.79 22,462 3,620 0.40 0.28 2,118,145 69,150 26,082 0.38 

80-84 919,143 289,003 53,918.22 13,564.62 44,874 9,909 0.83 0.73 1,208,147 67,483 54,783 0.81 

85-89 697,745 212,069 73,147.28 17,759.91 57,292 16,854 0.78 0.95 909,813 90,907 74,147 0.82 

90-94 256,532 82,972 43,364.76 11,977.00 37,000 7,465 0.85 0.62 339,504 55,342 44,465 0.80 

95-99 72,602 27,420 18,046.19 5,948.08 13,341 9,300 0.74 1.56 100,022 23,994 22,641 0.94 

Grand Total 9,707,325 3,401 ,486 344,993.98 90,426.45 242,118 62,202 0.70 0.69 13,108,81 1 435,420 304,320 0.70 

AFMEPF0365 

Mortality Experience Study 9 

American Federation of Musicians & Employers' Pension Fund 
ffln@•F\,I Mortality Experience Study 

Amount-weighted experience for April 1, 2018 through March 31, 2019 

I Exposure I Expected I Actual I Sum of Actual/Exp I Total I Total I I Total Sum of 

Age I Male I Female I Male I Female Male I Female I Male I Female Exposure Expected Total Actual Actual/Exp 

50-54 2,152 12,288 11 40 0 1,078 0.00 27.26 14,441 50 1,078 21.46 

55-59 99,490 88,809 713 420 0 0 0.00 0.00 188,298 1,133 0 0.00 

60-64 696,195 229,955 7,053 1,677 6,976 1,838 0.99 1.10 926,150 8,730 8,814 1.01 

65-69 3,182,159 1,132,239 44,460 11,762 29,432 14,158 0.66 1.20 4,314,399 56,222 43,589 0.78 

70-74 2,809,646 1,016,033 58,170 16,128 27,077 3,389 0.47 0.21 3,825,679 74,298 30,465 0.41 

75-79 1,741 ,778 640,216 59,388 16,686 48,740 9,730 0.82 0.58 2,381,994 76,074 58,470 0.77 

80-84 1,050,589 297,998 60,838 14,171 41 ,846 3,043 0.69 0.21 1,348,587 75,009 44,889 0.60 

85-89 629,341 205,358 66,054 17,376 49,724 14,974 0.75 0.86 834,699 83,429 64,698 0.78 

90-94 344,671 100,089 58,554 14,276 32,196 11,994 0.55 0.84 444,760 72,830 44,191 0.61 

95-99 64,032 26,322 16,822 5,777 14,319 7,648 0.85 1.32 90,355 22,599 21,967 0.97 

Grand Total 10,620,053 3,749,307 372,062 98,313 250,309 67,852 0.67 0.69 14,369,360 470,375 318,161 0.68 

Amount-weighted experience for April 1, 2019 through March 31 , 2020 

I Exposure I Expected I Actual I Sum of Actual/Exp I Total I Total I I Total Sum of 

Age I Male I Female I Male I Female Male I Female I Male I Female Exposure Expected Total Actual Actual/Exp 

50-54 1,448 13,916 7 43 18 29 2.78 0.66 15,364 50 47 0.94 

55-59 94,829 74,917 683 357 0 10 0.00 0.03 169,746 1,040 10 0.01 

60-64 630,932 206,080 6,400 1,496 5,799 96 0.91 0.06 837,012 7,896 5,895 0.75 

65-69 3,540,017 1,282,652 49,504 13,222 17,731 7,624 0.36 0.58 4,822,669 62,727 25,354 0.40 

70-74 3,078,050 1,140,392 63,895 17,980 37,467 16,777 0.59 0.93 4,218,442 81,875 54,244 0.66 

75-79 1,833,070 715,658 61 ,751 18,537 39,193 20,986 0.63 1.13 2,548,728 80,289 60,179 0.75 

80-84 1,154,687 336,010 66,470 15,443 48,954 7,338 0.74 0.48 1,490,696 81,914 56,292 0.69 

85-89 624,801 230,973 64,541 19,570 50,604 15,981 0.78 0.82 855,774 84,1 11 66,585 0.79 

90-94 383,945 99,308 65,797 14,066 58,155 12,242 0.88 0.87 483,253 79,864 70,397 0.88 

95-99 71,851 32,516 18,436 6,943 8,316 6,934 0.45 1.00 104,367 25,380 15,249 0.60 

Grand Total 11,413,628 4,132,422 397,486 107,659 266,237 88,016 0.67 0.82 15,546,050 505,145 354,253 0.70 

AFMEPF0366 

Mortality Experience Study 10 

American Federation of Musicians & Employers' Pension Fund 
ffln@•F\,I Mortality Experience Study 

Exhibit 2 

Headcount Weighted Experience 

Headcount weighted experience for April 1, 2015 through March 31 , 2020 

I 

Exposure I Expected 

I 

Actual I Sum of Actual/Exp I Total I Total I Total I Total Sum of 

Age Male I Female Male I Female Male I Female Male I Female Exposure Expected Actual Actual/Exp 

50-54 46 268 0.23 0.86 2 4 8.72 4.67 314 1 6 5.53 

55-59 607 760 4.33 3.59 2 5 0.46 1.39 1,367 8 7 0.88 

60-64 3,407 1,932 33.84 13.58 32 12 0.95 0.88 5,339 47 44 0.93 

65-69 11,821 4,744 165.92 49.36 129 40 0.78 0.81 16,565 215 169 0.79 

70-74 11,961 4,832 253.16 78.18 211 39 0.83 0.50 16,793 331 250 0.75 

75-79 8,912 3,639 307.90 98.25 275 70 0.89 0.71 12,551 406 345 0.85 

80-84 6,177 2,702 364.76 126.90 313 109 0.86 0.86 8,879 492 422 0.86 

85-89 4,132 2,163 430.22 182.51 399 188 0.93 1.03 6,295 613 587 0.96 

90-94 1,961 1,173 339.36 167.65 322 155 0.95 0.92 3,134 507 477 0.94 

95-99 51 1 350 131.09 76.36 124 93 0.95 1.22 861 207 217 105 

Grand Total 49,535 22,563 2,030.81 797.25 1809 715 0.89 0.90 72,098 2,828 2,524 0.89 

Headcount weighted experience for April 1, 2015 through March 31, 2016 

Total I Total I Total I Total Sum of 

Age Exposure Expected Actual Actual/Exp 

50-54 10 56 0.05 0.18 0 0 0.00 0.00 66 0.23 0 0.00 

55-59 162 150 1.16 0.70 0 1 0.00 1.43 312 1.86 1 0.54 

60-64 790 386 7.64 2.65 6 0 0.79 0.00 1,176 10.29 6 0.58 

65-69 2,128 818 29.73 8.58 28 9 0.94 1.05 2,946 38.30 37 0.97 

70-74 2,099 779 45.40 12.93 38 13 0.84 1.01 2,878 58.32 51 0.87 

75-79 1,605 625 56.68 1708 48 10 0.85 0.59 2,230 73.76 58 0.79 

80-84 1,132 482 68.01 22.87 61 14 0.90 0.61 1,614 90.88 75 0.83 

85-89 842 436 87.31 36.21 89 38 102 1.05 1,278 123.52 127 103 

90-94 360 205 63.11 29.25 64 25 101 0.85 565 92.36 89 0.96 

95-99 91 58 23.39 1305 21 14 0.90 1.07 149 36.44 35 0.96 

Grand Total 9,219 3,995 382.48 143.49 355 124 0.93 0.86 13,214 525.97 479 0.91 

AFMEPF0367 

Mortality Experience Study 11 

American Federation of Musicians & Employers' Pension Fund 
ffln@•F\,I Mortality Experience Study 

Headcount weighted experience for April 1, 2016 through March 31 , 2017 

I 

Exposure 

I Expected I Actual I 

Sum of Actual/Exp 

I Total I Total I Total I Total Sum of 

Age Male I Female Male I Female I Male I Female Male I Female Exposure Expected Actual Actual/Exp 

50-54 10 61 0.05 0.20 0 2 0.00 10.08 71 0.25 2 7.99 

55-59 115 150 0.82 0.71 0 2 0.00 2.80 265 1.54 2 1.30 

60-64 741 383 7.28 2.68 9 4 1.24 1.49 1,124 9.96 13 1.30 

65-69 2,237 881 31.54 9.29 27 3 0.86 0.32 3,118 40.83 30 073 

70-74 2,152 834 46.09 13.77 31 4 0.67 0.29 2,986 59.86 35 0.58 

75-79 1,724 672 60.22 18.40 61 20 1.01 1.09 2,396 78.62 81 103 

80-84 1,160 505 69.16 2403 64 30 0.93 1.25 1,665 93.20 94 1.01 

85-89 834 440 86.53 37.22 76 53 0.88 1.42 1,274 123.75 129 1.04 

90-94 380 220 66.18 31 .82 62 31 0.94 0.97 600 98.00 93 0.95 

95-99 95 61 24.67 13.51 32 12 1.30 0.89 156 38.19 44 1.15 

Grand Total 9,448 4,207 392.56 151.65 362 161 0.92 1.06 13,655 544.21 523 0.96 

Headcount weighted experience for April 1, 2017 through March 31 , 2018 

I 

Exposure 

I Expected I Actual I 

Sum of Actual/Exp 

I Total I Total I Total I Total Sum of 

Age Male I Female Male I Female I Male I Female Male I Female Exposure Expected Actual Actual/Exp 

50-54 10 46 0.05 0.15 0 0 0.00 0.00 56 0.20 0 0.00 

55-59 95 155 0.67 073 2 1 2.97 1.37 250 1.40 3 2.14 

60-64 677 390 6.76 2.76 6 4 0.89 1.45 1,067 9.52 10 1.05 

65-69 2,299 908 32.33 9.46 28 8 0.87 0.85 3,207 41.79 36 0.86 

70-74 2,350 952 49.63 15.37 46 10 0.93 0.65 3,302 65.00 56 0.86 

75-79 1,775 728 61.30 19.70 43 12 0.70 0.61 2,503 81.00 55 0.68 

80-84 1,225 529 72.01 24.77 61 25 0.85 1.01 1,754 96.78 86 0.89 

85-89 843 436 88.24 36.86 84 34 0.95 0.92 1,279 125.09 118 0.94 

90-94 373 229 64.27 32.98 65 28 1.01 0.85 602 97.25 93 0.96 

95-99 107 69 27.15 14.96 24 24 0.88 1.60 176 42.11 48 1.14 

Grand Total 9,754 4,442 402.42 157.73 359 146 0.89 0.93 14,196 560.16 505 0.90 

AFMEPF0368 

Mortality Experience Study 12 

American Federation of Musicians & Employers' Pension Fund 
ffln@•F\,I Mortality Experience Study 

Headcount weighted experience for April 1, 2018 through March 31, 2019 

I Exposure I Expected I Actual I Sum of Actual/Exp I Total I Total I Total I Total Sum of 

Age Male I Female Male I Female I Male I Female Male I Female Exposure Expected Actual Actual/Exp 

50-54 7 53 0.03 0.17 0 1 0.00 5.99 60 0.20 1 4.95 

55-59 114 157 0.81 0.75 0 0 0.00 0.00 271 1.55 0 0.00 

60-64 629 382 6.36 2.70 6 2 0.94 0.74 1,011 9.06 8 0.88 

65-69 2,473 1,012 34.62 10.46 27 7 0.78 0.67 3,485 45.08 34 0.75 

70-74 2,560 1,056 53.46 16.82 34 3 0.64 0.18 3,616 70.29 37 0.53 

75-79 1,868 782 63.79 20.89 63 13 0.99 0.62 2,650 84.68 76 0.90 

80-84 1,302 569 76.18 26.54 61 14 0.80 0.53 1,871 102.71 75 073 

85-89 819 419 85.90 35.48 85 34 0.99 0.96 1,238 121.38 119 0.98 

90-94 400 255 68.66 36.27 56 29 0.82 0.80 655 104.93 85 0.81 

95-99 107 71 27.29 15.29 20 17 073 1.11 178 42.58 37 0.87 

Grand Total 10,279 4,756 417.09 165.37 352 120 0.84 0.73 15,035 582.46 472 0.81 

Headcount weighted experience for April 1, 2019 through March 31 , 2020 

I Exposure I Expected I Actual I Sum of Actual/Exp I Total I Total I Total I Total Sum of 

Age Male I Female Male I Female I Male I Female Male I Female Exposure Expected Actual Actual/Exp 

50-54 9 52 0.04 0.16 2 1 47.68 6.15 61 0.20 3 14.67 

55-59 121 148 0.87 0.70 0 1 0.00 1.42 269 1.57 1 0.64 

60-64 570 391 5.80 2.78 5 2 0.86 0.72 961 8.58 7 0.82 

65-69 2,684 1,125 37.71 11.56 19 13 0.50 1.12 3,809 49.27 32 0.65 

70-74 2,800 1,211 58.58 19.30 62 9 106 0.47 4,011 77.87 71 0.91 

75-79 1,940 832 65.91 22.19 60 15 0.91 0.68 2,772 88.10 75 0.85 

80-84 1,358 617 79.39 28.70 66 26 0.83 0.91 1,975 108.09 92 0.85 

85-89 794 432 82.24 36.74 65 29 0.79 0.79 1,226 118.98 94 0.79 

90-94 448 264 77.13 37.33 75 42 0.97 1.13 712 114.47 117 1.02 

95-99 11 1 91 28.58 19.54 27 26 0.94 1.33 202 48.13 53 1.10 

Grand Total 10,835 5,163 436.25 179.01 381 164 0.87 0.92 15,998 615.26 545 0.89 

AFMEPF0369 

Mortality Experience Study 13 

American Federation of Musicians & Employers' Pension Fund 
ffln@•F\,I Mortality Experience Study 

Age at 

beginning 

of year 

50 

51 

52 

53 

54 

55 

56 

57 

58 

59 

60 

61 

62 

63 

64 

65 

66 

67 

68 

69 

70 

71 

72 

Exhibit 3 

Demonstrations of Credible Mortality Information Required by Section 7 of Revenue Procedure 2017-55 

Experience for April 1, 2015 through March 31, 2020 for Males 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) 

Number of Sum of benefit Sum of Sum of squares 

Number of individuals amounts, benefit of benefit Sum of squares 

individuals. who left Number of excludinQ amounts for Sum of EXPected amounts. of benefit 

excluding the expected individuals who individuals benefit benefit deaths excluding amounts for 

individuals population Number of deaths per left the who left the amounts for per standard individuals who individuals who 

who left the for individuals standard table, population population individuals table, adjusted left the left the 

populations for reasons who died adjusted for during for for reasons who died for exposures population for populations for 

reasons other other than during the exposures less reasons other other than during the less than one reasons other reasons other 

than death death year than one year than death death year year than death than death 

8 0 1 0.0339 1,217.68 0.00 9.14 5.16 670,358 0 

8 0 0 0.0366 1,797.02 0.00 0.00 8.20 853,005 0 

8 0 1 0.0395 1,110.08 0.00 9.19 5.50 241,708 0 

11 0 0 0.0578 2,194.59 0.00 0.00 11.54 1,146,474 0 

11 0 0 0.0615 2,441.10 0.00 0.00 13.64 1,444,952 0 

29 0 0 0.1726 17,476.02 0.00 0.00 104.06 28,12 1,140 0 

86 0 0 0.5450 69,966.83 0.00 0.00 443.52 155,254,747 0 

110 0 1 0.7438 88,987.12 0.00 490.68 601 .65 186,446,102 0 

152 0 0 1.0974 107,691.36 0.00 0.00 777.83 191,809,655 0 

230 0 1 1.7750 195,369.21 0.00 982.61 1,508.06 379,331,521 0 

320 0 2 2.6437 335,559.51 0.00 1,148.55 2,771.97 1,412,405,233 0 

476 0 4 4.2150 507,403.01 0.00 3,597.47 4,492.83 2,002,436,002 0 

675 0 5 6.4171 731 ,157.21 0.00 1,447.92 6,952.44 2,763,737,730 0 

896 0 7 9.1521 928,599.27 0.00 4,980.67 9,494.12 3,365,674,097 0 

1,040 0 14 11.4130 1,051,966.22 0.00 13,756.58 11,546.93 3,157,333,870 0 

1,446 0 19 17.0633 1,884,402.73 0.00 23,244.85 22,244.45 7,917,685,733 0 

2,470 0 27 31.3900 3,279,564.12 0.00 21,108.81 41 ,680.43 14,709,518,561 0 

2,666 0 21 36.5378 3,401,557.61 0.00 16,160.85 46,620.65 15,570,148,578 0 

2,685 0 22 39.8105 3,361,447.23 0.00 28,641.39 49,840.72 16,328,014,819 0 

2,554 0 40 41.1222 3,124,710.71 0.00 27,890.14 50,308.70 14,864,378,996 0 

2,452 0 35 43.0061 2,919,274.53 0.00 35,145.03 51 ,198.25 13,553,156,724 0 

2,466 0 41 47.2661 2,765,667.45 0.00 39,352.96 52,999.78 12,926,359,171 0 

2,51 1 0 34 52.7901 2,609,130.05 0.00 19,557.05 54,840.92 12,053,577,874 0 

(11) 

EXPected 

benefit-squared 

deaths per 

standard table, 

adjusted for 

exposures less 

than one year 

2,840 

3,881 

1,198 

6,024 

8,069 

167,522 

984,277 

1,260,388 

1,386,086 

2,929,2 15 

11,656,818 

17,744,297 

26,318,746 

34,497,865 

34,660,601 

93,450,640 

186,912,932 

213,383,404 

242,097,121 

239,308,519 

237,758,159 

247,663,328 

253,242,654 

AFMEPF0370 

Mortality Experience Study 14 

American Federation of Musicians & Employers' Pension Fund 
ffln@•F\,I Mortality Experience Study 

Age at 

beginning 

of year 

73 

74 

75 

76 

77 

78 

79 

80 

81 

82 

83 

84 

85 

86 

87 

88 

89 

90 

91 

92 

93 

94 

95 

96 

97 

98 

99 

(1) 

Number of 

individuals, 

excluding 

individuals 

who left the 

populations for 

reasons other 

than death 

2,326 

2,206 

2,020 

1,913 

1,778 

1,678 

1,523 

1,454 

1,357 

1,234 

1,116 

1,016 

953 

914 

831 

753 

681 

582 

466 

370 

305 

238 

175 

126 

100 

66 

44 

49,535 

Mortality Experience Study 

(2) (3) 

Number of 

individuals 

who left 

the 

population Number of 

for individuals 

reasons who died 

other than during the 

death year 

0 47 

0 54 

0 49 

0 59 

0 62 

0 57 

0 48 

0 54 

0 60 

0 55 

0 77 

0 67 

0 76 

0 94 

0 82 

0 71 

0 76 

0 74 

0 68 

0 70 

0 58 

0 52 

0 41 

0 27 

0 24 

0 20 

0 12 

1,809 

(4) 

Number of 

expected 

deaths per 

standard table, 

adjusted for 

exposures less 

than one year 

53.8101 

56.2898 

56.9294 

59.6730 

61.5481 

64.5543 

65.1984 

69.3257 

72.1791 

73.3416 

74.2148 

75.6961 

79.5873 

85.5697 

87.1436 

88.4278 

89.4887 

85.5009 

76.0848 

66.6528 

60.1419 

50.9794 

40.4579 

31.3800 

26.7946 

18.9600 

13.4946 

2,030.8141 

American Federation of Musicians & Employers' Pension Fund 

(5) (6) 

Sum of benefit Sum of 

amounts, benefit 

excluding amounts for 

individuals who individuals 

left the who left the 

population population 

during for for reasons 

reasons other other than 

than death death 

2,308,887.06 0.00 

2,132,553.57 0.00 

1,906,458.21 0.00 

1,775,250.66 0.00 

1,612,797.55 0.00 

1,483,758.70 0.00 

1,325,866.76 0.00 

1,222,100.33 0.00 

1,073,448.74 0.00 

941 ,493.15 0.00 

890,414.00 0.00 

791 ,436.91 0.00 

730,487.93 0.00 

703,599.06 0.00 

691 ,215.22 0.00 

582,502.61 0.00 

521 ,514.09 0.00 

459,399.87 0.00 

375,789.14 0.00 

240,796.28 0.00 

201 ,545.01 0.00 

161 ,901.63 0.00 

114,320.14 0.00 

78,354.57 0.00 

61 ,178.12 0.00 

34,386.25 0.00 

15,572.34 0.00 

49,825,718.54 0.00 

(7) (8) (9) (10) (11) 

Sum of squares 

of benefit Sum of squares 

Sum of EXPected amounts, of benefit EXPected 

benefit benefit deaths excluding amounts for benefit-squared 

amounts for per standard individuals who individuals who deaths per 

individuals table, adjusted left the left the standard table, 

who died for exposures population for populations for adjusted for 

during the less than one reasons other reasons other exposures less 

year year than death than death than one year 

18,911.14 53,393.67 10,490,485,785 0 242,501,294 

36,627.95 54,391 .69 8,946,368,134 0 227,912,424 

36,891.18 53,704.06 7,287,454,898 0 205,203,079 

42,897.25 55,361 .54 7,135,814,094 0 222,342,954 

40,343.65 55,827.90 6,388,982,093 0 221 ,229,198 

45,697.78 57,062.64 5,605,940,923 0 215,796,018 

42,009.88 56,739.71 5,218,189,308 0 223,284,832 

43,933.35 58,214.82 4,834,654,523 0 230,030,876 

39,549.58 57,058.26 4,062,176,988 0 215,688,311 

29,879.48 55,959.98 3,335,919,812 0 198,329,120 

63,374.63 59,226.00 3,295,836,584 0 219,315,972 

54,760.38 58,981 .79 2,788,680,854 0 207,810,893 

45,911.69 60,999.41 2,462,052,344 0 205,514,890 

63,408.61 65,865.73 2,397,250,053 0 224,429,820 

75,705.10 72,476.49 3,471,410,392 0 364,619,516 

34,327.42 68,408.24 2,916,303,009 0 342,907,224 

40,142.91 68,526.06 2,718,914,923 0 357,244,018 

48,966.23 67,460.88 2,659,515,349 0 390,323,769 

29,216.04 61 ,304.32 2,501 ,329,759 0 407,51 1,381 

37,313.83 43,327.59 1,071 ,733,071 0 192,962,611 

49,835.23 39,721 .67 955,573,473 0 188,287,274 

24,426.17 34,669.33 867,847,523 0 185,456,001 

21 ,973.08 26,435.69 512,673,066 0 118,208,285 

17,481.96 19,538.47 256,865,227 0 64,036,756 

14,383.33 16,348.94 227,551 ,684 0 60,715,514 

5,831.88 9,839.89 135,352,582 0 38,627,989 

1,912.34 4,771.16 26,418,790 0 8,083,779 

1,243,236.00 1,744,087.26 214,141 ,042,291 0 7,623,818,383 

AFMEPF0371 

15 
ffln@•F\,I Mortality Experience Study 

Experience for April 1, 2019 through March 31, 2020 for Males 

Age at 

beginning 

of year 

51 

52 

53 

54 

55 

56 

57 

58 

59 

60 

61 

62 

63 

64 

65 

66 

67 

68 

69 

70 

71 

72 

73 

74 

75 

76 

77 

(1) 

Number of 

individuals, 

excludinq 

individuals 

who left the 

populations for 

reasons other 

than death 

3 

1 

4 

19 

23 

27 

48 

47 

58 

101 

168 

196 

314 

588 

623 

625 

534 

538 

589 

672 

533 

468 

428 

441 

389 

Mortality Experience Study 

(2) 

Number of 

individuals 

who left 

the 

population 

for 

reasons 

other than 

death 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

(3) (4) 

Number of 

expected 

Number of deaths per 

individuals standard table. 

who died adjusted for 

during the exposures less 

year than one year 

0.0127 

0 0.0136 

1 0.0049 

0 0.0052 

0 0.0055 

0 0.0236 

0 0.11 99 

0 0.1553 

0 0.1953 

0 0.3728 

0 0.3922 

0 0.5200 

0 0.9727 

1 1.7378 

4 2.1758 

5 3.7410 

4 7.5258 

3 8.5768 

2 9.2812 

5 8.5835 

7 9.3935 

13 11.2104 

13 13.9978 

14 12.1881 

15 11.7856 

9 11.9052 

15 13.5775 

12 13.2875 

American Federation of Musicians & Employers' Pension Fund 

(5) (6) (7) (8) 

Sum of benefit Sum of 

amounts, benefit 

excluding amounts for Sum of Expected 

individuals who individuals benefit benefit deaths 

left the who left the amounts for per standard 

population population individuals table. adjusted 

during for for reasons who died for exposures 

reasons other other than during the less than one 

than death death year year 

7811 lllllll!E!IIIII . . 1,307.71 0.00 5.94 

9.19 0.00 9.19 0.04 

19.55 0.00 0.00 0.10 

33.33 0.00 0.00 0.18 

2,343.77 0.00 0.00 13.84 

10,109.51 0.00 0.00 63.78 

24,496.46 0.00 0.00 165.37 

18,021 .56 0.00 0.00 130.37 

39,857.56 0.00 0.00 309.54 

55,370.74 0.00 0.00 462.01 

62,298.65 0.00 0.00 558.51 

104,878.41 0.00 0.00 1,010.14 

216,346.18 0.00 216.60 2,237.88 

192,038.00 0.00 5,582.61 2,131.84 

484,524.94 0.00 5,140.25 5,772.57 

782,043.54 0.00 5,691.74 10,009.46 

808,203.22 0.00 2,584.39 11,126.50 

781 ,589.50 0.00 1,035.03 11,606.58 

683,656.29 0.00 3,279.25 10,989.11 

659,51 1.50 0.00 4,242.44 11,515.12 

669,606.99 0.00 9,055.89 12,744.57 

715,683.61 0.00 9,773.54 14,907.57 

558,203.66 0.00 5,322.67 12,764.37 

475,044.10 0.00 9,072.38 11,963.02 

433,659.32 0.00 3,166.65 12,062.73 

434,502.81 0.00 8,913.22 13,377.56 

360,622.81 0.00 11,879.49 12,318.17 

(9) (10) (11) 

Sum of squares 

of benefit Sum of squares 

amounts, of benefit Expected 

excludinq amounts for benefit-squared 

individuals who individuals who deaths per 

left the left the standard table. 

population for populations for adjusted for 

reasons other reasons other exposures less 

than death than death than one year 

,5 

770,642 0 3,501 

84 0 0 

382 0 2 

1,111 0 6 

2,333,396 0 13,783 

13,930,595 0 87,888 

68,227,032 0 460,601 

34,689,605 0 250,945 

79,587,873 0 618,079 

142,408,203 0 1,188,254 

149,481,434 0 1,340,101 

309,572,324 0 2,981,491 

1,291 ,334,812 0 13,357,567 

546,977,458 0 6,071,997 

2,165,260,935 0 25,796,919 

3,331 ,348,280 0 42,637,927 

3,311,229,579 0 45,585,698 

3,633,992,947 0 53,964,795 

3,643,720,990 0 58,569,171 

2,806,908,852 0 49,008,629 

2,936,151,647 0 55,883,774 

3,420,970,443 0 71,258,814 

2,675,782,343 0 61,187,115 

2,560,939,81 1 0 64,492,147 

1,428,987,440 0 39,748,715 

2,022,556,539 0 62,270,471 

1,669,385,598 0 57,022,873 

AFMEPF0372 

16 
ffln@•F\,I Mortality Experience Study 

Age at 

beginning 

of year 

78 

79 

80 

81 

82 

83 

84 

85 

86 

87 

88 

89 

90 

91 

92 

93 

94 

95 

96 

97 

98 

99 

(1) 

Number of 

individuals, 

excluding 

individuals 

who left the 

populations for 

reasons other 

than death 

392 

290 

303 

303 

294 

242 

216 

189 

170 

151 

141 

143 

134 

108 

78 

68 

60 

30 

30 

26 

12 

13 

10,835 

Mortality Experience Study 

(2) (3) 

Number of 

individuals 

who left 

the 

population Number of 

for individuals 

reasons who died 

other than during the 

death year 

0 14 

0 10 

0 13 

0 12 

0 13 

0 16 

0 12 

0 14 

0 18 

0 13 

0 11 

0 9 

0 20 

0 11 

0 14 

0 15 

0 15 

0 5 

0 7 

0 6 

0 5 

0 4 

0 381 

(4) 

Number of 

expected 

deaths per 

standard table, 

adjusted for 

exposures less 

than one year 

14.8835 

12.2557 

14.2774 

15.9414 

17.2966 

15.9342 

15.9432 

15.6415 

15.7794 

15.7112 

16.4414 

18.6708 

19.5656 

17.5283 

13.9643 

13.3188 

12.7579 

6.8767 

7.4165 

6.9090 

3.4186 

3.9607 

436.2541 

American Federation of Musicians & Employers' Pension Fund 

(5) (6) 

Sum of benefit Sum of 

amounts, benefit 

excluding amounts for 

individuals who individuals 

left the who left the 

population population 

during for for reasons 

reasons other other than 

than death death 

359,818.04 0.00 

244,466.79 0.00 

296,007.71 0.00 

282,545.28 0.00 

216,457.07 0.00 

204,012.37 0.00 

155,664.25 0.00 

149,917.10 0.00 

114,122.62 0.00 

148,783.99 0.00 

115,753.15 0.00 

96,223.64 0.00 

101 ,389.15 0.00 

124,365.13 0.00 

59,899.79 0.00 

48,585.48 0.00 

49,705.24 0.00 

28,184.58 0.00 

5,407.94 0.00 

17,976.32 0.00 

16,028.31 0.00 

4,253.47 0.00 

11,41 3,628.46 0.00 

(7) (8) (9) (10) (11) 

Sum of squares 

of benefit Sum of squares 

Sum of EXPected amounts, of benefit EXPected 

benefit benefit deaths excluding amounts for benefit-squared 

amounts for per standard individuals who individuals who deaths per 

individuals table, adjusted left the left the standard table, 

who died for exposures population for populations for adjusted for 

during the less than one reasons other reasons other exposures less 

year year than death than death than one year 

11 ,376.19 13,661 .59 1,098,916,246 0 41,723,652 

3,857.75 10,331 .31 810,227,524 0 34,241,025 

13,983.83 13,947.91 1,317,470,036 0 62,079,188 

9,378.83 14,865.24 1,371 ,055,046 0 72,133,948 

3,920.34 12,734.59 757,128,536 0 44,543,386 

12,042.35 13,432.99 735,351,291 0 48,418,470 

9,628.80 11 ,489.73 507,943,006 0 37,491,781 

11,238.01 12,406.91 571,413,750 0 47,289,631 

11,243.53 10,592.85 311,672,541 0 28,929,445 

21 ,835.24 15,480.71 673,142,025 0 70,039,081 

4,136.40 13,497.46 352,064,306 0 41,052,810 

2,150.88 12,563.45 319,763,923 0 41,749,977 

19,761.97 14,804.01 363,458,441 0 53,069,294 

4,347.68 20,184.35 1,406,431,570 0 228,262,437 

10,082.12 10,723.85 191,617,347 0 34,305,254 

18,116.05 9,516.15 124,362,968 0 24,358,228 

5,847.12 10,568.98 355,002,997 0 75,484,997 

1,564.60 6,460.57 258,810,203 0 59,325,510 

1,451.34 1,336.94 1,777,382 0 439,397 

3,361.18 4,776.89 66,918,287 0 17,782,330 

1,454.30 4,566.19 103,855,875 0 29,586,669 

484.27 1,295.90 2,927,542 0 891 ,934 

266,237.29 397,485.77 49,947,863,749 0 1,806,999,721 

AFMEPF0373 

17 
ffln@•F\,I Mortality Experience Study 

Experience for April 1, 2018 through March 31, 2019 for Males 

Age at 

beginning 

of year 

51 

52 

53 

54 

55 

56 

57 

58 

59 

60 

61 

62 

63 

64 

65 

66 

67 

68 

69 

70 

71 

72 

73 

74 

75 

76 

77 

(1) 

Number of 

individuals, 

excludinq 

individuals 

who left the 

populations for 

reasons other 

than death 

1 

0 

1 

3 

8 

18 

18 

39 

31 

44 

76 

127 

170 

212 

318 

539 

593 

502 

521 

554 

597 

508 

470 

431 

446 

400 

405 

Mortality Experience Study 

(2) 

Number of 

individuals 

who left 

the 

population 

for 

reasons 

other than 

death 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

(3) (4) 

Number of 

expected 

Number of deaths per 

individuals standard table. 

who died adjusted for 

during the exposures less 

year than one year 

00085 

0 0.0046 

0 0.0000 

0 0.0052 

0 0.0167 

0 0.0475 

0 0.1140 

0 0.1218 

0 0.2824 

0 0.2406 

0 0.3664 

2 0.6792 

0 1.2183 

1 1.7505 

3 2.3428 

4 3.7724 

6 6.8749 

6 8.1454 

6 7.4477 

5 8.3798 

10 9.6933 

8 11.4027 

6 10.6324 

3 10.8100 

7 10.9250 

8 12.4920 

13 12.4032 

15 13.9344 

American Federation of Musicians & Employers' Pension Fund 

(5) (6) (7) (8) 

Sum of 

benefit 

Sum of benefit amounts for Sum of Expected 

amounts. individuals benefit benefit deaths 

excluding who left the amounts for per standard 

individuals who population individuals table. adjusted 

left the population for reasons who died for exposures 

during for reasons other than during the less than one 

other than death death year year 

955.46 lllllll!!nlllll ..... • I 

9.19 0.00 0.00 0.04 

0.00 0.00 0.00 0.00 

33.33 0.00 0.00 0.17 

1,154.24 0.00 0.00 6.43 

4,201.91 0.00 0.00 24.93 

19,035.75 0.00 0.00 120.53 

9,517.13 0.00 0.00 64.40 

27,746.56 0.00 0.00 200.91 

38,988.23 0.00 0.00 302.63 

45,425.92 0.00 0.00 378.31 

69,444.25 0.00 1,990.34 620.62 

165,474.54 0.00 0.00 1,587.40 

170,939.68 0.00 3,442.63 1,760.17 

244,910.61 0.00 1,543.29 2,706.51 

414,169.22 0.00 4,781.42 4,913.29 

719,129.95 0.00 6,704.49 9,172.50 

750,766.32 0.00 5,112.56 10,312.53 

654,517.52 0.00 10,199.80 9,710.42 

643,576.27 0.00 2,633.23 10,351 .28 

664,153.92 0.00 16,304.46 11,620.70 

689,584.28 0.00 3,809.23 13,171.06 

545,543.81 0.00 2,675.87 11,418.23 

475,325.49 0.00 1,361.61 10,932.49 

435,038.32 0.00 2,925.63 11,027.35 

434,593.14 0.00 2,922.74 12,172.52 

373,997.48 0.00 13,101.45 11,596.91 

371 ,272.11 0.00 11,982.63 12,773.99 

(9) (10) (11) 

Sum of squares 

of benefit Sum of squares 

amounts, of benefit Expected 

excludinq amounts for benefit-squared 

individuals who individuals who deaths per 

left the left the standard table. 

population for populations for adjusted for 

reasons other reasons other exposures less 

than death than death than one year 

646,562 2,739 

0 

0 0 0 

1,111 0 6 

918,414 0 5,116 

8,064,403 0 47,854 

54,806,01 1 0 347,032 

16,558,322 0 112,050 

47,285,931 0 342,397 

99,936,629 0 775,708 

100,312,483 0 835,402 

201,347,319 0 1,799,441 

1,078,194,431 0 10,343,1 19 

506,390,805 0 5,214,306 

817,675,623 0 9,036,133 

1,688,757,416 0 20,033,729 

3,014,566,157 0 38,450,791 

3,501,728,189 0 48,099,738 

3,523,599,688 0 52,276,125 

2,716,785,412 0 43,696,777 

2,957,145,937 0 51,741,182 

3,362,850,851 0 64,230,451 

2,633,177,698 0 55,112,409 

2,556,910,829 0 58,808,949 

1,427,441,776 0 36,182,794 

2,008,005,097 0 56,242,215 

1,743,263,566 0 54,055,1 17 

1,127,154,924 0 38,780,892 

AFMEPF0374 

18 
ffln@•F\,I Mortality Experience Study 

Age at 

beginning 

of year 

78 

79 

80 

81 

82 

83 

84 

85 

86 

87 

88 

89 

90 

91 

92 

93 

94 

95 

96 

97 

98 

99 

(1) 

Number of 

individuals, 

excluding 

individuals 

who left the 

populations for 

reasons other 

than death 

300 

317 

313 

302 

254 

227 

206 

182 

165 

160 

159 

153 

123 

90 

81 

70 

36 

33 

34 

17 

16 

7 

10,279 

Mortality Experience Study 

(2) (3) 

Number of 

individuals 

who left 

the 

population Number of 

for individuals 

reasons who died 

other than during the 

death year 

0 11 

0 16 

0 11 

0 9 

0 13 

0 11 

0 17 

0 13 

0 14 

0 22 

0 16 

0 20 

0 15 

0 12 

0 13 

0 10 

0 6 

0 2 

0 8 

0 5 

0 3 

0 2 

0 352 

(4) 

Number of 

expected 

deaths per 

standard table, 

adjusted for 

exposures less 

than one year 

11.4708 

13.4887 

14.8450 

15.9879 

15.0305 

15.0292 

15.2831 

15.1348 

15.3831 

16.7162 

18.6130 

20.0487 

18.0207 

14.6552 

14.5494 

13.7572 

7.6824 

7.5940 

8.4383 

4.5360 

4.5773 

2.1413 

417.0946 

American Federation of Musicians & Employers' Pension Fund 

(5) (6) 

Sum of 

benefit 

Sum of benefit amounts for 

amounts, individuals 

excluding who left the 

individuals who population 

left the population for reasons 

during for reasons other than 

other than death death 

246,973.53 0.00 

314,941.43 0.00 

292,604.35 0.00 

226,998.34 0.00 

212,460.60 0.00 

157,893.90 0.00 

160,631.40 0.00 

118,214.22 0.00 

153,424.12 0.00 

130,958.06 0.00 

105,533.67 0.00 

121 ,211.16 0.00 

130,519.10 0.00 

63,701.96 0.00 

63,981.78 0.00 

52,560.04 0.00 

33,908.40 0.00 

5,928.06 0.00 

22,622.75 0.00 

22,166.27 0.00 

7,281.49 0.00 

6,033.76 0.00 

10,620,053.06 0.00 

(7) (8) (9) (10) (11) 

Sum of squares 

of benefit Sum of squares 

Sum of EXPected amounts, of benefit EXPected 

benefit benefit deaths excluding amounts for benefit-SQ uared 

amounts for per standard individuals who individuals who deaths per 

individuals table, adjusted left the left the standard table, 

who died for exposures population for populations for adjusted for 

during the less than one reasons other reasons other exposures less 

year year than death than death than one year 

3,226.40 9,443.28 810,105,727 0 30,975,203 

17,506.69 13,401 .07 1,374,759,563 0 58,497,394 

10,001 .51 13,877.64 1,388,843,299 0 65,870,060 

10,674.35 12,017.29 791,946,737 0 41,925,660 

8,472.10 12,572.36 748,092,840 0 44,268,394 

2,326.84 10,453.84 507,541,513 0 33,603,308 

10,370.95 11,917.24 593,304,899 0 44,017,290 

4,242.71 9,830.46 313,615,101 0 26,079,605 

4,450.55 14,303.88 676,159,544 0 63,039,030 

15,557.34 13,681 .97 386,405,249 0 40,370,075 

9,229.32 12,354.09 341,829,842 0 40,015,627 

16,243.96 15,883.15 490,795,756 0 64,312,404 

6,070.05 19,122.35 1,412,696,595 0 206,974,178 

3,802.69 10,372.97 193,874,169 0 31,569,694 

14,184.62 11,492.54 212,922,875 0 38,245,633 

2,415.10 10,329.73 358,079,262 0 70,374,034 

5,723.82 7,236.05 274,106,394 0 58,494,305 

144.52 1,364.17 1,928,755 0 443,847 

4,796.60 5,614.61 72,123,114 0 17,899,803 

6,137.96 5,914.54 126,668,062 0 33,798,332 

3,024.52 2,083.12 8,650,964 0 2,474,902 

215.12 1,845.69 21,280,364 0 6,509,536 

250,309.12 372,062.42 46,299,256,292 0 1,666,330,788 

AFMEPF0375 

19 
ffln@•F\,I Mortality Experience Study 

Experience for April 1, 2017 through March 31, 2018 for Males 

Age at 

beginning 

of year 

51 

52 

53 

54 

55 

56 

57 

58 

59 

60 

61 

62 

63 

64 

65 

66 

67 

68 

69 

70 

71 

72 

73 

74 

75 

76 

77 

(1) 

Number of 

individuals, 

excludinq 

individuals 

who left the 

populations for 

reasons other 

than death 

0 

1 

4 

3 

6 

10 

29 

20 

30 

54 

99 

129 

174 

221 

277 

504 

471 

504 

543 

549 

456 

451 

438 

456 

410 

417 

305 

Mortality Experience Study 

(2) 

Number of 

individuals 

who left 

the 

population 

for 

reasons 

other than 

death 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

(3) (4) 

Number of 

expected 

Number of deaths per 

individuals standard table. 

who died adjusted for 

during the exposures less 

year than one year 

0.0085 

0 0.0000 

0 0.0049 

0 0.0210 

0 0.0168 

0 0.0357 

0 0.0635 

1 0.1964 

0 0.1447 

0.2322 

0.4478 

1 0.8800 

2 1.2299 

2 1.7800 

0 2.4272 

5 3.2680 

7 6.4008 

2 6.4522 

7 7.4698 

7 8.7396 

8 9.6289 

12 8.7438 

5 9.4881 

9 10.1358 

12 11.6367 

9 11.5645 

13 13.0217 

7 10.5667 

American Federation of Musicians & Employers' Pension Fund 

(5) (6) (7) (8) 

Sum of benefit Sum of 

amounts, benefit 

excluding amounts for Sum of Expected 

individuals who individuals benefit benefit deaths 

left the who left the amounts for per standard 

population population individuals table. adjusted 

during for for reasons who died for exposures 

reasons other other than during the less than one 

than death death year year 

15078 lllllll!E!IIIII-- I • ' 

0.00 0.00 0.00 0.00 

33.33 0.00 0.00 0.16 

1,392.25 0.00 0.00 7.30 

453.54 0.00 0.00 2.53 

2,692.16 0.00 0.00 16.03 

6,717.24 0.00 0.00 42.62 

20,185.47 0.00 490.68 136.66 

23,603.41 0.00 0.00 170.75 

21 ,011 .77 0.00 982.61 162.67 

33,096.59 0.00 943.51 274.46 

122,502.75 0.00 990.48 1,088.93 

122,354.48 0.00 934.32 1,166.51 

171,870.81 0.00 741 .76 1,758.28 

223,478.58 0.00 0.00 2,454.50 

282,931.72 0.00 5,345.70 3,338.01 

673,876.12 0.00 4,253.61 8,558.20 

621 ,272.93 0.00 214.74 8,510.85 

618,898.86 0.00 4,917.31 9,172.83 

660,380.24 0.00 6,134.33 10,628.85 

655,252.90 0.00 5,923.92 11,492.51 

526,047.06 0.00 16,053.60 10,086.94 

470,112.03 0.00 1,540.29 9,890.21 

434,764.71 0.00 2,761.13 10,060.88 

446,588.44 0.00 14,919.70 11,396.47 

377,520.25 0.00 3,684.00 10,648.26 

381 ,283.51 0.00 10,221.91 11,906.22 

248,830.20 0.00 2,212.13 8,620.73 

(9) (10) (11) 

Sum of squares 

of benefit Sum of squares 

amounts, of benefit Expected 

excludinq amounts for benefit-squared 

individuals who individuals who deaths per 

left the left the standard table. 

population for populations for adjusted for 

reasons other reasons other exposures less 

than death than death than one year 

20,132 

0 0 

1,111 0 5 

975,063 0 5,120 

114,619 0 641 

2,852,594 0 16,987 

13,859,647 0 87,953 

29,448,627 0 199,426 

60,257,846 0 435,905 

26,915,830 0 208,355 

52,218,249 0 433,046 

920,620,002 0 8,183,391 

293,386,495 0 2,797,147 

506,934,480 0 5,185,940 

684,340,066 0 7,516,107 

931,548,025 0 10,990,404 

3,249,956,425 0 41,274,447 

3,411,665,201 0 46,736,402 

2,597,117,294 0 38,491,875 

2,937,975,232 0 47,286,711 

3,240,290,318 0 56,831,452 

2,678,375,406 0 51,357,848 

2,550,852,690 0 53,664,839 

1,418,953,855 0 32,836,011 

2,045,458,462 0 52,198,054 

1,743,146,069 0 49,167,178 

1,146,532,071 0 35,802,757 

811,169,716 0 28,102,975 

AFMEPF0376 

20 
ffln@•F\,I Mortality Experience Study 

Age at 

beginning 

of year 

78 

79 

80 

81 

82 

83 

84 

85 

86 

87 

88 

89 

90 

91 

92 

93 

94 

95 

96 

97 

98 

99 

(1) 

Number of 

individuals, 

excluding 

individuals 

who left the 

populations for 

reasons other 

than death 

320 

323 

310 

269 

233 

219 

194 

185 

175 

179 

167 

137 

103 

102 

80 

47 

41 

48 

19 

20 

9 

11 

9,754 

Mortality Experience Study 

(2) (3) 

Number of 

individuals 

who left 

the 

population Number of 

for individuals 

reasons who died 

other than during the 

death year 

0 4 

0 10 

0 10 

0 16 

0 7 

0 16 

0 12 

0 20 

0 16 

0 21 

0 13 

0 14 

0 14 

0 21 

0 11 

0 11 

0 8 

0 14 

0 2 

0 4 

0 2 

0 2 

0 359 

(4) 

Number of 

expected 

deaths per 

standard table, 

adjusted for 

exposures less 

than one year 

12.3181 

13.8325 

14.7929 

14.3240 

13.8626 

14.5725 

14.4608 

15.4523 

16.3809 

18.7726 

19.6182 

18.01 15 

15.1389 

16.6626 

14.4159 

9.2685 

8.7819 

11.0924 

4.7358 

5.3606 

2.5856 

3.3783 

402.4247 

American Federation of Musicians & Employers' Pension Fund 

(5) (6) 

Sum of benefit Sum of 

amounts, benefit 

excluding amounts for 

individuals who individuals 

left the who left the 

population population 

during for for reasons 

reasons other other than 

than death death 

316,364.06 0.00 

297,638.07 0.00 

229,248.97 0.00 

220,136.94 0.00 

161 ,538.30 0.00 

166,134.36 0.00 

142,084.68 0.00 

168,512.45 0.00 

147,012.54 0.00 

119,916.92 0.00 

125,061.33 0.00 

137,241.38 0.00 

75,732.95 0.00 

75,795.02 0.00 

57,035.44 0.00 

41 ,226.84 0.00 

6,741.51 0.00 

29,944.18 0.00 

26,063.11 0.00 

8,752.52 0.00 

6,271.41 0.00 

1,570.38 0.00 

9,707,325.49 0.00 

(7) (8) (9) (10) (11) 

Sum of squares 

of benefit Sum of squares 

Sum of EXPected amounts, of benefit EXPected 

benefit benefit deaths excluding amounts for benefit-squared 

amounts for per standard individuals who individuals who deaths per 

individuals table, adjusted left the left the standard table, 

who died for exposures population for populations for adjusted for 

during the less than one reasons other reasons other exposures less 

year year than death than death than one year 

1,262.26 12,178.26 1,375,520,777 0 52,949,297 

5,081.83 12,746.43 1,395,043,933 0 59,742,756 

3,835.22 10,939.56 793,068,189 0 37,844,421 

7,765.67 11 ,722.09 760,148,651 0 40,477,155 

3,757.20 9,610.95 516,009,594 0 30,700,507 

5,575.46 11 ,054.75 596,401 ,045 0 39,685,122 

23,940.93 10,590.96 518,920,930 0 38,680,366 

15,089.96 14,075.21 717,050,164 0 59,892,332 

17,277.77 13,761 .08 428,266,777 0 40,087,912 

14,447.10 12,576.30 379,400,668 0 39,789,645 

3,753.98 14,691 .47 492,511 ,288 0 57,857,271 

6,723.49 18,043.27 1,420,840,874 0 186,799,371 

12,217.76 11 ,131.28 256,171 ,498 0 37,652,087 

11 ,827.11 12,381 .83 233,718,297 0 38,179,987 

4,821.46 10,277.75 361,543,650 0 65,149,804 

7,318.44 8,130.04 290,874,378 0 57,361,009 

815.15 1,443.98 2,036,896 0 436,289 

7,449.84 6,919.85 78,736,637 0 18,195,407 

3,896.84 6,496.37 136,705,444 0 34,074,515 

1,471.03 2,345.98 9,251 ,856 0 2,479,793 

237.65 1,801.72 21 ,322,737 0 6,125,809 

286.04 482.29 331,110 0 101 ,691 

242,117.92 344,994.42 42,138,860,918 0 1,514,073,610 

AFMEPF0377 

21 
ffln@•F\,I Mortality Experience Study 

Experience for April 1, 2016 through March 31, 2017 for Males 

Age at 

beginning 

of year 

51 

52 

53 

54 

55 

56 

57 

58 

59 

60 

61 

62 

63 

64 

65 

66 

67 

68 

69 

70 

71 

72 

73 

74 

75 

76 

77 

(1) 

Number of 

individuals, 

excludinq 

individuals 

who left the 

populations for 

reasons other 

than death 

1 

3 

3 

3 

1 

23 

18 

24 

49 

80 

108 

150 

195 

208 

277 

408 

485 

530 

537 

423 

423 

430 

457 

419 

425 

307 

340 

Mortality Experience Study 

(2) 

Number of 

individuals 

who left 

the 

population 

for 

reasons 

other than 

death 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

(3) (4) 

Number of 

expected 

Number of deaths per 

individuals standard table. 

who died adjusted for 

during the exposures less 

year than one year 

0 0.0046 

0 0.0148 

0 0.0158 

0 0.0168 

0 0.0060 

0 0.1461 

0 0.1218 

0 0.1732 

0 0.3776 

0 0.6595 

1 0.9533 

2 1.4193 

3 1.9798 

3 2.2684 

3 3.2489 

3 5.1592 

3 6.6266 

4 7.8498 

14 8.6538 

6 7.4406 

6 8.1470 

4 9.0962 

7 10.6426 

8 10.7658 

12 12.0721 

10 9.6533 

20 11.8585 

American Federation of Musicians & Employers' Pension Fund 

(5) (6) (7) (8) 

Sum of benefit Sum of 

amounts, benefit 

excluding amounts for Sum of Expected 

individuals who individuals benefit benefit deaths 

left the who left the amounts for per standard 

population population individuals table. adjusted 

during for for reasons who died for exposures 

reasons other other than during the less than one 

than death death year year 

33.33 0.00 0.00 0.15 

446.79 0.00 0.00 2.21 

620.77 0.00 0.00 3.27 

760.07 0.00 0.00 4.27 

39.92 0.00 0.00 0.24 

15,508.79 0.00 0.00 98.50 

20,470.69 0.00 0.00 138.50 

15,113.81 0.00 0.00 109.05 

31 ,221 .40 0.00 0.00 240.59 

107,677.54 0.00 0.00 887.69 

108,398.79 0.00 616.65 956.84 

154,457.57 0.00 417.40 1,461.48 

203,420.91 0.00 579.68 2,065.33 

178,501.80 0.00 4,056.14 1,946.74 

353,235.8 1 0.00 6,511.20 4,143.10 

557,392.95 0.00 724.03 7,048.23 

603,688.99 0.00 3,309.09 8,248.20 

662,841.49 0.00 11,497.01 9,817.35 

663,014.00 0.00 9,918.93 10,684.47 

485,219.55 0.00 7,463.61 8,535.01 

467,263.15 0.00 9,4 16.18 8,999.49 

429,818.25 0.00 1,882.93 9,092.38 

452,768.17 0.00 3,883.06 10,544.07 

386,655.70 0.00 4,786.05 9,934.73 

389,154.97 0.00 5,336.44 11,053.95 

253,404.76 0.00 6,268.82 7,968.06 

326,737.61 0.00 10,418.78 11,395.95 

(9) (10) (11) 

Sum of squares 

of benefit Sum of squares 

amounts, of benefit Expected 

excludinq amounts for benefit-squared 

individuals who individuals who deaths per 

left the left the standard table. 

population for populations for adjusted for 

reasons other reasons other exposures less 

than death than death than one year 

1,111 0 5 

81,168 0 401 

159,344 0 840 

409,215 0 2,297 

1,594 0 10 

22,256,784 0 141 ,353 

52,471,705 0 355,024 

20,135,317 0 145,276 

51 ,322,547 0 395,492 

902,094,932 0 7,436,871 

274,205,989 0 2,420,4 16 

471,730,002 0 4,463,509 

650,589,322 0 6,605,433 

425,671,051 0 4,642,368 

1,459,627,621 0 17,119,972 

2,773,899,783 0 35,075,963 

2,485,909,332 0 33,964,979 

3,019,816,770 0 44,726,506 

3,646,402,787 0 58,761,781 

1,997,257,406 0 35,131,758 

2,568,825,626 0 49,475,582 

1,405,435,379 0 29,730,580 

2,094,695,678 0 48,781,273 

1,761 ,227,271 0 45,252,974 

1,164,626,074 0 33,081,204 

827,774,926 0 26,028,555 

1,389,791,404 0 48,473,145 

AFMEPF0378 

22 
ffln@•F\,I Mortality Experience Study 

Age at 

beginning 

of year 

78 

79 

80 

81 

82 

83 

84 

85 

86 

87 

88 

89 

90 

91 

92 

93 

94 

95 

96 

97 

98 

99 

(1) 

Number of 

individuals, 

excluding 

individuals 

who left the 

populations for 

reasons other 

than death 

335 

317 

273 

244 

228 

213 

202 

191 

194 

181 

150 

118 

114 

94 

62 

52 

58 

30 

25 

13 

19 

8 

9,448 

Mortality Experience Study 

(2) (3) 

Number of 

individuals 

who left 

the 

population Number of 

for individuals 

reasons who died 

other than during the 

death year 

0 12 

0 7 

0 5 

0 12 

0 10 

0 20 

0 17 

0 16 

0 17 

0 15 

0 13 

0 15 

0 11 

0 14 

0 15 

0 12 

0 10 

0 11 

0 5 

0 4 

0 8 

0 4 

0 362 

(4) 

Number of 

expected 

deaths per 

standard table, 

adjusted for 

exposures less 

than one year 

12.9786 

13.6589 

13.1035 

13.0633 

13.6333 

14.2401 

15.1237 

16.0175 

18.2269 

19.0490 

17.6777 

15.5618 

16.8061 

15.4035 

11.2082 

10.2905 

12.4718 

6.9641 

6.2608 

3.4998 

5.4815 

2.4666 

392.5585 

American Federation of Musicians & Employers' Pension Fund 

(5) (6) 

Sum of benefit Sum of 

amounts, benefit 

excluding amounts for 

individuals who individuals 

left the who left the 

population population 

during for for reasons 

reasons other other than 

than death death 

308,355.85 0.00 

232,208.97 0.00 

226,547.14 0.00 

168,899.23 0.00 

170,947.10 0.00 

170,489.38 0.00 

177,628.69 0.00 

154,086.22 0.00 

132,313.26 0.00 

138,410.39 0.00 

142,868.54 0.00 

81 ,928.09 0.00 

82,608.69 0.00 

64,741 .64 0.00 

45,396.30 0.00 

10,456.35 0.00 

32,228.34 0.00 

29,594.18 0.00 

11 ,388.08 0.00 

8,171.06 0.00 

2,598.44 0.00 

2,119.29 0.00 

9,261,852.78 0.00 

(7) (8) (9) (10) (11) 

Sum of squares 

of benefit Sum of squares 

Sum of EXPected amounts, of benefit EXPected 

benefit benefit deaths excluding amounts for benefit-squared 

amounts for per standard individuals who individuals who deaths per 

individuals table, adjusted left the left the standard table, 

who died for exposures population for populations for adjusted for 

during the less than one reasons other reasons other exposures less 

year year than death than death than one year 

8,900.29 11 ,946.32 1,440,656,959 0 55,813,932 

4,411.47 10,005.42 780,542,212 0 33,632,003 

6,498.65 10,873.81 781,408,927 0 37,506,066 

6,953.86 9,042.53 530,657,414 0 28,410,337 

3,855.36 10,221 .78 602,835,677 0 36,046,559 

29,042.11 11 ,398.07 688,640,260 0 46,039,045 

9,121.38 13,299.06 730,330,476 0 54,679,843 

7,111.43 12,921 .82 437,786,956 0 36,713,252 

12,120.09 12,431 .23 401,348,527 0 37,707,898 

13,552.57 14,566.72 543,183,552 0 57,166,267 

5,629.20 16,837.20 1,425,643,885 0 168,013,557 

6,196.02 10,804.68 263,090,538 0 34,696,380 

6,230.38 12,178.34 251,555,592 0 37,084,829 

7,428.47 10,609.02 373,432,542 0 61,193,270 

4,149.63 8,206.61 293,001 ,999 0 52,968,022 

4,090.88 2,069.26 10,445,606 0 2,067,133 

2,316.13 6,930.09 79,802,663 0 17,160,046 

3,532.07 6,869.87 139,131 ,972 0 32,297,540 

2,635.56 2,851.94 13,241,596 0 3,316,119 

1,899.65 2,199.78 23,171,351 0 6,238,099 

1,028.10 749.66 497,423 0 143,508 

926.91 653.43 1,020,964 0 314,789 

234,716.20 323,046.48 39,277,847,230 0 1,371,422,058 

AFMEPF0379 

23 
ffln@•F\,I Mortality Experience Study 

Experience for April 1, 2015 through March 31, 2016 for Males 

Age at 

beginning 

of year 

51 

52 

53 

54 

55 

56 

57 

58 

59 

60 

61 

62 

63 

64 

65 

66 

67 

68 

69 

70 

71 

72 

73 

74 

75 

76 

77 

(1) 

Number of 

individuals, 

excludinq 

individuals 

who left the 

populations for 

reasons other 

than death 

3 

2 

1 

10 

16 

22 

42 

72 

95 

135 

168 

189 

203 

260 

431 

494 

524 

419 

388 

401 

450 

428 

432 

311 

348 

339 

Mortality Experience Study 

(2) 

Number of 

individuals 

who left 

the 

population 

for 

reasons 

other than 

death 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

(3) (4) 

Number of 

expected 

Number of deaths per 

individuals standard table. 

who died adjusted for 

during the exposures less 

year than one year 

0.0043 

0 0.0138 

0 0.0149 

0 0.0106 

0 0.0056 

0 0.0598 

0 0.1016 

0 0.1485 

0 0.3018 

0 0.5517 

1 0.7778 

0 1.1825 

1 1.5768 

0 1.9040 

4 2.1987 

2 3.0329 

7 5.4293 

7 6.7367 

3 7.7620 

9 6.7656 

4 6.8498 

2 7.7622 

6 9.5755 

14 10.0336 

12 11.1767 

11 8.8955 

8 11.0173 

8 11.9009 

American Federation of Musicians & Employers' Pension Fund 

(5) (6) (7) (8) 

Sum of benefit Sum of 

amounts, benefit 

excluding amounts for Sum of Expected 

individuals who individuals benefit benefit deaths 

left the who left the amounts for per standard 

population population individuals table. adjusted 

during for for reasons who died for exposures 

reasons other other than during the less than one 

than death death year year 

lllllll!E!IIIII-- I ' 

446.79 0.00 0.00 2.06 

620.77 0.00 0.00 3.08 

128.69 0.00 0.00 0.68 

39.92 0.00 0.00 0.22 

8,198.26 0.00 0.00 49.01 

18,595.54 0.00 0.00 118.08 

14,317.37 0.00 0.00 96.67 

23,206.01 0.00 0.00 166.76 

64,290.24 0.00 0.00 492.66 

93,988.71 0.00 205.04 769.49 

144,758.58 0.00 0.00 1,267.94 

183,992.21 0.00 96.20 1,726.95 

166,021.70 0.00 0.00 1,672.50 

213,037.23 0.00 2,574.54 2,307.41 

349,541.04 0.00 1,466.28 4,077.40 

547,121.56 0.00 3,734.94 6,892.09 

617,626.15 0.00 4,940.07 8,422.57 

643,599.85 0.00 992.24 9,533.64 

474,083.92 0.00 5,924.40 7,655.03 

455,136.66 0.00 1,210.60 8,034.98 

413,165.97 0.00 1,018.06 7,997.65 

447,972.34 0.00 3,684.42 9,532.40 

387,825.03 0.00 5,582.67 9,091.78 

389,227.01 0.00 4,924.19 10,070.08 

271 ,530.53 0.00 21 ,781.35 7,766.59 

332,062.10 0.00 4,391.85 10,512.75 

305,334.82 0.00 3,850.62 10,719.08 

(9) (10) (11) 

Sum of squares 

of benefit Sum of squares 

amounts, of benefit Expected 

excludinq amounts for benefit-squared 

individuals who individuals who deaths per 

left the left the standard table. 

population for populations for adjusted for 

reasons other reasons other exposures less 

than death than death than one year 

1, 1 

81,168 0 374 

159,344 0 791 

10,574 0 56 

1,594 0 9 

14,869,153 0 88,888 

50,401,709 0 320,051 

19,740,417 0 133,287 

29,440,956 0 211 ,563 

121,568,642 0 931 ,581 

215,371,366 0 1,763,245 

456,781,257 0 4,000,947 

610,854,478 0 5,733,480 

410,424,678 0 4,134,618 

682,669,673 0 7,393,995 

1,672,491,735 0 19,509,616 

2,339,747,915 0 29,473,805 

2,859,616,277 0 38,996,587 

3,553,488,118 0 52,637,819 

1,919,494,576 0 30,994,079 

2,551 ,554,212 0 45,045,138 

1,380,155,641 0 26,715,673 

2,043,141,664 0 43,476,011 

1,744,143,081 0 40,887,946 

1,151 ,300,814 0 29,786,455 

942,690,218 0 26,963,768 

1,395,686,992 0 44,186,054 

1,391,480,451 0 48,849,313 

AFMEPF0380 

24 
ffln@•F\,I Mortality Experience Study 

Age at 

beginning 

of year 

78 

79 

80 

81 

82 

83 

84 

85 

86 

87 

88 

89 

90 

91 

92 

93 

94 

95 

96 

97 

98 

99 

(1) 

Number of 

individuals, 

excluding 

individuals 

who left the 

populations for 

reasons other 

than death 

331 

276 

255 

239 

225 

215 

198 

206 

210 

160 

136 

130 

108 

72 

69 

68 

43 

34 

18 

24 

10 

5 

9,219 

Mortality Experience Study 

(2) (3) 

Number of 

individuals 

who left 

the 

population Number of 

for individuals 

reasons who died 

other than during the 

death year 

0 16 

0 5 

0 15 

0 11 

0 12 

0 14 

0 9 

0 13 

0 29 

0 11 

0 18 

0 18 

0 14 

0 10 

0 17 

0 10 

0 13 

0 9 

0 5 

0 5 

0 2 

0 0 

0 355 

(4) 

Number of 

expected 

deaths per 

standard table, 

adjusted for 

exposures less 

than one year 

12.9034 

11.9627 

12.3071 

12.8625 

13.5187 

14.4388 

14.8852 

17.3413 

19.7994 

16.8946 

16.0775 

17.1959 

15.9695 

11.8351 

12.5149 

13.5068 

9.2853 

7.9307 

4.5286 

6.4891 

2.8969 

1.5477 

382.4822 

American Federation of Musicians & Employers' Pension Fund 

(5) (6) 

Sum of benefit Sum of 

amounts, benefit 

excluding amounts for 

individuals who individuals 

left the who left the 

population population 

during for for reasons 

reasons other other than 

than death death 

252,247.22 0.00 

236,61 1.51 0.00 

177,692.16 0.00 

174,868.96 0.00 

180,090.07 0.00 

191 ,883.98 0.00 

155,427.88 0.00 

139,757.94 0.00 

156,726.52 0.00 

153,145.86 0.00 

93,285.93 0.00 

84,909.82 0.00 

69,149.98 0.00 

47,185.40 0.00 

14,482.97 0.00 

48,716.29 0.00 

39,318.13 0.00 

20,669.13 0.00 

12,872.68 0.00 

4,111.95 0.00 

2,206.60 0.00 

1,595.44 0.00 

8,822,858.75 0.00 

(7) (8) (9) (10) (11) 

Sum of squares 

of benefit Sum of squares 

Sum of EXPected amounts, of benefit EXPected 

benefit benefit deaths excluding amounts for benefit-squared 

amounts for per standard individuals who individuals who deaths per 

individuals table, adjusted left the left the standard table, 

who died for exposures population for populations for adjusted for 

during the less than one reasons other reasons other exposures less 

year year than death than death than one year 

20,932.64 9,833.35 880,741,214 0 34,333,935 

11 ,152.14 10,255.45 857,616,075 0 37,171,654 

9,614.14 8,575.96 553,864,071 0 26,731,142 

4,776.87 9,41 1.10 608,369,142 0 32,741,210 

9,874.48 10,820.35 711,853,166 0 42,770,274 

14,387.87 12,886.35 767,902,475 0 51,570,026 

1,698.32 11 ,684.76 438,181,544 0 32,941,612 

8,229.58 11 ,764.96 422,186,373 0 35,540,071 

18,316.67 14,776.65 579,802,665 0 54,665,535 

10,312.85 16,170.82 1,489,278,897 0 157,254,448 

11,578.52 11 ,027.98 304,253,688 0 35,967,958 

8,828.56 11,231 .53 224,423,832 0 29,685,887 

4,686.07 10,224.93 375,633,223 0 55,543,382 

1,810.09 7,756.19 293,873,180 0 48,305,992 

4,076.00 2,626.86 12,647,200 0 2,293,899 

17,894.76 9,676.52 171,811 ,259 0 34,126,870 

9,723.95 8,490.28 156,898,572 0 33,880,364 

9,282.05 4,821.20 34,065,499 0 7,945,982 

4,701.62 3,238.64 33,017,691 0 8,306,921 

1,513.51 1,111.78 1,542,128 0 416,959 

87.31 639.23 1,025,583 0 297,101 

0.00 493.84 858,809 0 265,829 

249,855.47 306,498.46 36,477,214,103 0 1,264,992,205 

AFMEPF0381 

25 
ffln@•F\,I Mortality Experience Study 

Experience for April 1, 2015 through March 31, 2020 for Females 

Age at 

beginning 

of year 

50 

51 

52 

53 

54 

55 

56 

57 

58 

59 

60 

61 

62 

63 

64 

65 

66 

67 

68 

69 

70 

71 

72 

73 

74 

75 

76 

77 

(1) 

Number of 

individuals, 

excluding 

individuals 

who left the 

populations for 

reasons other 

than death 

43 

47 

42 

68 

68 

89 

122 

158 

184 

207 

264 

313 

394 

451 

510 

638 

984 

1,018 

1,055 

1,049 

1,022 

1,009 

1,021 

910 

870 

797 

779 

731 

Mortality Experience Study 

(2) 

Number of 

individuals 

who left 

the 

population 

for 

reasons 

other than 

death 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

(3) (4) 

Number of 

expected 

Number of deaths per 

individuals standard table, 

who died adjusted for 

during the exposures less 

year than one year 

0.11 91 

1 0.1372 

0 0.1305 

0.2261 

0.2435 

1 0.3443 

0 0.5113 

1 0.7190 

0 0.9085 

3 1.1097 

0 1.5363 

1 1.9724 

3 2.6848 

3 3.3218 

5 4.0612 

5 5.4923 

6 9.1776 

15 10.3197 

8 11.6752 

6 12.6940 

10 13.5743 

5 14.7483 

9 16.4574 

5 16.2326 

10 17.1685 

12 17.4304 

13 18.8907 

10 19.7062 

American Federation of Musicians & Employers' Pension Fund 

(5) (6) (7) (8) 

Sum of benefit Sum of 

amounts, benefit 

excluding amounts for Sum of Expected 

individuals who individuals benefit benefit deaths 

left the who left the amounts for per standard 

population population individuals table, adjusted 

during for for reasons who died for exposures 

reasons other other than during the less than one 

than death death year year 

14,261 .66 0.00 278.71 39.59 

10,026.40 0.00 28.73 29.32 

10,676.86 0.00 0.00 33.19 

20,058.19 0.00 1,077.94 66.66 

21 ,385.78 0.00 31 .69 76.62 

40,329.86 0.00 92.85 156.04 

66,906.21 0.00 0.00 280.51 

76,104.96 0.00 3,857.86 346.71 

85,261 .18 0.00 0.00 421 .54 

93,889.86 0.00 1,025.28 503.53 

112,870.82 0.00 0.00 657.13 

153,996.69 0.00 222.92 967.35 

220,284.75 0.00 883.45 1,499.53 

303,154.27 0.00 843.10 2,231.24 

365,283.61 0.00 1,855.22 2,908.84 

653,232.57 0.00 662.84 5,623.58 

1,119,932.79 0.00 12,188.36 10,445.00 

1,163,656.74 0.00 7,091.87 11,794.48 

1,155,002.86 0.00 5,129.91 12,775.78 

1,148,216.31 0.00 2,209.78 13,887.00 

1,032,389.04 0.00 10,216.71 13,707.52 

977,699.43 0.00 1,015.20 14,289.58 

995,019.69 0.00 8,718.14 16,051 .32 

877,568.45 0.00 3,563.29 15,661 .88 

781 ,135.67 0.00 17,205.80 15,406.82 

705,645.97 0.00 5,925.53 15,400.80 

637,208.45 0.00 2,373.47 15,425.73 

499,619.63 0.00 20,753.02 13,448.38 

(9) (10) (11) 

Sum of squares 

of benefit Sum of squares 

amounts, of benefit Expected 

excluding amounts for benefit-squared 

individuals who individuals who deaths per 

left the left the standard table, 

population for populations for adjusted for 

reasons other reasons other exposures less 

than death than death than one year 

27,920,538 0 77,733 

5,372,497 0 15,748 

6,623,745 0 20,600 

16,359,185 0 54,337 

32,439,982 0 116,296 

81 ,821,921 0 316,700 

130,390,084 0 546,712 

115,561,860 0 526,782 

129,615,259 0 641 ,604 

137,215,926 0 735,714 

151,316,385 0 882,2 13 

234,966,731 0 1,470,795 

359,654,032 0 2,446,155 

701,545,272 0 5,155,608 

905,116,135 0 7,204,174 

2,587,395,900 0 22,275,090 

4,425,195,720 0 41,280,942 

4,666,394,405 0 47,285,021 

4,469,535,291 0 49,376,696 

4,251 ,004,074 0 51,306,343 

3,330,534,947 0 44,188,926 

3,303,155,265 0 48,391,554 

3,587,965,990 0 58,026,970 

3,231 ,777,003 0 57,742,961 

3,026,566,488 0 59,662,040 

2,798,131,472 0 60,942,787 

2,576,961,019 0 62,458,650 

1,808,428,867 0 48,730,334 

AFMEPF0382 

26 
ffln@•F\,I Mortality Experience Study 

Age at 

beginning 

of year 

78 

79 

80 

81 

82 

83 

84 

85 

86 

87 

88 

89 

90 

91 

92 

93 

94 

95 

96 

97 

98 

99 

(1) 

Number of 

individuals, 

excluding 

individuals 

who left the 

populations for 

reasons other 

than death 

687 

645 

613 

585 

535 

498 

471 

476 

448 

463 

409 

367 

318 

284 

230 

188 

153 

135 

88 

53 

42 

32 

22,563 

Mortality Experience Study 

(2) (3) 

Number of 

individuals 

who left 

the 

population Number of 

for individuals 

reasons who died 

other than during the 

death year 

0 15 

0 20 

0 16 

0 23 

0 22 

0 25 

0 23 

0 29 

0 35 

0 60 

0 37 

0 27 

0 42 

0 37 

0 31 

0 29 

0 16 

0 29 

0 28 

0 16 

0 11 

0 9 

715 

(4) 

Number of 

expected 

deaths per 

standard table, 

adjusted for 

exposures less 

than one year 

20.6307 

21.5969 

22.9422 

24.5279 

25.1490 

26.3033 

27.9797 

31.8119 

33.6852 

39.1406 

38.8207 

39.0519 

37.9050 

37.7725 

33.9574 

30.6501 

27.3661 

26.3366 

18.7045 

12.2269 

10.4836 

8.6098 

797.2454 

American Federation of Musicians & Employers' Pension Fund 

(5) (6) 

Sum of benefit Sum of 

amounts, benefit 

excluding amounts for 

individuals who individuals 

left the who left the 

population population 

during for for reasons 

reasons other other than 

than death death 

410,844.12 0.00 

381 ,292.63 0.00 

338,048.74 0.00 

303,524.58 0.00 

283,125.20 0.00 

256,077.09 0.00 

250,594.49 0.00 

264,140.69 0.00 

230,544.76 0.00 

221 ,627.74 0.00 

179,126.07 0.00 

162,723.94 0.00 

116,042.83 0.00 

111,190.65 0.00 

82,838.07 0.00 

68,564.43 0.00 

63,650.84 0.00 

53,192.19 0.00 

30,227.32 0.00 

21 ,497.83 0.00 

14,910.03 0.00 

8,225.96 0.00 

17,192,828.92 0.00 

(7) (8) (9) (10) (11) 

Sum of squares 

of benefit Sum of squares 

Sum of EXPected amounts, of benefit EXPected 

benefit benefit deaths excluding amounts for benefit-squared 

amounts for per standard individuals who individuals who deaths per 

individuals table, adjusted left the left the standard table, 

who died for exposures population for populations for adjusted for 

during the less than one reasons other reasons other exposures less 

year year than death than death than one year 

9,260.96 12,329.41 1,478,810,315 0 44,363,692 

16,275.54 12,756.53 1,356,896,074 0 45,327,346 

4,185.58 12,645.87 1,213,694,624 0 45,290,550 

10,437.97 12,733.35 736,960,767 0 30,946,909 

2,685.84 13,306.41 709,877,258 0 33,359,178 

6,910.58 13,525.91 602,204,400 0 31,795,613 

10,956.50 14,882.12 625,715,159 0 37,140,473 

17,344.71 17,652.48 619,815,517 0 41,423,270 

17,766.24 17,336.17 541,460,564 0 40,730,697 

33,944.35 18,734.74 518,203,282 0 43,803,480 

9,439.78 16,997.72 369,435,906 0 35,036,813 

10,429.67 17,309.71 299,984,901 0 31,893,008 

13,207.72 13,830.71 163,529,032 0 19,490,278 

11,296.99 14,788.87 169,250,195 0 22,510,365 

12,126.90 12,231 .27 11 1,033,570 0 16,393,615 

7,082.60 11 ,176.31 96,678,900 0 15,757,977 

4,638.54 11,386.86 11 1,159,147 0 19,891,823 

13,064.44 10,378.98 83,378,448 0 16,282,926 

9,037.95 6,426.45 51 ,235,863 0 10,894,249 

4,505.00 4,957.71 38,357,105 0 8,838,2 13 

3,581.09 3,716.53 28,056,269 0 6,980,424 

2,692.47 2,212.80 8,028,921 0 2,159,256 

338,123.08 455,452.57 57,032,732,209 0 1,272,189,642 

AFMEPF0383 

27 
ffln@•F\,I Mortality Experience Study 

Experience for April 1, 2019 through March 31, 2020 for Females 

Age at 

beginning 

of year 

51 

52 

53 

54 

55 

56 

57 

58 

59 

60 

61 

62 

63 

64 

65 

66 

67 

68 

69 

70 

71 

72 

73 

74 

75 

76 

77 

(1) 

Number of 

individuals, 

excludinq 

individuals 

who left the 

populations for 

reasons other 

than death 

7 

17 

8 

19 

17 

39 

42 

31 

56 

62 

80 

77 

116 

150 

260 

243 

233 

239 

240 

241 

309 

204 

217 

170 

185 

180 

Mortality Experience Study 

(2) 

Number of 

individuals 

who left 

the 

population 

for 

reasons 

other than 

death 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

(3) (4) 

Number of 

expected 

Number of deaths per 

individuals standard table. 

who died adjusted for 

during the exposures less 

year than one year 

t t • 

1 0.0375 

0 0.0215 

0 0.0560 

0 0.0285 

0 0.0734 

0 0.0715 

0 0.1788 

0 0.2098 

1 0.1686 

0 0.3308 

0 0.3967 

0.5529 

1 0.5731 

0 0.9292 

1 1.2933 

2 2.4185 

4 2.4458 

3 2.5493 

3 2.8529 

2 3.1394 

1 3.4668 

4 4.9014 

0 3.5755 

2 4.2122 

1 3.6596 

2 4.4224 

2 4.7894 

American Federation of Musicians & Employers' Pension Fund 

(5) (6) (7) (8) 

Sum of benefit Sum of 

amounts, benefit 

excluding amounts for Sum of Expected 

individuals who individuals benefit benefit deaths 

left the who left the amounts for per standard 

population population individuals table. adjusted 

during for for reasons who died for exposures 

reasons other other than during the less than one 

than death death year year 

, 9 .1 

2,192.65 0.00 28.73 6.34 

1,450.08 0.00 0.00 4.46 

6,064.01 0.00 0.00 19.98 

1,415.90 0.00 0.00 5.04 

6,102.63 0.00 0.00 23.60 

10,828.20 0.00 0.00 45.54 

18,609.76 0.00 0.00 85.32 

25,267.42 0.00 0.00 126.22 

14,109.27 0.00 9.67 76.73 

28,193.28 0.00 0.00 166.53 

19,476.18 0.00 0.00 124.62 

36,422.12 0.00 65.09 251 .69 

42,07700 0.00 30.85 313.17 

79,911 .02 0.00 0.00 640.10 

177,306.28 0.00 33.54 1,528.74 

273,388.58 0.00 1,130.71 2,543.09 

285,915.16 0.00 3,482.04 2,877.77 

246,189.56 0.00 2,220.42 2,693.59 

299,852.06 0.00 757.11 3,579.39 

250,276.40 0.00 4,492.50 3,273.86 

234,739.73 0.00 32.27 3,376.74 

284,922.34 0.00 3,487.59 4,519.58 

202,312.18 0.00 0.00 3,545.94 

168,141.38 0.00 8,764.62 3,263.83 

173,252.05 0.00 351.23 3,729.62 

197,915.60 0.00 201.49 4,731.13 

157,883.84 0.00 12,194.75 4,200.95 

(9) (10) (11) 

Sum of squares 

of benefit Sum of squares 

amounts, of benefit Expected 

excludinq amounts for benefit-squared 

individuals who individuals who deaths per 

left the left the standard table. 

population for populations for adjusted for 

reasons other reasons other exposures less 

than death than death than one year 

,0 ,6 10,9 6 

747,909 0 2,155 

983,488 0 3,020 

5,861,224 0 19,313 

570,61 1 0 2,032 

4,529,809 0 17,508 

36,337,886 0 152,873 

21 ,488,273 0 98,502 

48,01 1,780 0 239,867 

16,366,303 0 89,016 

49,052,708 0 289,754 

12,969,036 0 82,976 

47,784,974 0 330,242 

66,540,099 0 495,258 

178,465,201 0 1,429,506 

785,905,339 0 6,776,076 

905,516,257 0 8,423,112 

1,051 ,807,334 0 10,586,441 

947,637,854 0 10,368,106 

1,488,300,549 0 17,765,844 

939,168,675 0 12,285,265 

704,292,663 0 10,131,250 

876,322,926 0 13,900,234 

564,973,761 0 9,902,295 

518,208,697 0 10,058,949 

887,880,542 0 19,113,404 

862,086,629 0 20,608,181 

489,267,375 0 13,018,426 

AFMEPF0384 

28 
ffln@•F\,I Mortality Experience Study 

Age at 

beginning 

of year 

78 

79 

80 

81 

82 

83 

84 

85 

86 

87 

88 

89 

90 

91 

92 

93 

94 

95 

96 

97 

98 

99 

(1) 

Number of 

individuals, 

excluding 

individuals 

who left the 

populations for 

reasons other 

than death 

151 

146 

140 

133 

131 

110 

103 

98 

78 

84 

83 

89 

69 

72 

57 

37 

29 

40 

23 

11 

9 

8 

5,163 

Mortality Experience Study 

(2) (3) 

Number of 

individuals 

who left 

the 

population Number of 

for individuals 

reasons who died 

other than during the 

death year 

0 7 

0 3 

0 4 

0 10 

0 4 

0 5 

0 3 

0 4 

0 3 

0 9 

0 7 

0 6 

0 12 

0 12 

0 8 

0 5 

0 5 

0 9 

0 6 

0 5 

0 3 

0 3 

0 164 

(4) 

Number of 

expected 

deaths per 

standard table, 

adjusted for 

exposures less 

than one year 

4.4791 

4.8374 

5.1916 

5.5313 

6.1164 

5.7745 

6.0868 

6.5193 

5.8417 

7.0766 

7.8553 

9.4470 

8.2050 

9.5534 

8.3925 

6.0125 

5.1683 

7.7740 

4.8672 

2.5260 

2.2347 

2.1417 

179.0061 

American Federation of Musicians & Employers' Pension Fund 

(5) (6) 

Sum of benefit Sum of 

amounts, benefit 

excluding amounts for 

individuals who individuals 

left the who left the 

population population 

during for for reasons 

reasons other other than 

than death death 

88,504.39 0.00 

98,102.23 0.00 

98,644.75 0.00 

54,645.01 0.00 

76,868.33 0.00 

50,259.98 0.00 

55,591 .51 0.00 

62,821 .02 0.00 

38,543.66 0.00 

37,893.54 0.00 

36,824.47 0.00 

54,890.66 0.00 

25,569.04 0.00 

30,780.73 0.00 

16,047.77 0.00 

13,810.95 0.00 

13,099.46 0.00 

16,111.62 0.00 

5,290.10 0.00 

4,540.40 0.00 

5,672.42 0.00 

901 .65 0.00 

4,132,421 .56 0.00 

(7) (8) (9) (10) (11) 

Sum of squares 

of benefit Sum of squares 

Sum of EXPected amounts, of benefit EXPected 

benefit benefit deaths excluding amounts for benefit-squared 

amounts for per standard individuals who individuals who deaths per 

individuals table, adjusted left the left the standard table, 

who died for exposures population for populations for adjusted for 

during the less than one reasons other reasons other exposures less 

year year than death than death than one year 

6,540.26 2,625.32 265,426,760 0 7,873,354 

1,698.07 3,250.44 306,138,669 0 10,143,293 

366.14 3,658.00 646,212,689 0 23,963,505 

3,434.52 2,272.65 79,162,563 0 3,292,292 

413.05 3,588.96 196,219,657 0 9,161,496 

2,752.73 2,638.42 101,105,787 0 5,307,548 

371.73 3,285.17 180,380,758 0 10,659,601 

7,343.07 4,179.03 169,697,111 0 11,288,761 

1,591.05 2,886.65 68,310,245 0 5,116,027 

3,380.43 3,192.32 69,677,505 0 5,869,981 

1,472.19 3,485.19 102,545,336 0 9,705,096 

2,194.17 5,826.37 152,248,192 0 16,160,537 

4,774.63 3,040.53 32,255,933 0 3,835,650 

3,060.02 4,084.13 52,531,788 0 6,970,233 

1,787.90 2,362.81 15,103,164 0 2,223,745 

1,997.47 2,244.23 17,047,125 0 2,770,141 

622.29 2,334.54 29,824,384 0 5,315,182 

2,531.23 3,131.30 19,825,110 0 3,853,010 

1,570.37 1,119.48 4,801 ,995 0 1,016,193 

1,305.08 1,042.63 7,451 ,134 0 1,71 1,049 

1,042.14 1,408.49 19,114,618 0 4,746,2 17 

484.68 241 .37 205,278 0 54,955 

88,015.83 107,659.23 14,050,386,398 0 317,238,458 

AFMEPF0385 

29 
ffln@•F\,I Mortality Experience Study 

Experience for April 1, 2018 through March 31, 2019 for Females 

Age at 

beginning 

of year 

51 

52 

53 

54 

55 

56 

57 

58 

59 

60 

61 

62 

63 

64 

65 

66 

67 

68 

69 

70 

71 

72 

73 

74 

75 

76 

77 

(1) 

Number of 

individuals, 

excludinq 

individuals 

who left the 

populations for 

reasons other 

than death 

7 

12 

8 

14 

13 

34 

35 

30 

45 

54 

69 

63 

95 

101 

147 

208 

214 

218 

225 

224 

268 

187 

211 

166 

181 

174 

150 

Mortality Experience Study 

(2) 

Number of 

individuals 

who left 

the 

population 

for 

reasons 

other than 

death 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

(3) (4) 

Number of 

expected 

Number of deaths per 

individuals standard table. 

who died adjusted for 

during the exposures less 

year than one year 

t t 

0 0.0203 

0 0.0371 

1 0.0265 

0 0.0501 

0 0.0504 

0 0.1431 

0 0.1602 

0 0.1494 

0 0.2436 

0 0.3171 

0 0.4388 

0 0.4329 

0.7038 

1 0.8065 

0 1.2658 

2 1.9363 

2 2.1605 

1 2.3971 

2 2.7038 

2 2.9537 

0 3.8892 

0 2.9941 

1 3.7334 

0 3.2521 

3 3.9310 

1 4.1943 

3 4.0218 

American Federation of Musicians & Employers' Pension Fund 

(5) (6) (7) (8) 

Sum of benefit Sum of 

amounts, benefit 

excluding amounts for Sum of Expected 

individuals who individuals benefit benefit deaths 

left the who left the amounts for per standard 

population population individuals table. adjusted 

during for for reasons who died for exposures 

reasons other other than during the less than one 

than death death year year 

1, 7. 7 

1,450.08 0.00 0.00 4.21 

2,762.56 0.00 0.00 8.54 

1,826.93 0.00 1,077.94 6.05 

4,301.02 0.00 0.00 15.38 

9,883.79 0.00 0.00 38.29 

17,654.70 0.00 0.00 74.31 

21 ,929.76 0.00 0.00 100.37 

13,961 .91 0.00 0.00 69.52 

25,378.44 0.00 0.00 137.37 

17,543.28 0.00 0.00 103.01 

31 ,012.19 0.00 0.00 197.21 

31 ,519.87 0.00 0.00 216.60 

62,779.99 0.00 583.95 465.07 

87,099.79 0.00 1,254.00 695.49 

111,195.50 0.00 0.00 957.50 

271 ,665.82 0.00 10,586.23 2,528.94 

230,698.28 0.00 1,914.75 2,329.13 

280,462.18 0.00 683.06 3,083.96 

238,217.63 0.00 973.72 2,862.66 

228,388.21 0.00 2,406.73 3,01 1.53 

257,867.12 0.00 0.00 3,742.17 

194,424.42 0.00 0.00 3,112.93 

162,716.05 0.00 981.88 2,879.10 

172,637.30 0.00 0.00 3,382.14 

198,421.27 0.00 3,318.49 4,309.31 

156,448.20 0.00 95.77 3,771.18 

87,392.03 0.00 1,227.89 2,343.15 

(9) (10) (11) 

Sum of squares 

of benefit Sum of squares 

amounts, of benefit Expected 

excludinq amounts for benefit-squared 

individuals who individuals who deaths per 

left the left the standard table. 

population for populations for adjusted for 

reasons other reasons other exposures less 

than death than death than one year 

7,9 ,8 

983,488 0 2,855 

1,102,914 0 3,410 

1,287,797 0 4,268 

2,938,858 0 10,509 

36,01 1,007 0 139,507 

21 ,142,104 0 88,987 

43,949,464 0 201 ,157 

16,344,588 0 81,380 

47,554,984 0 257,4 15 

12,846,827 0 75,437 

43,222,992 0 274,855 

44,783,089 0 307,749 

14 1,834,324 0 1,050,709 

205,991,897 0 1,644,845 

256,357,972 0 2,207,498 

1,071 ,327,288 0 9,972,986 

897,298,027 0 9,059,121 

1,429,439,090 0 15,718,112 

903,109,269 0 10,852,664 

683,014,572 0 9,006,230 

796,850,770 0 11,563,898 

553,178,504 0 8,856,941 

500,062,968 0 8,848,114 

886,456,825 0 17,366,576 

861,104,107 0 18,701,459 

487,659,077 0 11,755,022 

269,614,389 0 7,228,901 

AFMEPF0386 

30 
ffln@•F\,I Mortality Experience Study 

Age at 

beginning 

of year 

78 

79 

80 

81 

82 

83 

84 

85 

86 

87 

88 

89 

90 

91 

92 

93 

94 

95 

96 

97 

98 

99 

(1) 

Number of 

individuals, 

excluding 

individuals 

who left the 

populations for 

reasons other 

than death 

141 

136 

134 

131 

106 

98 

100 

81 

92 

89 

90 

67 

78 

60 

43 

35 

39 

29 

17 

13 

9 

3 

4,756 

Mortality Experience Study 

(2) (3) 

Number of 

individuals 

who left 

the 

population Number of 

for individuals 

reasons who died 

other than during the 

death year 

0 2 

0 4 

0 3 

0 2 

0 3 

0 2 

0 4 

0 6 

0 11 

0 9 

0 7 

0 1 

0 8 

0 6 

0 6 

0 7 

0 2 

0 6 

0 6 

0 4 

0 1 

0 0 

0 120 

(4) 

Number of 

expected 

deaths per 

standard table, 

adjusted for 

exposures less 

than one year 

4.2120 

4.5346 

4.9971 

5.4755 

4.9704 

5.1642 

5.9291 

5.4035 

6.9068 

7.5136 

8.5340 

7.1239 

9.2901 

7.9731 

6.3413 

5.6971 

6.9637 

5.6486 

3.6058 

2.9925 

2.2406 

0.8051 

165.3685 

American Federation of Musicians & Employers' Pension Fund 

(5) 

Sum of benefit 

amounts, 

excluding 

individuals who 

left the 

population 

during for 

reasons other 

than death 

97,387.73 

100,566.67 

54,389.40 

76,168.14 

49,941 .44 

52,970.65 

64,528.27 

39,751 00 

42,284.36 

42,181 .57 

55,526.40 

25,614.22 

33,849.75 

17,098.49 

18,446.56 

14,490.80 

16,202.96 

8,627.99 

5,405.76 

8,195.54 

1,823.36 

2,269.62 

3,749,306.81 

(6) (7) (8) (9) (10) (11) 

Sum of Sum of squares 

benefit of benefit Sum of squares 

amounts for Sum of EXPected amounts, of benefit EXPected 

individuals benefit benefit deaths excluding amounts for benefit-squared 

who left the amounts for per standard individuals who individuals who deaths per 

population individuals table, adjusted left the left the standard table, 

for reasons who died for exposures population for populations for adjusted for 

other than during the less than one reasons other reasons other exposures less 

death year year than death than death than one year 

0.00 1,351.13 2,909.17 306,430,758 0 9,153,700 

0.00 3,737.05 3,353.19 649,408,648 0 21,653,233 

0.00 550.60 2,028.29 78,847,793 0 2,940,392 

0.00 215.62 3,183.68 195,510,034 0 8,171,928 

0.00 375.78 2,341.80 100,656,125 0 4,719,866 

0.00 137.68 2,791.34 177,310,706 0 9,343,565 

0.00 1,763.50 3,825.95 171,864,908 0 10,190,042 

0.00 1,954.48 2,651.79 68,739,053 0 4,585,582 

0.00 4,538.45 3,174.46 73,647,347 0 5,529,001 

0.00 6,088.30 3,561.09 118,318,813 0 9,988,829 

0.00 1,946.00 5,265.12 152,839,338 0 14,492,532 

0.00 447.05 2,723.48 32,392,819 0 3,444,231 

0.00 4,012.13 4,031.64 58,633,618 0 6,983,498 

0.00 1,243.16 2,272.13 15,508,433 0 2,060,838 

0.00 4,633.43 2,720.37 28,701,954 0 4,232,763 

0.00 1,431.08 2,358.74 30,316,860 0 4,934,827 

0.00 674.46 2,893.14 19,814,631 0 3,538,021 

0.00 3,337.89 1,680.55 7,196,168 0 1,401,662 

0.00 865.36 1,146.60 7,698,338 0 1,632,871 

0.00 2,523.12 1,886.52 22,088,937 0 5,084,630 

0.00 921.71 453.93 1,054,828 0 262,599 

0.00 0.00 609.12 2,815,404 0 755,595 

0.00 67,852.39 98,312.60 12,535,950,644 0 280,382,705 

AFMEPF0387 

31 
ffln@•F\,I Mortality Experience Study 

Experience for April 1, 2017 through March 31, 2018 for Females 

Age at 

beginning 

of year 

51 

52 

53 

54 

55 

56 

57 

58 

59 

60 

61 

62 

63 

64 

65 

66 

67 

68 

69 

70 

71 

72 

73 

74 

75 

76 

77 

(1) 

Number of 

individuals, 

excludinq 

individuals 

who left the 

populations for 

reasons other 

than death 

12 

6 

13 

9 

26 

23 

24 

37 

45 

56 

50 

78 

91 

115 

116 

188 

197 

202 

205 

241 

166 

205 

161 

179 

169 

150 

138 

Mortality Experience Study 

(2) 

Number of 

individuals 

who left 

the 

population 

for 

reasons 

other than 

death 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

(3) (4) 

Number of 

expected 

Number of deaths per 

individuals standard table. 

who died adjusted for 

during the exposures less 

year than one year 

0.0166 

0 0.0351 

0 0.0187 

0 0.0433 

0 0.0323 

0 0.1008 

0 0.0966 

0 0.1094 

0 0.1831 

1 0.2417 

0 0.3262 

1 0.3155 

0 0.5322 

0 0.6704 

3 0.9151 

2 0.9977 

1 1.7527 

4 1.9964 

1 2.2343 

0 2.4821 

3.2055 

1 2.4317 

2 3.3138 

2 2.8758 

4 3.5387 

3 3.7014 

2 3.6441 

3.7261 

American Federation of Musicians & Employers' Pension Fund 

(5) (6) (7) (8) 

Sum of benefit Sum of 

amounts, benefit 

excluding amounts for Sum of Expected 

individuals who individuals benefit benefit deaths 

left the who left the amounts for per standard 

population population individuals table. adjusted 

during for for reasons who died for exposures 

reasons other other than during the less than one 

than death death year year 

48542 lllllll!E!IIIII--

2,762.56 0.00 0.00 8.06 

1,572.81 0.00 0.00 4.89 

4,728.57 0.00 0.00 15.75 

1,799.82 0.00 0.00 6.45 

10,179.12 0.00 0.00 39.46 

14,584.31 0.00 0.00 61 .26 

11,787.61 0.00 0.00 53.73 

17,258.62 0.00 0.00 85.38 

15,495.95 0.00 922.61 83.24 

26,188.63 0.00 0.00 152.55 

24,229.33 0.00 222.92 152.85 

39,450.25 0.00 0.00 269.20 

70,355.13 0.00 0.00 518.36 

57,382.77 0.00 501 .91 456.54 

154,662.27 0.00 164.66 1,330.27 

206,181.03 0.00 220.53 1,922.23 

250,755.34 0.00 634.63 2,541.17 

218,501.60 0.00 98.80 2,416.78 

216,133.20 0.00 0.00 2,616.82 

237,601.17 0.00 154.71 3,160.45 

179,870.55 0.00 484.52 2,634.92 

165,904.52 0.00 4,288.24 2,681.82 

165,123.03 0.00 2,042.12 2,949.44 

200,518.69 0.00 5,318.03 3,963.96 

155,859.70 0.00 993.64 3,413.65 

87,324.27 0.00 90.97 2,121.49 

97,065.15 0.00 57.45 2,620.88 

(9) (10) (11) 

Sum of squares 

of benefit Sum of squares 

amounts, of benefit Expected 

excludinq amounts for benefit-squared 

individuals who individuals who deaths per 

left the left the standard table. 

population for populations for adjusted for 

reasons other reasons other exposures less 

than death than death than one year 

5 ,91 

1,102,914 0 3,225 

1,249,279 0 3,885 

3,302,610 0 10,994 

679,855 0 2,437 

10,984,763 0 42,566 

32,152,436 0 135,040 

15,162,464 0 69,095 

31 ,397,475 0 155,355 

12,058,341 0 64,777 

40,239,875 0 234,397 

34,471,157 0 217,479 

57,054,721 0 389,284 

149,195,288 0 1,099,122 

73,747,019 0 586,805 

644,309,320 0 5,541,704 

797,225,432 0 7,432,533 

1,311,448,993 0 13,290,224 

845,768,961 0 9,355,050 

659,260,137 0 7,982,322 

758,094,010 0 10,083,408 

505,110,367 0 7,399,362 

511,058,925 0 8,261,268 

853,707,643 0 15,248,926 

872,406,535 0 17,246,605 

486,773,357 0 10,661,310 

268,911,236 0 6,532,930 

306,357,620 0 8,271,962 

AFMEPF0388 

32 
ffln@•F\,I Mortality Experience Study 

Age at 

beginning 

of year 

78 

79 

80 

81 

82 

83 

84 

85 

86 

87 

88 

89 

90 

91 

92 

93 

94 

95 

96 

97 

98 

99 

(1) 

Number of 

individuals, 

excluding 

individuals 

who left the 

populations for 

reasons other 

than death 

133 

138 

129 

105 

105 

108 

82 

100 

85 

98 

69 

84 

62 

50 

41 

45 

31 

27 

18 

13 

5 

6 

4,442 

Mortality Experience Study 

(2) (3) 

Number of 

individuals 

who left 

the 

population Number of 

for individuals 

reasons who died 

other than during the 

death year 

0 1 

0 5 

0 2 

0 3 

0 7 

0 9 

0 4 

0 10 

0 2 

0 10 

0 5 

0 7 

0 6 

0 7 

0 7 

0 6 

0 2 

0 10 

0 6 

0 4 

0 2 

0 2 

0 146 

(4) 

Number of 

expected 

deaths per 

standard table, 

adjusted for 

exposures less 

than one year 

3.9981 

4.6273 

4.8343 

4.4073 

4.9414 

5.7088 

4.8745 

6.6857 

6.3929 

8.2867 

6.5519 

8.9421 

7.3933 

6.6523 

6.0549 

7.3366 

5.5458 

5.2712 

3.8275 

3.0006 

1.2479 

1.6141 

157.7322 

American Federation of Musicians & Employers' Pension Fund 

(5) (6) 

Sum of benefit Sum of 

amounts, benefit 

excluding amounts for 

individuals who individuals 

left the who left the 

population population 

during for for reasons 

reasons other other than 

than death death 

99,631 .58 0.00 

56,628.66 0.00 

75,477.94 0.00 

49,063.94 0.00 

53,783.83 0.00 

65,848.03 0.00 

44,829.54 0.00 

47,694.90 0.00 

41 ,734.18 0.00 

60,291 .34 0.00 

26,348.48 0.00 

35,999.72 0.00 

17,676.01 0.00 

22,860.10 0.00 

15,142.07 0.00 

18,360.73 0.00 

8,933.25 0.00 

9,399.19 0.00 

10,679.89 0.00 

2,164.36 0.00 

2,573.33 0.00 

2,603.27 0.00 

3,401,485.76 0.00 

(7) (8) (9) (10) (11) 

Sum of squares 

of benefit Sum of squares 

Sum of EXPected amounts, of benefit EXPected 

benefit benefit deaths excluding amounts for benefit-squared 

amounts for per standard individuals who individuals who deaths per 

individuals table, adjusted left the left the standard table, 

who died for exposures population for populations for adjusted for 

during the less than one reasons other reasons other exposures less 

year year than death than death than one year 

134.58 2,995.01 648,777,974 0 19,502,915 

2,343.18 1,898.81 80,944,837 0 2,714,161 

175.94 2,828.45 195,126,416 0 7,312,362 

922.88 2,059.36 98,680,781 0 4,142,027 

813.18 2,531.13 177,434,069 0 8,350,225 

1,550.63 3,480.67 171,862,567 0 9,084,483 

6,446.04 2,664.87 88,405,935 0 5,255,291 

5,687.41 3,188.71 81 ,657,442 0 5,459,372 

305.45 3,138.87 118,163,782 0 8,887,098 

6,537.34 5,098.08 158,233,635 0 13,379,920 

2,277.26 2,501.93 33,418,470 0 3,173,251 

2,046.78 3,832.35 59,484,647 0 6,332,379 

883.02 2,107.83 15,769,062 0 1,880,413 

3,369.23 3,041.40 35,544,678 0 4,729,042 

735.05 2,236.16 30,465,819 0 4,499,192 

2,157.77 2,993.43 21 ,359,025 0 3,482,290 

320.08 1,598.10 7,219,936 0 1,291,618 

3,993.43 1,834.99 13,498,468 0 2,635,279 

2,669.56 2,270.97 27,079,695 0 5,758,199 

341.00 499.56 1,089,603 0 251 ,493 

303.71 642.24 2,868,183 0 715,824 

1,992.32 700.34 3,801 ,183 0 1,022,609 

62,201.58 90,426.21 11,354,169,859 0 250,181,656 

AFMEPF0389 

33 
ffln@•F\,I Mortality Experience Study 

Experience for April 1, 2016 through March 31, 2017 for Females 

Age at 

beginning 

of year 

51 

52 

53 

54 

55 

56 

57 

58 

59 

60 

61 

62 

63 

64 

65 

66 

67 

68 

69 

70 

71 

72 

73 

74 

75 

76 

77 

(1) 

Number of 

individuals, 

excludinq 

individuals 

who left the 

populations for 

reasons other 

than death 

4 

11 

10 

23 

15 

21 

32 

34 

48 

42 

63 

80 

107 

91 

112 

170 

183 

185 

231 

155 

188 

153 

170 

168 

142 

137 

133 

Mortality Experience Study 

(2) 

Number of 

individuals 

who left 

the 

population 

for 

reasons 

other than 

death 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

(3) (4) 

Number of 

expected 

Number of deaths per 

individuals standard table. 

who died adjusted for 

during the exposures less 

year than one year 

0.0363 

0 0.0118 

0 0.0344 

0 0.0334 

1 0.0825 

0 0.0580 

0 0.0878 

1 0.1449 

0 0.1669 

1 0.2555 

0 0.2423 

0 0.3939 

2 0.5416 

0.7839 

1 0.7218 

0 0.9630 

1.5885 

1.8633 

1 2.0600 

0 2.8200 

2 2.0806 

0 2.7803 

0 2.4970 

0 3.0646 

2 3.3503 

3 3.1351 

5 3.3528 

4 3.6145 

American Federation of Musicians & Employers' Pension Fund 

(5) (6) (7) (8) 

Sum of benefit Sum of 

amounts, benefit 

excluding amounts for Sum of Expected 

individuals who individuals benefit benefit deaths 

left the who left the amounts for per standard 

population population individuals table. adjusted 

during for for reasons who died for exposures 

reasons other other than during the less than one 

than death death year year 

6,510 20 lllllll!E!IIIII 18 16 

0.00 

3,866.77 0.00 0.00 12.09 

1,844.39 0.00 0.00 6.16 

6,168.97 0.00 31 .69 22.13 

7,825.63 0.00 0.00 30.28 

11,402.73 0.00 0.00 47.69 

13,749.18 0.00 3,857.86 62.26 

10,864.49 0.00 0.00 53.32 

21 ,491 .73 0.00 93.00 114.40 

19,684.36 0.00 0.00 113.56 

24,632.66 0.00 0.00 154.03 

65,164.09 0.00 818.36 441 .16 

50,767.57 0.00 228.30 371 .92 

86,573.78 0.00 99.31 686.70 

94,709.83 0.00 0.00 814.32 

196,922.32 0.00 250.89 1,840.04 

202,044.60 0.00 31.68 2,057.22 

198,734.80 0.00 678.69 2,212.91 

227,849.88 0.00 0.00 2,781.59 

170,662.70 0.00 2,323.97 2,290.81 

153,612.14 0.00 0.00 2,271.77 

162,196.78 0.00 0.00 2,647.05 

197,807.86 0.00 0.00 3,565.88 

156,127.97 0.00 2,475.53 3,113.50 

84,191 .18 0.00 703.19 1,858.77 

94,026.88 0.00 704.12 2,301.12 

102,200.06 0.00 7,272.93 2,777.49 

(9) (10) (11) 

Sum of squares 

of benefit Sum of squares 

amounts, of benefit Expected 

excludinq amounts for benefit-squared 

individuals who individuals who deaths per 

left the left the standard table. 

population for populations for adjusted for 

reasons other reasons other exposures less 

than death than death than one year 

17,850,96 1 49,804 

14,365 0 

2,857,885 0 8,934 

681,842 0 2,277 

5,401,903 0 19,382 

22,864,521 0 88,463 

14,190,182 0 59,343 

26,997,339 0 122,244 

8,011,994 0 39,323 

33,778,982 0 179,806 

29,947,075 0 172,765 

22,080,743 0 138,071 

145,523,203 0 985,192 

66,178,045 0 484,820 

328,870,843 0 2,608,604 

334,264,614 0 2,874,007 

918,321,077 0 8,580,792 

813,093,360 0 8,278,917 

609,290,612 0 6,784,451 

720,381,253 0 8,794,414 

487,947,084 0 6,549,714 

483,234,287 0 7,146,552 

849,565,529 0 13,864,909 

864,333,799 0 15,581,345 

489,061,118 0 9,752,857 

263,369,622 0 5,814,675 

299,968,993 0 7,341,141 

661,582,213 0 17,979,820 

AFMEPF0390 

34 
ffln@•F\,I Mortality Experience Study 

Age at 

beginning 

of year 

78 

79 

80 

81 

82 

83 

84 

85 

86 

87 

88 

89 

90 

91 

92 

93 

94 

95 

96 

97 

98 

99 

(1) 

Number of 

individuals, 

excluding 

individuals 

who left the 

populations for 

reasons other 

than death 

134 

126 

103 

108 

109 

85 

100 

88 

104 

84 

95 

69 

56 

46 

50 

36 

32 

21 

17 

7 

8 

8 

4,207 

Mortality Experience Study 

(2) (3) 

Number of 

individuals 

who left 

the 

population Number of 

for individuals 

reasons who died 

other than during the 

death year 

0 2 

0 6 

0 3 

0 6 

0 5 

0 7 

0 9 

0 4 

0 12 

0 16 

0 12 

0 9 

0 8 

0 6 

0 5 

0 6 

0 6 

0 3 

0 4 

0 2 

0 2 

0 1 

0 161 

(4) 

Number of 

expected 

deaths per 

standard table, 

adjusted for 

exposures less 

than one year 

4.0514 

4.2462 

3.8766 

4.5496 

5.1450 

4.5043 

5.9570 

5.8934 

7.8328 

7.1114 

9.0297 

7.3527 

6.6845 

6.1268 

7.3936 

5.8787 

5.7361 

4.1101 

3.6246 

1.6199 

2.0016 

2.1572 

151 .6481 

American Federation of Musicians & Employers' Pension Fund 

(5) (6) 

Sum of benefit Sum of 

amounts, benefit 

excluding amounts for 

individuals who individuals 

left the who left the 

population population 

during for for reasons 

reasons other other than 

than death death 

55,875.56 0.00 

72,965.84 0.00 

51 ,395 06 0.00 

58,056.04 0.00 

64,944.26 0.00 

41 ,790.08 0.00 

46,587.12 0.00 

42,150.55 0.00 

69,247.55 0.00 

37,820.08 0.00 

37,520.24 0.00 

22,190.73 0.00 

23,245.87 0.00 

17,511 .76 0.00 

22,148.99 0.00 

9,997.43 0.00 

12,013.71 0.00 

13,452.96 0.00 

5,171.61 0.00 

2,754.55 0.00 

3,688.40 0.00 

851 .13 0.00 

3,083,237.80 0.00 

(7) (8) (9) (10) (11) 

Sum of squares 

of benefit Sum of squares 

Sum of EXPected amounts, of benefit EXPected 

benefit benefit deaths excluding amounts for benefit-squared 

amounts for per standard individuals who individuals who deaths per 

individuals table, adjusted left the left the standard table, 

who died for exposures population for populations for adjusted for 

during the less than one reasons other reasons other exposures less 

year year than death than death than one year 

221.51 1,689.34 80,539,049 0 2,435,018 

2,842.93 2,458.95 195,094,674 0 6,574,691 

2,729.25 1,934.36 102,258,364 0 3,848,698 

4,639.23 2,445.67 190,743,197 0 8,035,248 

448.54 3,065.50 170,423,837 0 8,044,346 

1,966.71 2,214.54 73,386,747 0 3,888,910 

2,047.87 2,775.19 80,403,627 0 4,789,644 

501.32 2,822.86 118,228,725 0 7,917,896 

10,284.33 5,215.38 175,679,761 0 13,231,321 

11 ,492.37 3,201.81 105,382,814 0 8,921,604 

1,983.38 3,566.30 59,804,893 0 5,684,455 

4,615.86 2,364.67 19,974,635 0 2,128,517 

1,021.42 2,774.77 35,371,123 0 4,222,110 

2,896.12 2,332.43 37,170,574 0 4,950,823 

3,788.26 3,275.22 28,343,050 0 4,191,143 

1,208.99 1,632.55 7,860,441 0 1,283,586 

2,987.06 2,153.51 20,188,648 0 3,618,896 

2,773.07 2,632.97 34,135,423 0 6,680,882 

3,007.25 1,102.66 8,539,393 0 1,820,718 

181.22 637.44 2,892,099 0 669,272 

1,085.13 922.83 4,811,436 0 1,203,817 

52.45 229.50 163,978 0 44,216 

82,622.49 84,115.44 10,071,059,936 0 228,488,475 

AFMEPF0391 

35 
ffln@•F\,I Mortality Experience Study 

Experience for April 1, 2015 through March 31, 2016 for Females 

Age at 

beginning 

of year 

51 

52 

53 

54 

55 

56 

57 

58 

59 

60 

61 

62 

63 

64 

65 

66 

67 

68 

69 

70 

71 

72 

73 

74 

75 

76 

77 

(1) 

Number of 

individuals, 

excludinq 

individuals 

who left the 

populations for 

reasons other 

than death 

11 

6 

20 

14 

16 

27 

28 

41 

38 

56 

69 

93 

81 

87 

113 

158 

181 

217 

149 

162 

146 

167 

164 

140 

135 

133 

130 

Mortality Experience Study 

(2) 

Number of 

individuals 

who left 

the 

population 

for 

reasons 

other than 

death 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

(3) (4) 

Number of 

expected 

Number of deaths per 

individuals standard table. 

who died adjusted for 

during the exposures less 

year than one year 

0.0140 

0 0.0326 

0 0.0188 

0 0.0669 

0 0.0502 

1 0.0617 

0 0.1123 

0 0.1258 

0 0.1993 

0 0.2003 

0 0.3199 

0 0.4276 

0 0.6252 

0 0.5907 

0 0.6887 

2 0.9725 

0 1.4816 

4 1.8536 

2 2.4345 

1 1.8351 

3 2.1951 

3 2.1802 

3 2.7512 

2 2.9833 

2 2.8153 

2 3.0033 

3 3.2771 

0 3.5543 

American Federation of Musicians & Employers' Pension Fund 

(5) (6) (7) (8) 

Sum of benefit Sum of 

amounts, benefit 

excluding amounts for Sum of Expected 

individuals who individuals benefit benefit deaths 

left the who left the amounts for per standard 

population population individuals table. adjusted 

during for for reasons who died for exposures 

reasons other other than during the less than one 

than death death year year 

' 5.1 

3,396.35 0.00 0.00 10.05 

1,024.64 0.00 0.00 3.22 

5,594.29 0.00 0.00 18.72 

7,700.07 0.00 0.00 27.61 

6,338.69 0.00 92.85 24.44 

12,436.27 0.00 0.00 51 .71 

10,028.65 0.00 0.00 45.06 

17,908.74 0.00 0.00 87.07 

17,414.47 0.00 0.00 91 .77 

21 ,261 .27 0.00 0.00 121.47 

54,646.33 0.00 0.00 338.64 

47,728.41 0.00 0.00 320.88 

77,174.57 0.00 0.00 562.76 

54,316.25 0.00 0.00 429.97 

115,358.69 0.00 464.64 992.78 

171,775.04 0.00 0.00 1,610.73 

194,243.36 0.00 1,028.77 1,989.25 

211,114.72 0.00 1,448.94 2,368.50 

166,163.54 0.00 478.95 2,046.47 

145,460.56 0.00 838.80 1,970.99 

151,609.89 0.00 498.41 2,263.99 

187,571.63 0.00 942.31 3,090.06 

149,609.33 0.00 539.29 2,721.54 

83,710.34 0.00 647.62 1,683.33 

93,921 .78 0.00 558.98 2,089.48 

101,493.51 0.00 1,281.12 2,500.80 

55,078.56 0.00 0.00 1,505.90 

(9) (10) (11) 

Sum of squares 

of benefit Sum of squares 

amounts, of benefit Expected 

excludinq amounts for benefit-squared 

individuals who individuals who deaths per 

left the left the standard table. 

population for populations for adjusted for 

reasons other reasons other exposures less 

than death than death than one year 

5,3 ,02 1 ,90 

2,523,821 0 7,471 

430,179 0 1,350 

5,225,712 0 17,485 

22,848,756 0 81,936 

7,431,822 0 28,657 

26,567,475 0 110,468 

7,964,320 0 35,784 

25,849,422 0 125,680 

27,457,317 0 144,700 

19,229,900 0 109,860 

122,222,803 0 757,415 

64,508,046 0 433,688 

277,797,515 0 2,025,699 

118,041,174 0 934,414 

566,558,655 0 4,875,804 

732,805,665 0 6,871,519 

592,746,690 0 6,070,319 

637,398,774 0 7,150,977 

479,952,866 0 5,91 1,099 

462,310,606 0 6,264,309 

813,667,177 0 12,150,492 

797,840,106 0 13,143,618 

448,698,832 0 8,162,280 

260,433,312 0 5,237,053 

299,003,843 0 6,651,938 

658,335,084 0 16,221,376 

81 ,607,271 0 2,231,224 

AFMEPF0392 

36 
ffln@•F\,I Mortality Experience Study 

Age at 

beginning 

of year 

78 

79 

80 

81 

82 

83 

84 

85 

86 

87 

88 

89 

90 

91 

92 

93 

94 

95 

96 

97 

98 

99 

(1) 

Number of 

individuals, 

excluding 

individuals 

who left the 

populations for 

reasons other 

than death 

128 

99 

107 

108 

84 

97 

86 

109 

89 

108 

72 

58 

53 

56 

39 

35 

22 

18 

13 

9 

11 

7 

3,995 

Mortality Experience Study 

(2) (3) 

Number of 

individuals 

who left 

the 

population Number of 

for individuals 

reasons who died 

other than during the 

death year 

0 3 

0 2 

0 4 

0 2 

0 3 

0 2 

0 3 

0 5 

0 7 

0 16 

0 6 

0 4 

0 8 

0 6 

0 5 

0 5 

0 

0 1 

0 6 

0 1 

0 3 

0 3 

0 124 

(4) 

Number of 

expected 

deaths per 

standard table, 

adjusted for 

exposures less 

than one year 

3.8902 

3.3513 

4.0426 

4.5642 

3.9757 

5.1516 

5.1323 

7.3100 

6.7110 

9.1524 

6.8498 

6.1861 

6.3321 

7.4669 

5.7751 

5.7252 

3.9523 

3.5328 

2.7793 

2.0879 

2.7588 

1.8917 

143.4904 

American Federation of Musicians & Employers' Pension Fund 

(5) (6) 

Sum of benefit Sum of 

amounts, benefit 

excluding amounts for 

individuals who individuals 

left the who left the 

population population 

during for for reasons 

reasons other other than 

than death death 

69,444.86 0.00 

53,029.22 0.00 

58,141 .58 0.00 

65,591 .45 0.00 

37,587.33 0.00 

45,208.34 0.00 

39,058.05 0.00 

71 ,723.21 0.00 

38,735.01 0.00 

43,441 .21 0.00 

22,906.48 0.00 

24,028.61 0.00 

15,702.16 0.00 

22,939.57 0.00 

11 ,052.68 0.00 

11 ,904.52 0.00 

13,401 .46 0.00 

5,600.43 0.00 

3,679.96 0.00 

3,842.98 0.00 

1,152.52 0.00 

1,600.29 0.00 

2,826,376.99 0.00 

(7) (8) (9) (10) (11) 

Sum of squares 

of benefit Sum of squares 

Sum of EXPected amounts, of benefit EXPected 

benefit benefit deaths excluding amounts for benefit-squared 

amounts for per standard individuals who individuals who deaths per 

individuals table, adjusted left the left the standard table, 

who died for exposures population for populations for adjusted for 

during the less than one reasons other reasons other exposures less 

year year than death than death than one year 

1,013.48 2,110.57 177,635,773 0 5,398,706 

5,654.31 1,795.15 125,309,246 0 4,241,969 

363.65 2,196.65 191,249,361 0 7,225,592 

1,225.72 2,771.96 172,864,192 0 7,305,414 

635.29 1,779.01 65,143,570 0 3,083,245 

502.83 2,400.97 78,538,594 0 4,171,106 

327.36 2,330.91 104,659,930 0 6,245,895 

1,858.43 4,810.05 181,493,187 0 12,171,659 

1,046.96 2,920.81 105,659,429 0 7,967,249 

6,445.91 3,681.38 66,590,515 0 5,643,147 

1,760.95 2,179.23 20,827,869 0 1,981,480 

1,125.81 2,562.82 35,884,608 0 3,827,345 

2,516.52 1,876.00 21 ,499,295 0 2,568,607 

728.46 3,058.72 28,494,722 0 3,799,429 

1,182.26 1,636.68 8,419,583 0 1,246,772 

287.29 1,947.29 20,095,448 0 3,287,133 

34.65 2,407.56 34,111,548 0 6,128,105 

428.82 1,099.18 8,723,279 0 1,712,092 

925.41 786.74 3,116,443 0 666,267 

154.58 891 .55 4,835,331 0 1,121,768 

228.40 289.05 207,205 0 51,967 

163.02 432.46 1,043,078 0 281 ,880 

37,430.79 74,939.01 9,021 ,165,372 0 195,898,349 

AFMEPF0393 

37 
!foii::fi•F Mortality Experience Study 

Exhibit 4 

Demonstration of Population Stability Required by Section 8 of Revenue Procedure 

2017-55 

Population Size 

(6) = (1) (2) (3) (4) (5) [(1 )+(2)+(3)+(4)+(5))/5 (7) (8) = (7) .,. (6) 

Average 

4/1/2015 4/1/2016 4/1/2017 4/1/2018 4/1/2019 4/1/2015-4/1/2019 3/31/2020 Ratio 

14,721 17,216 116.9% 

AFMEPF0394 

Mortality Experience Study 38 

American Federation of Musicians & Employers' Pension Fund 
!foii::fi•F Mortality Experience Study 

Exhibit 5 

Plan-specific Mortality Table Construction 

Age 

50 

51 

52 

53 

54 

55 

56 

57 

58 

59 

60 

61 

62 

63 

64 

65 

66 

67 

68 

69 

70 

71 

72 

73 

74 

75 

76 

77 

78 

79 

80 

Mortality Experience Study 

Mortality Rates for Males 

Projected Base 

Mortality Rate Mortality Ratio 

0.004245 0.712829 

0.004573 0.712829 

0.004918 0.712829 

0.005251 0.712829 

0.005594 0.712829 

0.005955 0.712829 

0.006346 0.712829 

0.006772 0.712829 

0.007234 0.712829 

0.007741 0.712829 

0.008293 0.712829 

0.008889 0.712829 

0.009534 0.712829 

0.010230 0.712829 

0.010983 0.712829 

0.011798 0.712829 

0.012700 0.712829 

0.013699 0.712829 

0.014821 0.712829 

0.016095 0.712829 

0.017539 0.712829 

0.019175 0.712829 

0.021038 0.712829 

0.023141 0.712829 

0.025519 0.712829 

0.028206 0.712829 

0.031227 0.712829 

0.034645 0.712829 

0.038494 0.712829 

0.042825 0.712829 

0.047719 0.712829 

Mortality Rate 

for Plans with 

Full Credibility 

0.003026 

0.003260 

0.003506 

0.003743 

0.003988 

0.004245 

0.004524 

0.004827 

0.005157 

0.005518 

0.005911 

0.006336 

0.006796 

0.007292 

0.007829 

0.008410 

0.009053 

0.009765 

0.010565 

0.011473 

0.012502 

0.013668 

0.014996 

0.016496 

0.018191 

0.020106 

0.022260 

0.024696 

0.027440 

0.030527 

0.034015 

American Federation of Musicians & Employers' Pension Fund 

Partial 

Credibility 

Weighting 

Factor 

57.31% 

57.31% 

57.31% 

57.31% 

57.31% 

57.31% 

57.31% 

57.31% 

57.31% 

57.31% 

57.31% 

57.31% 

57.31% 

57.31% 

57.31% 

57.31% 

57.31% 

57.31% 

57.31% 

57.31% 

57.31% 

57.31% 

57.31% 

57.31% 

57.31% 

57.31% 

57.31% 

57.31% 

57.31% 

57.31% 

57.31% 

Plan-specific 

Mortality Rate 

Reflecting 

Partial 

Credibility 

0.00354633 

0.00382035 

0.00410857 

0.00438676 

0.00467331 

0.00497489 

0.00530154 

0.00565742 

0.00604338 

0.00646694 

0.00692809 

0.00742599 

0.00796484 

0.00854628 

0.00917535 

0.00985621 

0.01060976 

0.01144434 

0.01238167 

0.01344599 

0.01465232 

0.01601906 

0.01757544 

0.01933231 

0.02131893 

0.02356368 

0.02608747 

0.02894292 

0.03215842 

0.03577660 

0.03986512 

AFMEPF0395 

39 
!foii::fi•F Mortality Experience Study 

Mortality Rates for Males 

Projected Base 

Age Mortality Rate Mortality Ratio 

81 0.053249 0.712829 

82 0.059496 0.712829 

83 0.066541 0.712829 

84 0.074540 0.712829 

85 0.083526 0.712829 

86 0.093605 0.712829 

87 0.104875 0.712829 

88 0.117474 0.712829 

89 0.131471 0.712829 

90 0.146980 0.712829 

91 0.163359 0.712829 

92 0.180199 0.712829 

93 0.197202 0.712829 

94 0.214 193 0.712829 

95 0.231092 0.712829 

96 0.249255 0.731974 

97 0.268032 0.751118 

98 0.287290 0.770263 

99 0.307122 0.789408 

100 0.327235 0.808553 

101 0.347373 0.827697 

102 0.367419 0.846842 

103 0.387000 0.865987 

104 0.406073 0.885132 

105 0.424166 0.904276 

106 0.441658 0.923421 

107 0.458161 0.942566 

108 0.473500 0.961711 

109 0.488006 0.980855 

110 0.501169 1.000000 

Mortality Experience Study 

American Federation of Musicians & Employers' Pension Fund 

Mortality Rate 

for Plans with 

Full Credibility 

0.037957 

0.042410 

0.047432 

0.053134 

0.059540 

0.066724 

0.074758 

0.083739 

0.093716 

0.104772 

0.116447 

0.128451 

0.140571 

0.152683 

0.164729 

0.182448 

0.201324 

0.221289 

0.242445 

0.264587 

0.287520 

0.311 146 

0.335137 

0.359428 

0.383563 

0.407836 

0.431847 

0.455370 

0.478663 

0.501169 

Partial 

Credibility 

Weighting 

Factor 

57.31% 

57.31% 

57.31% 

57.31% 

57.31% 

57.31% 

57.31% 

57.31% 

57.31% 

57.31% 

57.31% 

57.31% 

57.31% 

57.31% 

57.31% 

57.31% 

57.31% 

57.31% 

57.31% 

57.31% 

57.31% 

57.31% 

57.31% 

57.31% 

57.31% 

57.31% 

57.31% 

57.31% 

57.31% 

57.31% 

Plan-specific 

Mortality Rate 

Reflecting 

Partial 

Credibility 

0.04448496 

0.04970379 

0.05558928 

0.06227175 

0.06977878 

0.07819892 

0.08761403 

0.09813941 

0.10983270 

0.12278914 

0.13647238 

0.15054075 

0.16474530 

0.17893981 

0.19305747 

0.21096602 

0.22979957 

0.24946285 

0.27005346 

0.29132945 

0.31306934 

0.33516724 

0.35727575 

0.37933941 

0.40089539 

0.42227380 

0.44307962 

0.46310913 

0.48265140 

0.50116900 

AFMEPF0396 

40 
!foii::fi•F Mortality Experience Study 

Mortality Rates for Females 

Projected Base 

Age Mortality Rate Mortality Ratio 

50 0.002770 0.742389 

51 0.002924 0.742389 

52 0.00311 0 0.742389 

53 0.003329 0.742389 

54 0.003585 0.742389 

55 0.003875 0.742389 

56 0.004200 0.742389 

57 0.004557 0.742389 

58 0.004948 0.742389 

59 0.005372 0.742389 

60 0.005825 0.742389 

61 0.006309 0.742389 

62 0.006823 0.742389 

63 0.007367 0.742389 

64 0.007957 0.742389 

65 0.008601 0.742389 

66 0.009323 0.742389 

67 0.010134 0.742389 

68 0.011061 0.742389 

69 0.012108 0.742389 

70 0.013301 0.742389 

71 0.014649 0.742389 

72 0.016165 0.742389 

73 0.017862 0.742389 

74 0.019769 0.742389 

75 0.021902 0.742389 

76 0.024294 0.742389 

77 0.027001 0.742389 

78 0.030061 0.742389 

79 0.033531 0.742389 

80 0.037475 0.742389 

81 0.041974 0.742389 

82 0.047061 0.742389 

83 0.052859 0.742389 

84 0.059445 0.742389 

Mortality Experience Study 

American Federation of Musicians & Employers' Pension Fund 

Mortality Rate 

for Plans with 

Full Credibility 

0.002056 

0.002171 

0.002309 

0.002471 

0.002661 

0.002877 

0.003118 

0.003383 

0.003673 

0.003988 

0.004324 

0.004684 

0.005065 

0.005469 

0.005907 

0.006385 

0.006921 

0.007523 

0.008212 

0.008989 

0.009875 

0.010875 

0.012001 

0.013261 

0.014676 

0.016260 

0.018036 

0.020045 

0.022317 

0.024893 

0.027821 

0.031161 

0.034938 

0.039242 

0.044131 

Partial 

Credibility 

Weighting 

Factor 

36.76% 

36.76% 

36.76% 

36.76% 

36.76% 

36.76% 

36.76% 

36.76% 

36.76% 

36.76% 

36.76% 

36.76% 

36.76% 

36.76% 

36.76% 

36.76% 

36.76% 

36.76% 

36.76% 

36.76% 

36.76% 

36.76% 

36.76% 

36.76% 

36.76% 

36.76% 

36.76% 

36.76% 

36.76% 

36.76% 

36.76% 

36.76% 

36.76% 

36.76% 

36.76% 

Plan-specific 

Mortality Rate 

Reflecting 

Partial 

Credibility 

0.00250767 

0.00264708 

0.00281547 

0.00301373 

0.00324548 

0.00350802 

0.00380224 

0.00412543 

0.00447940 

0.00486324 

0.00527334 

0.00571150 

0.00617683 

0.00666931 

0.00720343 

0.00778644 

0.00844006 

0.00917426 

0.01001346 

0.01096131 

0.01204132 

0.01326166 

0.01463409 

0.01617037 

0.01789677 

0.01982776 

0.02199323 

0.02444386 

0.02721406 

0.03035543 

0.03392592 

0.03799884 

0.04260407 

0.04785297 

0.05381524 

AFMEPF0397 

41 
!foii::fi•F Mortality Experience Study 

Mortality Rates for Females 

Projected Base 

Age Mortality Rate Mortality Ratio 

85 0.066857 0.742389 

86 0.075210 0.742389 

87 0.084558 0.742389 

88 0.094955 0.742389 

89 0.106454 0.742389 

90 0.119247 0.742389 

91 0.133045 0.742389 

92 0.147680 0.742389 

93 0.163036 0.742389 

94 0.178896 0.742389 

95 0.195228 0.742389 

96 0.212639 0.759563 

97 0.230812 0.776737 

98 0.249574 0.793911 

99 0.269024 0.811085 

100 0.288924 0.828259 

101 0.309093 0.845434 

102 0.329284 0.862608 

103 0.349485 0.879782 

104 0.369240 0.896956 

105 0.388550 0.914 130 

106 0.407298 0.931304 

107 0.425096 0.948478 

108 0.442156 0.965652 

109 0.458172 0.982826 

110 0.473017 1.000000 

Mortality Experience Study 

American Federation of Musicians & Employers' Pension Fund 

Mortality Rate 

for Plans with 

Full Credibility 

0.049634 

0.055835 

0.062775 

0.070494 

0.079030 

0.088528 

0.098771 

0.109636 

0.121036 

0.132810 

0.144935 

0.161513 

0.179280 

0.198140 

0.218201 

0.239304 

0.261318 

0.284043 

0.307470 

0.331192 

0.355185 

0.379318 

0.403194 

0.426969 

0.450303 

0.473017 

Partial 

Credibility 

Weighting 

Factor 

36.76% 

36.76% 

36.76% 

36.76% 

36.76% 

36.76% 

36.76% 

36.76% 

36.76% 

36.76% 

36.76% 

36.76% 

36.76% 

36.76% 

36.76% 

36.76% 

36.76% 

36.76% 

36.76% 

36.76% 

36.76% 

36.76% 

36.76% 

36.76% 

36.76% 

36.76% 

Plan-specific 

Mortality Rate 

Reflecting 

Partial 

Credibility 

0.06052528 

0.06808721 

0.07654990 

0.08596225 

0.09637224 

0.10795367 

0.12044492 

0.13369391 

0.14759562 

0.16195359 

0.17673886 

0.19384348 

0.21186742 

0.23066520 

0.25034012 

0.27068223 

0.29152934 

0.31265202 

0.33403922 

0.35525240 

0.37628408 

0.39701179 

0.41704423 

0.43657273 

0.45527924 

0.47301700 

AFMEPF0398 

42 
!foii::fi•F Mortality Experience Study 

Exhibit 6 

Demonstration of Mortality Ratio Development Required by Section 10 of Revenue 

Procedure 2017-55 

Male 

Expected Benefit Actual Benefit 

Year Deaths Deaths Mortality Ratio (f) 

2015 306,498.46 249,855.47 81.5193% 

2016 323,046.48 234,716.21 72.6571% 

2017 344,994.42 242,117.92 70.1 802% 

2018 372,062.42 250,309.12 67.2761% 

2019 397,485.77 266,237.26 66.9803% 

1,744,087.55 1,243,235.98 71.2829% 

Female 

Expected Benefit Actual Benefit 

Year Deaths Deaths Mortality Ratio (f) 

2015 74,939.01 37,430.79 49.9483% 

2016 84,115.44 82,622.50 98.2251% 

2017 90,426.21 62,201.58 68.7871% 

2018 98,312.60 67,852.39 69.0171% 

2019 107,659.23 88,015.83 81.7541% 

455,452.49 338,123.09 74.2389% 

AFMEPF0399 

Mortality Experience Study 

American Federation of Musicians & Employers' Pension Fund 

43 
!foii::fi•F Mortality Experience Study 

Exhibit 7 

Demonstrations with Respect to Base Tables Required by Section 11 of Revenue 

Procedure 2017-55 

Present Value of Accrued Benefit Comparison as of 4/1/2020 

Standard Mortality Plan-specific Mortality 

Participant Status Tables* Tables 

Active Participants $ 979,404,184 $ 1,004,737,961 

Terminated Vested Participants 363,690,808 374,281 ,381 

Retired Participants and Beneficiaries receiving payment 1,879,617,106 1,943,466,918 

Total $ 3,222,712,099 $ 3,322,486,260 

* RP-2006 with full generational projection using Scale MP-2020. 

AFMEPF0400 

Mortality Experience Study 

American Federation of Musicians & Employers' Pension Fund 

44 
!foii::fi•F Mortality Experience Study 

Exhibit 8 

Demonstrations with Respect to Base Tables Required by Section 11 of Revenue 

Procedure 2017-55 

Sample Generational Mortality Tables for Individuals Whose Years of Birth are 1940, 1960 and 1980 

Mortality Rates based on Substitute Base Table 

(Projected with MP-2020) 

for an individual born in 1940 

50 0.004583 0.002893 

51 0.004859 0.003032 

52 0.005129 0.003203 

53 0.005368 0.003410 

54 0.005606 0.003657 

55 0.005860 0.003949 

56 0.006144 0.004292 

57 0.006476 0.004688 

58 0.006866 0.005141 

59 0.007314 0.005652 

60 0.007816 0.006204 

61 0.008372 0.006790 

62 0.008979 0.007397 

63 0.009634 0.008012 

64 0.010335 0.008641 

65 0.011076 0.009280 

66 0.011866 0.009953 

67 0.012716 0.010673 

68 0.013641 0.011462 

69 0.014667 0.012331 

70 0.015807 0.013300 

71 0.017079 0.014386 

72 0.018518 0.015602 

73 0.020149 0.016980 

74 0.021997 0.018539 

75 0.024087 0.020303 

76 0.026449 0.022307 

77 0.029138 0.024604 

78 0.031943 0.027043 

79 0.035306 0.029995 

AFMEPF0401 

Mortality Experience Study 

American Federation of Musicians & Employers' Pension Fund 

45 
!foii::fi•F Mortality Experience Study 

Mortality Rates based on Substitute Base Table 

(Projected with MP-2020) 

for an individual born in 1940 

Age Male Annuitant Female Annuitant 

80 0.039089 0.033356 

81 0.043353 0.037185 

82 0.048158 0.041512 

83 0.053575 0.046430 

84 0.059703 0.052006 

85 0.066599 0.058286 

86 0.074337 0.065371 

87 0.083004 0.073298 

88 0.092725 0.082121 

89 0.103535 0.091910 

90 0.115552 0.102801 

91 0.128224 0.11 4548 

92 0.141302 0.127009 

93 0.154465 0.140118 

94 0.167675 0.153672 

95 0.180759 0.167551 

96 0.197350 0.183565 

97 0.214732 0.200413 

98 0.232967 0.217977 

99 0.252197 0.236476 

100 0.272177 0.255692 

AFMEPF0402 

Mortality Experience Study 46 

American Federation of Musicians & Employers' Pension Fund 
!foii::fi•F Mortality Experience Study 

Mortality Rates based on Substitute Base Table 

(Projected with MP-2020) 

for an individual born in 1960 

Age Male Annuitant Female Annuitant 

50 0.003821 0.002603 

51 0.004029 0.002700 

52 0.004256 0.002831 

53 0.004482 0.003001 

54 0.004728 0.003214 

55 0.004999 0.003468 

56 0.005305 0.003764 

57 0.005652 0.004099 

58 0.006049 0.004507 

59 0.006488 0.004924 

60 0.006966 0.005363 

61 0.007476 0.005815 

62 0.008013 0.006272 

63 0.008573 0.006725 

64 0.009154 0.007191 

65 0.009756 0.007674 

66 0.010400 0.008199 

67 0.011090 0.008773 

68 0.011850 0.009419 

69 0.012696 0.010139 

70 0.013634 0.010955 

71 0.014684 0.011871 

72 0.015863 0.012895 

73 0.017184 0.014038 

74 0.018669 0.015324 

75 0.020348 0.016763 

76 0.022232 0.018384 

77 0.024355 0.020232 

78 0.026750 0.022331 

79 0.029459 0.024730 

80 0.032521 0.027475 

81 0.036159 0.030753 

82 0.040285 0.034492 

83 0.045029 0.038809 

84 0.050485 0.043782 

85 0.056624 0.049411 

AFMEPF0403 

Mortality Experience Study 47 

American Federation of Musicians & Employers' Pension Fund 
!foii::fi•F Mortality Experience Study 

Mortality Rates based on Substitute Base Table 

(Projected with MP-2020) 

for an individual born in 1960 

Age Male Annuitant Female Annuitant 

86 0.063663 0.055872 

87 0.071632 0.063173 

88 0.080580 0.071307 

89 0.090719 0.080493 

90 0.102130 0.090841 

91 0.114176 0.101978 

92 0.126952 0.11 411 1 

93 0.140097 0.127084 

94 0.153258 0.140460 

95 0.166835 0.154645 

96 0.182881 0.170107 

97 0.199789 0.186466 

98 0.217627 0.203624 

99 0.236538 0.221793 

100 0.256303 0.240780 

AFMEPF0404 

Mortality Experience Study 48 

American Federation of Musicians & Employers' Pension Fund 
!foii::fi•F Mortality Experience Study 

Mortality Rates based on Substitute Base Table 

(Projected with MP-2020) 

for an individual born in 1980 

Age Male Annuitant Female Annuitant 

50 0.003494 0.002322 

51 0.003662 0.002402 

52 0.003834 0.002506 

53 0.003989 0.002637 

54 0.004148 0.002798 

55 0.004320 0.002986 

56 0.004516 0.003201 

57 0.004739 0.003441 

58 0.004991 0.003706 

59 0.005276 0.003991 

60 0.005591 0.004291 

61 0.005932 0.004604 

62 0.006300 0.004926 

63 0.006704 0.005261 

64 0.007142 0.005616 

65 0.007600 0.005986 

66 0.008104 0.006398 

67 0.008639 0.006844 

68 0.009233 0.007347 

69 0.009911 0.007922 

70 0.010653 0.008564 

71 0.011485 0.009288 

72 0.012447 0.01011 9 

73 0.013504 0.011032 

74 0.014725 0.012087 

75 0.016080 0.013248 

76 0.017605 0.014558 

77 0.019365 0.016086 

78 0.021312 0.017791 

79 0.023565 0.019782 

80 0.026067 0.022022 

81 0.029278 0.024900 

82 0.032883 0.028154 

83 0.037129 0.031999 

84 0.042049 0.036466 

85 0.047545 0.041489 

AFMEPF0405 

Mortality Experience Study 49 

American Federation of Musicians & Employers' Pension Fund 
!foii::fi•F Mortality Experience Study 

Mortality Rates based on Substitute Base Table 

(Projected with MP-2020) 

for an individual born in 1980 

Age Male Annuitant Female Annuitant 

86 0.053997 0.047389 

87 0.061372 0.054124 

88 0.069596 0.061588 

89 0.079147 0.070225 

90 0.090003 0.080055 

91 0.101433 0.090595 

92 0.113923 0.102399 

93 0.126988 0.115193 

94 0.140039 0.128345 

95 0.153984 0.142732 

96 0.169472 0.157635 

97 0.185886 0.173490 

98 0.203296 0.190215 

99 0.221851 0.208021 

100 0.241356 0.226738 

AFMEPF0406 

Mortality Experience Study 50 

American Federation of Musicians & Employers' Pension Fund 
!foii::fi•F Mortality Experience Study 

Exhibit 9 

Demonstrations with Respect to Base Tables Required by Section 11 of Revenue 

Procedure 2017-55 - Annuity Factors 

Annuity Factors Based on Substitute Base Table for an Individual 

Born in 1997* ------------------------ Age Male Annuitant Female Annuitant 

50 12.487421 12.676787 

55 12.107205 12.305362 

60 11.605092 11 .818855 

65 10.955014 11 .192219 

70 10.122366 10.379788 

75 9.071673 9.344524 

80 7.788300 8.064552 

85 6.319238 6.583170 

90 4.851783 5.080757 

• Factors use 7. 50% annual interest. 

AFMEPF0407 

Mortality Experience Study 

American Federation of Musicians & Employers' Pension Fund 

51 
!foii::fi•F Mortality Experience Study 

Appendices 

AFMEPF0408 

Mortality Experience Study 52 

American Federation of Musicians & Employers' Pension Fund 
@ijmu€\ I Mortality Experience Study Appendix A Summary of Actuarial Assumptions and Methods 

Appendix A - Summary of Actuarial Assumptions and Methods 

Actuarial Assumptions 

Investment Return: 7.50% (net of investment-related administrative expenses) for ERISA minimum funding 

Mortality 

Employee: RP-2006 Employee Mortality Table and Mortality Improvement Scale MP-2020 on a generational basis 

for males and females 

Healthy Annuitant: Plan-specific mortality rates developed using IRS Revenue Procedure 2017-55 with 2017 base 

year and Mortality Improvement Scale MP-2020 on a generational basis for males and females 

Disabled: RP-2006 Disabled Annuitant Mortality Table and Mortality Improvement Scale MP-2020 on a 

generational basis for males and females. 

Termination Rates: Termination rates have been separated into two groups. 

Sample rates are shown below for participants who earned less than $10,000 in the plan year prior to the 

valuation date: 

Years of Service 

Attained Age 0-2* (Select) 2-3 (Select) 3-4 (Select) 4 or More (Ultimate) 

20 35.0% 30.0% 20.0% 20.0% 

25 35.0 30.0 20.0 20.0 

30 40.0 35.0 25.0 20.0 

35 45.0 40.0 30.0 20.0 

40 45.0 40.0 30.0 20.0 

45 45.0 40.0 30.0 20.0 

50 45.0 35.0 30.0 20.0 

55 45.0 35.0 30.0 20.0 

60 45.0 35.0 30.0 20.0 

64 45.0 35.0 30.0 20.0 

65 0.0 0.0 0.0 0.0 

* Participants with less than one year of service are not included for valuation purposes. Therefore, this select 

period with respect to the present value of benefits only impacts participants who have accrued between 1 

and 2 years of vesting service as of the valuation date. Nonetheless, this select period has an impact on the 

Normal Cost (which spreads liability from entry age to retirement age) for all participants. 

AFMEPF0409 

Mortality Experience Study 53 

American Federation of Musicians & Employers' Pension Fund 
@ijmu€\ I Mortality Experience Study Appendix A Summary of Actuarial Assumptions and Methods 

Sample rates are shown below for participants who earned $10,000 or more in the plan year prior to the valuation 

date: 

Attained Age I Termination Rate 

20 6.0% 

25 6.0% 

30 6.0% 

35 4.0% 

40 4.0% 

45 4.0% 

50 3.0% 

55 3.0% 

60 3.0% 

64 3.0% 

65 0.0% 

Retirement Rates: Retirement rates used are shown below: 

Attained Age Retirement Rate 

55-61 1.0% 

62-63 2.0 

64 15.0 

65 50.0 

66-69 20.0 

70 100.0 

71 and Over N/A 

Disability Rates: None 

Form of Payment: Future retirees will elect each optional form of benefit as shown below: 

Form of Payment % Electing 

Single Life 50% 

Joint & 50% Survivor 30% 

Joint & 75% Survivor 20% 

AFMEPF0410 

Mortality Experience Study 54 

American Federation of Musicians & Employers' Pension Fund 
@ijmu€\ I Mortality Experience Study Appendix A Summary of Actuarial Assumptions and Methods 

Assumed Age of Commencement of Deferred Benefits: Participants who have terminated with deferred benefits 

or who are assumed to terminate with deferred benefits in the future as shown below: 

Attained Age % Retiring 

55-59 1.0% 

60-61 3.0 

62-63 3.0 

64 3.0 

65 20.0 

66-68 20.0 

69 10.0 

70 10.0 

71 and Over 100.0 

Pre-Retirement Death Benefits: 80% of the participants are assumed to have beneficiaries eligible for preretirement survivor benefits. Male participants are assumed to be three years older than female beneficiaries and 

female participants are assumed to be three years younger than male beneficiaries. Because the form of payment 

assumptions for future retirees already reflects marital status, this assumption does not apply to post-retirement 

death benefits. 

Future Benefit Accruals: Current actives and current in-pay retirees under 65: Future years' contributions are 

assumed to increase by 2.25% per year from those contributions reported for the prior pension credit year. 

Post Retirement Benefit Accruals for future retirees and current in-pay retirees under 65 contribution amounts 

used are shown in the table below. 

Attained Age I Annual Contribution Amount 

55-75 $750 

76-85 250 

Assumptions regarding missing or incomplete data: 

Lost Participants: Assume 100% of lost participants will receive benefits. Lost participants over age 701⁄2 receive 

actuarial increase from Normal Retirement Date to Required Beginning Date. In addition, a one-time payment of 

missed payments from Required Beginning Date to the valuation date with interest at 7.5%. 

Summary of Lost Participants as of 4/1/2020 

Count 302 

Average Age 68 

Average Annual Benefit $2,314 

One-Time Payment $6.0M 

AFMEPF0411 

Mortality Experience Study 55 

American Federation of Musicians & Employers' Pension Fund 
@ijmu€\ I Mortality Experience Study Appendix A Summary of Actuarial Assumptions and Methods 

Unreported Data: Active participants with unreported data (gender, date of birth) are assumed to have characteristics 

of the average group. If not easily determined, participants with unknown sex are assumed to be male. 

Rationale for Significant Assumptions 

Investment Return for ERISA minimum funding: Selected based on the Plan's target asset allocation as of the 

valuation date, capital market assumptions from several sources, including published studies summarizing the 

expectations of various investment experts. This information was used to develop forward-looking long-term 

expected returns, producing a range of reasonable expectations according to industry experts. Based on the 

resulting range of potential assumptions, in our professional judgement the selected investment return 

assumption is reasonable for this purpose and is not expected to have any significant bias. 

Retirement Rates: Based on analysis of retirements experienced by the Plan from April 2011 through April 2016. 

AFMEPF0412 

Mortality Experience Study 56 

American Federation of Musicians & Employers' Pension Fund 
@ijmu€\ I Mortality Experience Study Appendix B Summary of Principal Plan Provisions 

Appendix B - Summary of Principal Plan Provisions 

Effective Date 

November 16, 1959. The plan was amended and restated effective January 1, 2014. 

Participation 

An eligible employee becomes a participant on January 1 of the year in which the participant earns $750 in 

Covered Earnings by an Employer who is required to make contributions to the Fund. 

Normal Retirement Age 

Age 65 or if later, the date on which a Participant completes five years of participation in the Plan. 

Vesting Service 

Vesting Service is based on the Covered Earnings earned in each calendar year, as follow: 

Covered Earnings I Years of Vesting Service 

< $750 0.00 

$750 - $1,499 0.25 

$1,500 - $2,249 0.50 

$2,250 - $2,999 0.75 

>= $3,000 1.00 

A Participant becomes vested upon completion of 5 years of Vesting Service or upon attainment of Normal 

Retirement Age. 

Regular Pension Benefit 

A Participant is eligible to receive a Regular Pension Benefit at Normal Retirement Age or at age 55 with 5 years 

Vesting Service. 

Regular Pension Benefit is calculated by multiplying each $100 of vested contributions earned by a Benefit 

Multiplier (a specific dollar amount). The monthly benefit amount under the Life Annuity form of payment is 

calculated in accordance with the following tables: 

AFMEPF0413 

Mortality Experience Study 

American Federation of Musicians & Employers' Pension Fund 

57 
@ijmu€\ I Mortality Experience Study Appendix B Summary of Principal Plan Provisions 

Effective June 1, 2010 Monthly Amount per $100 of Vested Contributions 

For Contributions For Contributions For Contributions for For Contributions 

For Contributions for Covered for Covered Covered For Covered 

for Covered Employment Employment Employment Employment on 

Employment Between Between Between and after 

Age before 1/1/04 1/1/04 and 3/31/07 4/1/07 and 4/30/09 5/1/09 and 12/31/09 1/1/10 

55 $1 .70 $1.28 $1.19 $0.73 $0.37 

56 1.86 1.40 1.30 0.80 0.40 

57 2.05 1.54 1.43 0.88 0.44 

58 2.26 1.70 1.58 0.97 0.49 

59 2.48 1.87 1.74 1.07 0.53 

60 2.75 2.07 1.92 1.18 0.59 

61 3.04 2.29 2.13 1.31 0.65 

62 3.36 2.53 2.35 1.45 0.72 

63 3.75 2.82 2.62 1.61 0.80 

64 4.16 3.13 2.91 1.79 0.90 

65 4.65 3.50 3.25 2.00 1.00 

For participants who retire after Normal Retirement Age, the monthly benefit is the regular pension amount at 

Normal Retirement Age actuarially increased to account for delayed retirement. 

Disability Pension Benefits 

An active participant who has completed at least 10 years of Vesting Service, who has stopped working in 

Covered Employment because of a condition of Total Disability, and who has not started to receive a Regular 

Pension Benefit, is eligible for a Disability Pension Benefit. 

The monthly Disability Pension Benefit is calculated by multiplying each $100 of contributions by the applicable 

age-65 Benefit Multipliers, actuarially reduced to participant's actual age as of the effective date of Disability 

Pension Benefit. 

Pre-Retirement Death Benefits 

If a vested participant who has not yet retired dies after age 55, the participant's beneficiary will receive a benefit 

equal to the benefit the beneficiary would have received had the participant retired on his date of death and 

elected to receive a 50% Joint and Survivor Annuity. 

If a vested participant dies before age 55, the beneficiary's benefit is actuarially equivalent to the 50% Joint and 

Survivor Annuity at age 55. 

AFMEPF0414 

Mortality Experience Study 

American Federation of Musicians & Employers' Pension Fund 

58 
@ijmu€\ I Mortality Experience Study Appendix B Summary of Principal Plan Provisions 

Post-Retirement Death Benefits 

If a vested participant dies after his or her benefit begins and the pension benefit was being paid as a Joint and 

Survivor Annuity, the Joint Annuitant will receive 50% of the participant's monthly benefit for his or her lifetime; if 

the pension benefit was being paid as Life Annuity, the remaining balance of the guaranteed benefit will be paid. 

Re-Retirement Benefits 

If a participant retires before his or her Normal Retirement Age, later returns to Covered Employment, and earns 

$50 or more of contributions in at least one calendar year between his or her initial pension Benefit Annuity Start 

Date and Normal Retirement Age, an additional benefit calculated based on the contributions made on the 

participant's behalf during that period will be paid as of the first of the month after the participant reaches Normal 

Retirement Age. 

Redetermination Benefits 

If a pensioner returns to Covered Employment and earns $50 or more of contributions in a calendar year after 

Normal Retirement Age, he or she wi ll earn an additional pension benefit. This redetermination benefit is 

calculated each July 1st based on contributions for Covered Employment earned during the previous calendar 

year. The redetermination benefit is based on the age-65 Benefit Multiplier in effect at the end of the previous 

calendar year and is offset by the actuarial equivalent of any redetermination benefit received in the previous year 

that is based on contributions earned after 2003. 

Normal Form of Payment 

If a participant has an eligible spouse as of his or her Annuity Starting Date, the normal form of payment is Joint 

and Survivor Annuity. If a participant does not have an eligible spouse as of the Annuity Starting Date, the normal 

form of payment will be Single Life Annuity with respect to any benefit earned on and after January 1, 2004. If a 

portion of the participant's benefit was based on contributions earned prior to January 1, 2004, there is a 

guaranteed amount of 100 times that portion of the participant's benefit. The guaranteed feature is eliminated for 

benefit with an annuity starting date on or after June 1, 2010. 

AFMEPF0415 

Mortality Experience Study 59 

American Federation of Musicians & Employers' Pension Fund 
ll Milliman 

American Federation 

of Musicians and 

Employers' Pension Plan 

** Preliminary** 

Experience Analysis April 1, 2011 

through April 1, 2016 

November 1, 2016 

Except as otherwise noted in this report, the explanatory notes contained in our actuarial valuation report 

dated October 28, 2015, including statements of reliance and limitations on use, continue to apply. 

AFMEPF0416 
Background 

• ERISA requires actuary to perform annual actuarial valuation 

• Annual valuation is snapshot not a projection 

• Valuation results used as part of projections 

• Assumptions used for projections not part of this study 

• Schedule MB requires that actuary state that each assumption is individually 

reasonable taking into account plan experience and reasonable expectations 

for plan 

• Milliman typically fulfills requirements via experience study performed at 5-year 

intervals 

• Last study in November, 2011 

• Trustees approved study in conjunction with April 1, 2016 actuarial valuation 

AFMEPF0417 

ll Milliman American Federation of Musicians and Employers' Pension November 1, 2016 
Process 

• Assumption analysis split between demographic and investment return 

assumptions 

• Proposed demographic assumptions to be implemented with April 1, 2016 

actuarial valuation and reflected for 2017 actuarial certification 

• Investment return assumption decision might benefit from further input prior to 

consideration of any changes-- target finalization by February meeting 

• Potential OCIO for Fund could affect asset allocation 

• Assumption affects plan's time horizon 

• Potential impact on other measurements 

• Further input from Treasury on pending MPRA benefit suspension applications 

• Possible legislation such as composite plans 

• Milliman ultimately selects all assumptions 

AFMEPF0418 

ll Milliman American Federation of Musicians and Employers' Pension November 1, 2016 2 
Process 

• Individually examine each assumption used in annual actuarial valuation 

• Key assumptions in order of relative impact 

• Investment return 

• Mortality 

• Post-retirement benefit accruals 

• Retirement 

• Termination 

• Need to establish rationale for selection of each assumption 

• Reviewed 5 years of experience by examining 6 years of data from 2011 

through 2016 

• Compared actual rates with expected experience 

• Data history used to identify potential future experience 

• Rely on Trustee input to validate or adjust such experience 

AFMEPF0419 

ll Milliman American Federation of Musicians and Employers' Pension November 1, 2016 3 
Process 

• Mortality based on published tables 

• Compare findings with annual gain and loss analysis over past 5 years 

• Develop recommendations and financial impact of proposed changes 

AFMEPF0420 

ll Milliman American Federation of Musicians and Employers' Pension November 1, 2016 4 
Current Situation 

• Projections prior to assumptions changes show fund in poor financial health 

• On cusp of critical and declining status for 2017 PPA actuarial certification 

• Projections improved somewhat versus May, 2016 results with current assets 

and valuation results 

• Projected 10.31 % rate of return for year ending March 31, 2017 based on 6.4% return 

through September 30, 2016 

• Impact of return offset by $26 million liability increase due to demographic liability 

losses for April 1, 2016 actuarial valuation 

• Contributions for period April 1, 2016 through September 30, 2016 close to expected 

AFMEPF0421 

ll Milliman American Federation of Musicians and Employers' Pension November 1, 2016 5 
Current Situation 

Projection Update 

Projection of the Funded Percentage 

70% 

~ 60% 

"E 50% ~ .. 

a.. 40% 

I 

:, 30% u.. 

1! 

l 20% 

d: 10% 

0% 

2016 2017 2018 2019 2020 2021 2022 

I Base Case Al erna ive case I 

Results 2016 2017 2018 2019 2020 2021 2022 

Funded Percentage 

Base Case 65.1% 64.3% 63.4% 62.3% 6 1.1% 59.7% 58.2% 

Altemati\e case 65.1% 66.0% 65.2% 64.3% 63.2% 62.0% 60.5% 

Market Value of Assets (in m illions) 

Base Case $ 1,696 $1,707 $1,709 $1,703 $ 1,688 $1,663 $1,626 

Altemati-.e case $ 1,696 $1,753 $1,759 $1,757 $ 1,746 $1,725 $1,693 

PVAB (in m illions) 

Base Case $2,607 $2,655 $2,697 $2,734 $2,763 $2,784 $2,796 

Altemati-.e case $2,607 $2,655 $2,697 $2,734 $2,763 $2,784 $2,796 

Contrib utions (in m i llions) 

Base Case $ 64 $ 66 $ 68 $ 69 $ 71 $ 73 $ 75 

Altemati-.e case $ 64 $ 66 $ 68 $ 69 $ 71 $ 73 $ 75 

Variables 

Rates of Return 

Base Case 7 .50% 7 .50% 7.50% 7 .50% 7 .50% 7 .50% 7.50% 

Altemati-.e case 10.31% 7 .50% 7.50% 7 .50% 7 .50% 7 .50% 7.50% 

Contrib ution Rate 

Base Case 2 .50% 2 .75% 2.75% 2 .75% 2 .75% 2 .75% 2.75% 

Altemati-.e case 2 .50% 2 .75% 2.75% 2 .75% 2 .75% 2 .75% 2.75% 

ll Milliman 

2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 

Year Beginning April 1: 

2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 

56.4% 54.3% 52. 1% 4 9.5% 46.7% 43.7% 40.3% 36.6% 32.5% 28.2% 23.5% 18.6% 13.3% 7 .7% 1.9% 

58.9% 57.1% 55.0% 52.7% 50.2% 47.4% 44.4% 41.0% 37.4% 33.5% 29.3% 24.9% 20.2% 15.2% 10 .1% 

$1,578 $ 1,519 $1,449 $1,370 $1,281 $ 1, 183 $ 1,078 $ 965 $ 847 $ 723 $ 594 $ 462 $ 326 $ 187 $ 46 

$1,649 $1,596 $1,532 $1,458 $1,376 $1,286 $ 1,188 $1,083 $ 974 $ 859 $ 741 $ 620 $ 496 $ 370 $ 242 

$2,800 $2,795 $2,783 $2,764 $2,740 $2,711 $2,677 $2,641 $2,603 $2,564 $2,527 $2,490 $2,456 $2,426 $2,399 

$2,800 $2,795 $2,783 $2,764 $2,740 $2,711 $2,677 $2,641 $2,603 $2,564 $2,527 $2,490 $2,456 $2,426 $2,399 

$ 77 $ 79 $ 82 $ 84 $ 86 $ 89 $ 91 $ 94 $ 96 $ 99 $ 101 $ 104 $ 107 $ 110 $ 113 

$ 77 $ 79 $ 82 $ 84 $ 86 $ 89 $ 91 $ 94 $ 96 $ 99 $ 101 $ 104 $ 107 $ 110 $ 113 

7 .50% 7 .50% 7 .50% 7.50% 7.50% 7 .50% 7 .50% 7.50% 7.50% 7 .50% 7 .50% 7 .50% 7.50% 7 .50% 7 .50% 

7 .50% 7 .50% 7 .50% 7.50% 7.50% 7 .50% 7 .50% 7.50% 7.50% 7 .50% 7 .50% 7 .50% 7.50% 7 .50% 7 .50% 

2 .75% 2 .75% 2 .75% 2.75% 2.75% 2 .75% 2 .75% 2.75% 2.75% 2 .75% 2 .75% 2 qg;,t.1EF.F!IA222.75% 2 .75% 

2 .75% 2 .75% 2 .75% 2.75% 2.75% 2 .75% 2 .75% 2.75% 2.75% 2 .75% 2 .75% 2 .75% 2.75% 2 .75% 2 .75% 

American Federation of Musicians and Employers' Pension November 1, 2016 6 
Projected Year of Insolvency 

Projection Scenario 

April 1, 2015 Valuation with updated 

investment performance: April, 2016 

April 1, 2015 Valuation with updated 

investment performance: May, 2016 

April 1, 2016 Valuation with 7 .5% Return for 

Plan Year beginning April 1, 2016 

April 1, 2016 Valuation with Estimated 

Returns Through 9/30 (10.31 % projected for 

plan year) 

Demographic Assumption Changes 

Demographic Assumption Changes and 

investment return assumption of 7% 

* Assumes all other assumptions are met exactly 

Insolvency 

Year 

2042 

2039 

2038 

2039 

2036 

2035 

Rate of Return for Year 

Ending March 31, 2017 to 

Avoid Critical and 

Declining Status in 2017* 

1.4% 

4.9 

6.9 

6.9 

16.5 

21.3 

NOTE: Critical and Declining status for 2017 certification based on projected insolvency on tft.1m§'6re 2037 

ll Milliman American Federation of Musicians and Employers' Pension November 1, 2016 7 
Demographic Liability (Gain)/Loss History 

• Historical demographic liability gain/loss used to identify possible major trends 

• Data can be only so precise so need to review cautiously 

• Need to consider relative to plan $2.6B liabilities 

• Had modest actuarial losses each year 

• Losses total $106M over five years and average about $21 M, which is 1 % of liabilities 

• Biggest source of loss is mortality with $79M 

• Other gains and losses relatively minor 

AFMEPF0424 

ll Milliman American Federation of Musicians and Employers' Pension November 1, 2016 8 
Liability (Gain)/Loss History ($M) 

Census Period 

Ending 12/31* 

Source 

Contributions/Wages 

Mortality-- Retiree 

Mortality -- Active/TV 

Retirement -- Active 

Retirement -- TV 

Termination 

New Entrants 

Return to Work 

Unexplained 

Total 

2011 

$4 

12 

(5) 

2 

2 

0 

1 

2 

11 

$29 

2012 2013 

($1) ($6) 

7 17 

(2) (3) 

3 3 

2 3 

( 1) 0 

1 1 

2 2 

3 _@ 

$14 $12 

2014 

$1 

22 

(6) 

5 

2 

1 

1 

3 

ill 

$25 

2015 

($6) 

21 

(6) 

5 

3 

1 

1 

2 

5 

$26 

2011-

2015 

$(8) 

79 

(22) 

18 

12 

1 

5 

11 

10 

106 

AFMEPF0425 

* Active and terminated vested census data based on calendar year; retiree census determined as of April 1 

ll Milliman American Federation of Musicians and Employers' Pension November 1, 2016 9 
Summary of Key Proposed Assumption 

Changes 

• Change pre-retirement mortality assumption: 

• From: RP-2000 combined blue collar mortality table projected to 2016 with scale AA; 

separate rates for males and females 

• To: RP-2014 employee mortality tables adjusted to reflect Mortality Improvement Scale 

MP-2015 from 2006 base year, and projected forward using MP-2015 on a 

generational basis for males and females 

• Change post-retirement mortality assumption: 

• RP-2000 combined blue collar mortality table projected to 2016 with scale AA; 

separate rates for males and females 

• To: RP-2014 annuitant mortality tables adjusted to reflect Mortality Improvement Scale 

MP-2015 from 2006 base year, and projected forward using MP-2015 on a 

generational basis for males and females 

• Lower retirement rates prior to age 65 

• Make minor changes to termination rates 

AFMEPF0426 

ll Milliman American Federation of Musicians and Employers' Pension November 1, 2016 10 
Summary of Key Proposed Assumption 

Changes 

• Reduce wage increase assumption: 

• From: 2.75% 

• To: 2.25% 

• Modify expense assumption: 

• From: Prior year, exclusive of investment expenses 

• To: Average of prior two years, exclusive of investment expenses, increased by 2.25% 

• Increase assumption for post-retirement accruals by 100% 

AFMEPF0427 

ll Milliman American Federation of Musicians and Employers' Pension November 1, 2016 11 
Mortality-- Healthy Pre- and Post- Retirement 

Current Assumption: RP-2000 combined blue collar mortality table projected to 

2016 with scale AA; separate rates for males and females 

Male Female 

Life Life 

Deaths/1,000 Expectancy Deaths/1,000 Expectancy 

20 <1 60 years <1 63 years 

30 <1 51 <1 53 

40 1 41 1 44 

50 2 31 1 34 

55 3 27 2 29 

60 6 22 5 25 

65 12 18 10 20 

70 21 14 17 16 

75 34 11 27 13 

80 60 8 44 10 

85 103 6 75 7 AFMEPF0428 

ll Milliman American Federation of Musicians and Employers' Pension November 1, 2016 12 
Mortality-- Healthy Pre-Retirement 

Proposed Assumption: RP-2014 employee mortality tables adjusted to reflect 

Mortality Improvement Scale MP-2015 from 2006 base year, and projected 

forward using MP-2015 on a generational basis for males and females 

Male Female 

Life Life 

Deaths/1,000 Expectancy Deaths/1,000 Expectancy 

20 < 1 69 < 1 72 

30 < 1 58 < 1 62 

40 1 47 < 1 51 

50 2 37 1 40 

60 5 27 2 30 

70 14 18 6 20 

AFMEPF0429 

ll Milliman American Federation of Musicians and Employers' Pension November 1, 2016 13 
Mortality-- Healthy Post-Retirement 

Proposed Assumption: RP-2014 annuitant mortality tables adjusted to reflect 

Mortality Improvement Scale MP-2015 from 2006 base year, and projected 

forward using MP-2015 on a generational basis for males and females 

Male Female 

Life Life 

Deaths/1,000 Expectancy Deaths/1,000 Expectancy 

50 4 35 3 38 

55 6 30 4 33 

60 8 26 5 28 

65 11 21 8 23 

70 17 17 13 19 

75 27 13 21 15 

80 46 10 36 11 

85 79 7 63 8 

AFMEPF0430 

ll Milliman American Federation of Musicians and Employers' Pension November 1, 2016 14 
Mortality-- Healthy 

Basis 

Current Assumption 

In pay status 

Terminated 

Vested 

Active 

Expected 

Deaths 

2,865 

411 

289 

Actual 

Deaths 

2,498 

561 

106 

Ratio 

0.87 

1.36 

0.37 

Proposed Assumption 

Expected 

Deaths 

2,431 

293 

200 

Ratio 

1.03 

1.91 

0.53 

AFMEPF0431 

ll Milliman American Federation of Musicians and Employers' Pension November 1, 2016 15 
Mortality-- Healthy 

Basis 

• In-pay status deaths far below expected 

• Active considerably less than expected -- likely underreported and treated as 

non-vested terminations 

• Terminated vested deaths greater than expected but difficult to track 

• Proposed table: 

• Based on more contemporary published data 

• Overall impact increases life expectancy significantly versus current tables 

• Reflects Actuarial Standards of Practice (ASOP) No. 35 which prescribes consideration 

of projections beyond current valuation year for mortality assumption 

• Projects mortality improvements indefinitely beyond current valuation year to avoid 

assumption becoming outdated in future years 

• Increases liabilities by about 9%--base assumption accounts for 6%, future 

improvements account for 3% 

AFMEPF0432 

ll Milliman American Federation of Musicians and Employers' Pension November 1, 2016 16 
Retirement 

Current Assumption: see table 

Proposed Assumption: see table 

% Retiring 

Current Proposed 

55 5.0% 1.0% 

56 2.5 1.0 

57-58 3.0 1.0 

59 4.0 1.0 

60-61 7.5 1.0 

62-63 10.0 2.0 

64 15.0 15.0 

65 50.0 50.0 

66-69 20.0 20.0 

70+ 100.0 100.0 

ll Milliman American Federation of Musicians and Employers' Pension 

AFMEPF0433 

November 1, 2016 17 
Retirement 

Basis: 

• Recent experience in 

table 

• Actual retirements far 

below expected under 

age 64 

• Assumption has limited 

impact due to absence of 

early retirement subsidies 

• Minor impact on liabilities 

ll Milliman 

56 

57-58 

59 

60-61 

62-63 

64 

65 

66-69 

70+ 

Total 

Expected 

Retirements 

174 

88 

203 

125 

400 

401 

239 

600 

328 

563 

3,121 

Actual 

Retirements 

47 

26 

34 

30 

53 

67 

211 

447 

268 

142 

1,325 

Ratio 

0.27 

0.30 

0.17 

0.24 

0.13 

0.17 

0.88 

0.75 

0.82 

0.25 

0.42 

AFMEPF0434 

American Federation of Musicians and Employers' Pension November 1, 2016 18 
Termination Rates 

Current Assumption: sample rates in table for% terminating 

Wages 

Under $10,000 Over $10,000 

Service 

1-2 2-3 3-4 4+ All 

20 40.0% 30.0% 20.0% 20.0% 6.0% 

25 40.0 30.0 20.0 20.0 6.0 

30 45.0 35.0 25.0 20.0 6.0 

35 45.0 35.0 25.0 20.0 5.0 

40 50.0 35.0 25.0 20.0 5.0 

45 50.0 35.0 25.0 20.0 4.0 

50 50.0 35.0 25.0 15.0 3.0 

55 50.0 35.0 25.0 15.0 1.0 

60 50.0 35.0 25.0 15.0 0.0 

64 50.0 35.0 25.0 15.0 0.0 

AFMEPF0435 65 0.0 0.0 0.0 0.0 0.0 

ll Milliman American Federation of Musicians and Employers' Pension November 1, 2016 19 
Termination Rates 

Proposed Assumption: sample rates in table for% terminating 

- Wages 

Under $10,000 Over $10,000 

Service 

1-2 2-3 3-4 4+ All 

20 35.0% 30.0% 20.0% 20.0% 6.0% 

25 35.0 30.0 20.0 20.0 6.0 

30 40.0 35.0 25.0 20.0 6.0 

35 45.0 40.0 30.0 20.0 4.0 

40 45.0 40.0 30.0 20.0 4.0 

45 45.0 40.0 30.0 20.0 4.0 

50 45.0 35.0 30.0 20.0 3.0 

55 45.0 35.0 30.0 20.0 3.0 

60 45.0 35.0 30.0 20.0 3.0 

64 45.0 35.0 30.0 20.0 3.0 

AFMEPF0436 

65 0.0 0.0 0.0 0.0 0.0 

ll Milliman American Federation of Musicians and Employers' Pension November 1, 2016 20 
Termination Rates 

Ratio of actual to expected experience in table below 

Wages 

Under $10,000 Over $10,000 

Service 

1-2 2-3 3-4 4+ All 

20-24 0.86 1.02 1.94 0.71 2.12 

25-29 0.84 0.99 1.00 0.96 1.24 

30-34 0.87 0.93 1.02 0.89 0.81 

35-39 0.98 1.15 1.33 1.03 0.74 

40-44 0.91 1.07 1.30 1.11 0.80 

45-49 1.01 1.17 1.42 1.15 1.05 

50-54 0.87 1.04 1.14 1.52 1.28 

55-59 0.86 1.01 1.18 1.46 4.52 

60-64 0.87 1.06 1.27 1.47 n/a 

0.91 1.05 1.22 1.31 1.22 

AFMEPF0437 

ll Milliman American Federation of Musicians and Employers' Pension November 1, 2016 21 
Termination Rates 

Basis: 

• Experience in table on prior page supports minor changes 

• Experience for ages 55-64 not significant since most in this age eligible for 

retirement 

• Minor impact on liabilities 

AFMEPF0438 

ll Milliman American Federation of Musicians and Employers' Pension November 1, 2016 22 
Increase in Contributions/Wages 

Current Assumption: 2.75% 

Proposed Assumption: 2.25% 

Basis: 

• Assumption covers individual annual 

increases for actives only for inflation, 

promotions and negotiated contribution 

increases 

• Average increases over past 5 years 

inflated by 2012 which reflects introduction 

of rehabilitation plan 

• Lower future contributions partially offset by 

plan liability decrease 

• Further discussion of industry activity 

assumption with 2017 certification 

Year Ended 

3/31 

2012 

2013 

2014 

2015 

2016 

Average 

2012-2016 

2013-2016 

2007-2011 

% Increase 

8.81% 

2.70 

1.25 

1.49 

1.72 

4.91 

1.79 

ll Milliman American Federation of Musicians and Employers' Pension November 1, 2016 23 
Administrative Expenses 

Current Assumption: Prior year, exclusive of investment expenses 

Recommendation: Average of prior two years, exclusive of investment 

expenses, increased by 2.25% 

Basis: 

• 2012 outlier year due to 

Philadelphia Orchestra matter 

Year Ending 

3/31 

Expenses 

($M) 

% Increase 

• Two-year averaging smooths 

fluctuations 

• 2.25% increase reflects expected 

inflation similar to 

contribution/wage increases 

2011 

2012 

2013 

2014 

2015 

2016 

$14.3 

18.2 27% 

15.0 (18) 

14.2 (5) 

13.4 (6) 

14.4 7 

AFMEPF0440 

ll Milliman American Federation of Musicians and Employers' Pension November 1, 2016 24 
Other Miscellaneous Assumptions 

• Spouse % Married/ Age Differential 

• Current Assumption: 80% married/spouses 3 year younger 

• Recommendation: No change 

• Basis: Still considered standard assumptions 

• Commencement Age for Terminated Vested 

• Current Assumption: 65 

• Recommendation: No change 

• Basis: 

• Actual experience shows only small number of retirement before age 65 

• Has limited impact and should not create gains or losses due to absence of early retirement 

subsidies 

AFMEPF0441 

ll Milliman American Federation of Musicians and Employers' Pension November 1, 2016 25 
Other Miscellaneous Assumptions 

• Disability 

• Current Assumption: None 

• Recommendation: No change 

• Basis: Use of disability benefit very limited- only a handful since 2004 

• Mortality-- Disabled 

• Current Assumption: RP-2000 Disabled Mortality Table projected to 2016 with scale AA 

with separate rates for males and females 

• Recommendation: RP-2014 disabled annuitant mortality tables adjusted to reflect 

Mortality Improvement Scale MP-2015 from 2006 base year, and projected forward 

using MP-2015 on a generational basis for males and females 

• Basis: Update to be consistent with healthy mortality 

AFMEPF0442 

ll Milliman American Federation of Musicians and Employers' Pension November 1, 2016 26 
Other Miscellaneous Assumptions 

• Post-Retirement Benefit Accruals 

• Current Assumption: Current and future retirees assumed to receive additional 

contributions under table below 

• Proposed Assumption: See table below 

• Basis: 

• Analysis of re-retirement and re-determination benefits show much higher additional liabilities 

relative to current assumption 

• Increases plan liabilities by less than 1 % 

Annual Contribution 

Current Proposed 

65-75 $300 $600 

76-80 240 480 

81-85 180 360 

86-90 120 240 

91-95 60 120 

AFMEPF0443 

ll Milliman American Federation of Musicians and Employers' Pension November 1, 2016 27 
Impact of Proposed Assumptions 

Actuarial Results 

Actuarial Liability 

Unfunded Actuarial 

Liability 

Normal Cost 

Minimum without 

Credit Balance 

Present Value of 

Accrued Benefits 

MVAFunded % 

PPA Funded% 

4/1/15 

$2,654 

587 

21 

60 

2,532 

72% 

82 

($ Mil.) 

4/1/16 

Current Proposed 

$2,730 

754 

22 

110 

2,607 

65% 

76 

$3,011 

1,035 

$23 

143 

$2,866 

59% 

69 

Impact 

$281 

281 

1 

33 

259 

(6)% 

(7) 

%Change 

10.3% 

37.3 

4.5 

30.0 

9.9 

AFMEPF0444 

ll Milliman American Federation of Musicians and Employers' Pension November 1, 2016 28 
Impact of Proposed Assumptions 

Projection of the Funded Percentage 

80% 

70% ., 60% 2' 

~ 50% 

£ 40% 

~ 30% 

§ 

u.. 20% 

al 10% 1l 

-~ 0% n. -10% 

-20% 

I Base Case ternat ve easel Year Beginning April 1: 

Results 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 

Funded Pe rcentage 

Base case 65.1% 66.0% 65.2% 64.3% 63.2% 62.0% 60.5% 58.9% 57.1% 55.0% 52.7% 50.2% 47.4% 44.4% 41 .0% 37.4% 33.5% 29.3% 24.9% 20.2% 15.2% 10.1% 

Altemati1.e Case 59.2% 59.7% 58.6% 57.4% 56.1% 54.6% 52.9% 50.9% 48.7% 46.2% 43.5% 40.3% 36.9% 33.1% 28.8% 24.1% 19.1% 13.5% 7.5% 0.9% -6.1% -13.7% 

Market Value of Assets (in millions) 

Base case $ 1,696 $1,753 $1,759 $1,757 $1,746 $1,725 $1,693 $1,649 $ 1,596 $1,532 $1,458 $1,376 $1,286 $1,188 $1,083 $ 974 $ 859 $ 741 $ 620 $ 496 $ 370 $ 242 

Altemati1.e Case $ 1,696 $1,754 $1,763 $1,765 $1,758 $1,741 $1,711 $1,668 $ 1,611 $1,540 $1,453 $1,351 $1,234 $1,103 $ 956 $ 797 $ 624 $ 439 $ 240 $ 30 $ ~ ) $ (430) 

PVAB (in millions) 

Base case $2,607 $2,655 $2,697 $2,734 $2,763 $2,784 $2,796 $2,800 $2,795 $2,783 $2,764 $2,740 $2,711 $2,677 $2,641 $2,603 $2,564 $2,527 $2,490 $2,456 $2,426 $2,399 

Altemati1.e Case $2,866 $2,937 $3,006 $3,072 $3,134 $3,190 $3,237 $3,277 $3,308 $3,330 $3,343 $3,348 $3,346 $3,336 $3,320 $3,299 $3,275 $3,248 $3,220 $3,191 $3,162 $3,134 

Contributions (in millions) 

Base case $ 64 $ 66 $ 68 $ 69 $ 71 $ 73 $ 75 $ 77 $ 79 $ 82 $ 84 $ 86 $ 89 $ 91 $ 94 $ 96 $ 99 $ 101 $ 104 $ 107 $ 110 $ 113 

Altemati1.e Case $ 64 $ 65 $ 67 $ 68 $ 70 $ 71 $ 73 $ 75 $ 76 $ 78 $ 80 $ 82 $ 84 $ 85 $ 87 $ 89 $ 91 $ 93 $ 95 $ 98 $ 100 $ 102 

Variables 

Rates of Return 

Base case 10.31% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 

Altemati1.e Case 10.31% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 

Contribution Rate 

Base case 2.50% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 

Altemati1.e Case 2.50% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% ~ ~EPi§M.45 2.25% 2.25% 

ll Milliman American Federation of Musicians and Employers' Pension November 1, 2016 29 
Investment Return 

• Current Assumption: 7 .50% 

• Proposed Assumption: Considering reduction to 7 .0% 

• Basis: See following pages for details 

AFMEPF0446 

ll Milliman American Federation of Musicians and Employers' Pension November 1, 2016 30 
Investment Return 

Background 

• Like all plans, this plan has experienced significant investment losses in 2008 

• Assessment of what is financially feasible based on long-term projection model 

• Most important financial variable is investment return assumption 

• Impact of investment return assumption: 

• How investment return assumption is used 

• Impact on Plan liabilities and costs 

• Selection of investment return assumption 

AFMEPF0447 

ll Milliman American Federation of Musicians and Employers' Pension November 1, 2016 31 
Investment Return 

How Investment Return Assumption is Used 

• Two purposes 

• Project fund's future investment income 

• Measure plan liabilities 

• Impact on future investment income straightforward 

• More investment income means more assets available to provide benefits for given 

level of contributions 

• Funding Equation-Benefit Payments plus Expenses EQUALS Contributions plus 

Investment Earnings 

• Directly affects measurement of plan solvency 

• Impact on plan liabilities more complex 

AFMEPF0448 

ll Milliman American Federation of Musicians and Employers' Pension November 1, 2016 32 
Investment Return 

Impact on Plan Liabilities and Costs 

• Investment return assumption used to "discount" value of future benefit 

payments 

• Lower assumption increases plan liabilities and annual costs 

• Assumes plan will achieve lower investment return assumption 

• Reduces plan's funded percentage immediately 

• Reduces credit balance over time 

AFMEPF0449 

ll Milliman American Federation of Musicians and Employers' Pension November 1, 2016 33 
Investment Return 

Selection of Investment Return Assumption 

• ERISA assigns responsibility for selection of investment return assumption for 

annual valuation as well as all other actuarial assumptions to plan actuary 

• Amount of investment risk a Trustee decision 

• Asset allocation modified over past 2-3 years to increase expected return 

• Also increase risk level 

AFMEPF0450 

ll Milliman American Federation of Musicians and Employers' Pension November 1, 2016 34 
Investment Return 

Selection of Investment Return Assumption 

• Actuarial Standard of Practice (ASOP) No. 27 provides actuaries broad 

guidance 

• Does not prescribe how to pick specific assumption 

• Use of "best-estimate range" removed from standard 

• Compound return over measurement period 

• Building block approach by asset class under plan's investment policy typically used 

• Can consider past experience and future expectations 

AFMEPF0451 

ll Milliman American Federation of Musicians and Employers' Pension November 1, 2016 35 
Investment Return 

Selection of Investment Return Assumption 

• Milliman uses ASOP No. 27 economic model based on plan's investment 

allocation 

• Starting point is current market interest rates 

• Have series of economic assumptions on expected returns and potential variability for 

each asset class 

• Updated periodically to reflect changes in market rates so results can vary significantly 

• Approach believed to be similar to Meketa Investment Group but underlying 

assumptions differ 

• Rates determined are net of investment management fees 

• Starting point is expected compound return over 30 years at 50th percentile 

• Typically recognize "alpha" for active management as gain rather than part of 

assumption 

AFMEPF0452 

ll Milliman American Federation of Musicians and Employers' Pension November 1, 2016 36 
Investment Return 

Central States 

• IRS deemed 7.5% assumption too high 

• Not appropriate for plan with expected life of 10 years 

• Expected returns over next 10 years lower than longer-term returns 

• Cited Horizon survey with 10-year expected return of 6.43% 

• Current investment return assumption for Fund of 7 .5% based on 30-year time 

horizon 

AFMEPF0453 

ll Milliman American Federation of Musicians and Employers' Pension November 1, 2016 37 
Investment Return 

Central States 

• Some truths in IRS position 

• Milliman model and almost all investment advisors project lower returns over 10-year 

period than 30-year period 

• For Central States pending insolvency requires use of more liquid, less risky assets 

with lower expected returns to pay benefits over next 10 years 

• Possible implications 

• Greater support for lower interest rates in general 

• Use of "select and ultimate" assumption with lower assumed rates in earlier years 

followed by subsequent higher assumed rates 

• None since dependent on situation of particular fund 

AFMEPF0454 

ll Milliman American Federation of Musicians and Employers' Pension November 1, 2016 38 
Investment Return 

Central States 

• What we have been seeing 

• Gradual decline in multiemployer interest rates on Form 5500 with average still close 

to 7.5% 

• Decline in capital market assumptions used by Milliman and most investment 

consultants 

• No significant reaction on interest rate within multiemployer actuarial community 

• Outside multiemployer community 

• Continued debate about use of lower interest assumptions for public plans 

• Single employer plan use IRS prescribed rates that are lower than other sectors and 

based on fixed income returns per statute 

AFMEPF0455 

ll Milliman American Federation of Musicians and Employers' Pension November 1, 2016 39 
Investment Return 

Expected Returns 

Return 

Probability 

Capital Market Assumptions 

Milliman* Meketa 

Time Horizon 10 yrs.** 20 yrs.** 10 yrs. 20 yrs. 

50th Percentile 6.51% 6.80% 5.99% 8.57% 

25th Percentile 9.83 9.14 9.23 10.86 

75th Percentile 3.29 4.51 2.84 6.34 

5th Percentile 14.79 12.59 14.06 14.23 

95th Percentile ( 1.17) 1.31 (1.52) 3.20 

* Reflects 0.13% reduction for management fees 

** 30-year expected return at 50th percentile of 6.91 % 

Horizon Survey 

10 yrs. 20 yrs. 

7.65% 8.74% 

10.98 11.08 

4.43 6.45 

15.94 14.54 

(0.04) 3.24 

AFMEPF0456 

ll Milliman American Federation of Musicians and Employers' Pension November 1, 2016 40 
Impact of Proposed Assumptions @7.0°/o 

Actuarial Results ($ Mil.) 

Proposed Assumptions Impact 

@7.5% @7.0% $ %Change 

Actuarial Liability $3,011 $3,192 $181 6.0% 

Unfunded Actuarial 1,035 1,216 181 17.5 Liability 

Normal Cost $23 25 2 8.7 

Minimum without 143 161 18 12.6 Credit Balance 

Present Value of $2,866 3,035 169 5.9 Accrued Benefits 

MVA Funded% 59% 56% (3)% 

PPA Funded% 69 65 (4) 

AFMEPF0457 

ll Milliman American Federation of Musicians and Employers' Pension November 1, 2016 41 
Impact of Proposed Assumptions @7.00°/o 

Projection of the Funded Percentage 

70% 

60% ., 50% Ii' 

j 40% 

30% 

~ 20% 

3 

u. 10% 

a! 0% y 

-~ -10% Q. 

-20% 

-30% 

I Base Case terna ve easel Year Beginning April 1 : 

Results 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 

Funded Pe rcentage 

Base Case 59.2% 59.7% 58.6% 57.4% 56.1% 54.6% 52.9% 50.9% 48.7% 46.2% 43.5% 40.3% 36.9% 33.1% 28.8% 24.1% 19.1% 13.5% 7.5% 0.9% -6.1% -13.7% 

Alternati-.e Case 55.9% 56.5% 55.3% 53.9% 52.4% 50.8% 48.9% 46.8% 44.4% 41.7% 38.7% 35.4% 31.7% 27.6% 23.1% 18.2% 12.8% 7.0% 0.7% -6.1% -13.4% -21.3% 

Market Value of Assets (in m illions) 

Base Case $1,696 $1,754 $1,763 $1,765 $1,758 $1,741 $ 1,711 $ 1,668 $ 1,611 $ 1,540 $ 1,453 $ 1,351 $ 1,234 $1,103 $ 956 $ 797 $ 624 $ 439 $ 240 $ 30 $(~$(~ 

Alternati-.e Case $1,696 $1,754 $1,754 $1,747 $1,731 $1,703 $ 1,663 $ 1,608 $ 1,539 $ 1,455 $ 1,355 $ 1,239 $ 1,109 $ 962 $ 801 $ 626 $ 438 $ 237 $ 24 $ (~ $ (~ $ (~ 

PVAB (in millions) 

Base Case $2,866 $2,937 $3,006 $3,072 $3,134 $3,190 $ 3,237 $ 3,277 $ 3,308 $ 3,330 $ 3,343 $ 3,348 $ 3,346 $3,336 $3,320 $3,299 $3,275 $3,248 $3,220 $3,191 $3,162 $3,134 

Alternati-.e Case $3,035 $3,106 $3,175 $3,240 $3,301 $3,355 $ 3,402 $ 3,440 $ 3,469 $ 3,489 $ 3,500 $ 3,502 $ 3,497 $3,485 $3,466 $3,442 $3,416 $3,386 $3,356 $3,324 $3,292 $3,262 

Contributions (in millions) 

Base Case $ 64 $ 65 $ 67 $ 68 $ 70 $ 71 $ 73 $ 75 $ 76 $ 78 $ 80 $ 82 $ 84 $ 85 $ 87 $ 89 $ 91 $ 93 $ 95 $ 98 $ 100 $ 102 

Alternati-.e Case $ 64 $ 65 $ 67 $ 68 $ 70 $ 71 $ 73 $ 75 $ 76 $ 78 $ 80 $ 82 $ 84 $ 85 $ 87 $ 89 $ 91 $ 93 $ 95 $ 98 $ 100 $ 102 

Variables 

Rates of Return 

Base Case 10.31% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 

Alternati-.e Case 10.31% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 

Contribution Rate 

Base Case 2.50% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 

Alternati-.e Case 2.50% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.~l'v1£mJ45!¥5% 2.25% 

ll Milliman American Federation of Musicians and Employers' Pension November 1, 2016 42 
Summary 

• Finalize proposed demographic assumptions 

• Effective Date -April 1, 2016 

• Current assumptions end with 

• April 1, 2015 valuation 

• 2016 PPA certification 

• Proposed assumptions begin with 

• April 1, 2016 valuation 

• 2017 PPA certification 

• Timing of investment return assumption to be determined 

AFMEPF0459 

ll Milliman American Federation of Musicians and Employers' Pension November 1, 2016 43 
American Federation of Musicians 

and Employers' Pension Plan 

Experience Study 

April 1, 2006 through 

April 1, 2011 

November 10, 2011 

AFMEPF0460 

Milliman 
t; Milliman 

November 10, 2011 

Board of Tmstees 

American Federation of Musicians & Employers' Pension Fund 

One Penn Plaza, Suite 3115 

New York, New York 10119 

RE: Experience Analysis 

Dear Tmstees: 

This experience analysis report has been prepared for the sole use of the Tmstees for the purposes described herein. The results of our 

calculations are set forth in the following repo1i, as are the actuarial assumptions, actuarial cost methods and plan provisions upon 

which our calculations have been based. We have relied on basic employee data as submitted by the plan's administrative office and 

on a draft of audited assets provided by Salibello & Broder for the purpose of this actuarial repo1i. We have not independently 

verified or audited the pa1iicipant and financial data but we have reviewed it for general reasonableness and consistency. It should be 

noted that if any data or other infonnation is inaccurate or incomplete, our advice may need to be revised. 

No person or entity, other than the Fund and its Tmstees and employees, is entitled to rely on Milliman's work product. The Fund 

will take reasonable effo1is not to provide Milliman's written deliverables to other paiiies unless such paiiy or pa1iies have signed a 

Release Fonn (provided by Milliman) or unless Milliman has othe1wise supplied the Fund with its written consent. Notwithstanding 

the preceding sentence, the Fund may provide (without obtaining a Release or Milliman's consent) a copy of Milliman's work 

product, in its entirety, to (i) the American Federation of Musicians (and any of its local unions) and contributing employers of the 

Fund; (ii) the Fund's professional service providers (provided that the Fund takes reasonable effo1is to conclude that such providers 

AFMEPF0461 

1 November 10, 2011 American Federation of Musicians and Employers' Pension Plan Milliman 
Board of Directors 

November 10, 2011 

are subject to a duty to maintain the confidentiality of such deliverables); (iii) to the extent required by law (including, without 

limitation, in the Fund's annual report filing); (iv) to pa1ticipants and beneficiaries of the Fund, except that, where the Fund is 

providing only a po1tion of one of Milliman's written deliverables to such individuals, the distribution of such written deliverable will 

be subject to the agreement of Milliman, which agreement shall not be unreasonably withheld and may be withheld only because the 

distribution of the po1tion of the deliverable would be misleading as a result of it lacking the context of the remaining po1tion of the 

deliverable; and (v) where required as an attachment or enclosure to any info1mational return, fo1m, application or similar document 

filed by the Fund with a government agency, whether or not the filing of such application is required by law. Any other third patty 

recipient of Milliman's work product who desires professional guidance should not rely upon Milliman's work product, but should 

engage qualified professionals for advice appropriate to its own specific needs. 

In our opinion, the assumptions used are reasonably related to the experience of the plan and to reasonable expectations of anticipated 

experience under the plan. Neve1theless, the emerging costs of the plan will vary from those presented in this repo1i to the extent that 

actual experience differs from that projected by the actuai·ial assumptions. 

On the basis of the foregoing and as members of the American Academy of Actuaries who meet the qualification standai·ds of the 

American Academy of Actuaries to render the actuarial opinion contained herein, we hereby ce1tify that, to the best of our knowledge 

and belief, this repo1i is complete and accurate and has been prepared in accordance with generally recognized and accepted actuai·ial 

principles and practices. 

Ve1y trnly yours, 

Kevin M. Campe 

KMC\RAB:db 

Enclosure 

M:\MUS\12\rxperience analysis report.ppt 

2 November 10, 2011 

AFMEPF0462 

American Federation of Musicians and Employers' Pension Plan Milliman 
Background 

■ ERISA requires actuary to perform annual actuarial valuation 

■ Annual valuation is snapshot not a projection 

- Valuation results used as part of projections 

- Other assumptions for projections not part of this study 

■ Schedule MB requires that actuary to sign a statement which indicates 

that each assumption is individually reasonable taking into account 

plan experience and reasonable expectations for the plan 

■ Milliman typically fulfills requirements via experience study performed 

at 5-year intervals 

- Last study in October, 2006 

- Trustees approved study in conjunction with April 1, 2011 actuarial 

valuation 

AFMEPF0463 

3 November 10, 2011 American Federation of Musicians and Employers' Pension Plan Milliman 
Process 

• Individually examine each assumption used in annual actuarial valuation 

• Key assumptions in order of relative impact 

- Investment return 

- Mortality 

- Future wage increases 

- Retirement 

- Termination 

• Review past 5 years and compare actual rates with expected if data sufficient 

- Termination, retirement and administrative expenses 

- Status determined on calendar year basis except for retirees 

• Mortality based on published tables 

• Compare findings with annual gain and loss analysis by source over past 5 

years 

• Develop recommendations and financial impact of proposed changes 

Overall impact reflected as option in projection model AFMEPF0464 

4 November 10, 2011 American Federation of Musicians and Employers' Pension Plan Milliman 
Summary of Recommended Changes 

■ Change mortality assumption to RP-2000 combined blue collar table 

projected to 2016 

■ Increase termination rates for participants with wages under $10,000 

■ Decrease termination rates for participants with wages over $10,000 

■ Increase assumption for post-retirement accruals 

NOTE: Overall impact of recommended changes results in modest 

increase in liabilities 

AFMEPF0465 

5 November 10, 2011 American Federation of Musicians and Employers' Pension Plan Milliman 
Liability (Gain)/Loss History ($M) 

Census Period 

Ending 12/31* 

Source 

Contributions/Wages 

Mortality-- Retiree 

Mortality -- Active/TV 

Retirement -- Active 

Retirement -- TV 

Termination 

New Entrants 

Return to Work 

Out of Blue 

Unexplained 

Total 

2006 

$15 

-5 

3 

1 

3 

1 

3 

7 

12 

1 

41 

2007 2008 

$9 $2 

4 -3 

4 0 

2 1 

5 5 

5 4 

4 4 

7 6 

14 11 

-13 9 

41 39 

2009 2010 

-19 

19 

-1 

1 

5 

-2 

1 

4 

8 

2 

18 

-7 

-2 

-3 

6 

3 

2 

1 

2 

8 

-2 

8 

2006-

2010 

0 

13 

3 

11 

21 

10 

13 

26 

53 

-3 

-

147 

AFMEPF0466 

* Active and terminated vested census data based on calendar year; retiree census determined as of April 1 

6 November 10, 2011 American Federation of Musicians and Employers' Pension Plan Milliman 
Liability (Gain)/Loss History 

■ Historical gain/loss used to identify possible major trends 

- Data can be only so precise so need to review cautiously 

- Need to consider relative to plan $28+ liabilities 

■ Had actuarial losses each year 

- Losses total $147M and average about $30M, which is 1 %+ of liabilities 

- $92M due to causes not related to assumptions-- new entrants, return to 

work and "out of blue" 

- Remaining $55M or $11 M per year not as significant-- about 0.5% of 

liabilities 

■ Biggest source of loss is retirement 

- Will not generate future losses since early retirement benefits no longer 

have subsidy 

■ Next largest losses for morta I ity 

- Mortality table is somewhat dated 

7 November 10, 2011 American Federation of Musicians and Employers' Pension Plan 

AFMEPF0467 

Milliman 
Investment Return 

Current Assumption: 7.5% 

Recommendation: No change 

Basis: 

■ Assumption reviewed in November, 2010 with Strategic Planning 

Committee (SPC) 

■ Trustees are exploring alternate investment strategies 

■ SPC and Milliman recommended revisiting assumption after revised 

asset allocation has been in place for a few years 

AFMEPF0468 

8 November 10, 2011 American Federation of Musicians and Employers' Pension Plan Milliman 
Wage Increases 

Current Assumption: 2.75% 

Recommendation: No change 

Basis: 

■ Assumption for annual valuation pertains only to increases in wage 

levels due to inflation 

■ For PPA certification contributions projections, industry activity 

assumption also considers changes in 

- Contribution rate as % of wages 

- Number of covered members 

- Amount of work per person 

■ Recommended assumption consistent with underlying inflation 

assumption used to determine investment return 

AFMEPF0469 

9 November 10, 2011 American Federation of Musicians and Employers' Pension Plan Milliman 
Mortality-- Healthy 

Current Assumption: 1994 Group Annuity Mortality Table; separate for 

males and females 

Male Female 

Life Life 

Deaths/1,000 Expectancy Deaths/1,000 Expectancy 

20 <1 59 years <1 64 years 

30 <1 50 <1 54 

40 1 40 1 45 

50 3 31 1 35 

60 8 22 4 26 

70 24 14 14 17 

80 62 8 39 10 

AFMEPF0470 

1 O November 10, 2011 American Federation of Musicians and Employers' Pension Plan Milliman 
Mortality-- Healthy 

Recommended Assumption: RP-2000 Combined Blue Collar Mortality 

Table projected to 2016; separate for males and females 

Male Female 

Life Life 

Deaths/1,000 Expectancy Deaths/1,000 Expectancy 

20 <1 60 years <1 63 years 

30 <1 51 <1 53 

40 1 41 1 44 

50 2 31 1 34 

60 6 22 5 25 

70 21 14 17 16 

80 60 8 44 10 

AFMEPF0471 

11 November 10, 2011 American Federation of Musicians and Employers' Pension Plan Milliman 
Mortality-- Healthy 

Basis: 

■ 2006-2010 experience in table below 

Group 

Retirees 

Beneficiaries 

Terminated 

Vested 

Active 

Expected 

Deaths 

2,151 

224 

1,122 

313 

Actual 

Deaths 

1,842 

367 

4,024 

37 

Ratio 

0.86 

1.64 

3.59 

0.12 

12 November 10, 2011 American Federation of Musicians and Employers' Pension Plan 

AFMEPF0472 

Milliman 
Mortality-- Healthy 

Basis-- continued: 

■ Retiree+ beneficiary deaths 

- Less than expected 

- Consistent with mortality losses 

■ Active deaths appear unrealistically low 

- Likely some of actual deaths part of non-vested terminations or show up 

liability if spouse benefit payable 

■ Terminated vested deaths appear unrealistically high 

- Likely some were actives and some are missing participants-- half are over 

age 65 

- Not directly reported and category is essentially a catch-all 

AFMEPF0473 

13 November 10, 2011 American Federation of Musicians and Employers' Pension Plan Milliman 
Mortality-- Healthy 

Basis-- continued: 

■ Recommended table: 

- Based on more contemporary published data 

- Reflects 2011 American Academy of Actuaries Practice Note on mortality 

assumptions 

• Prescribes projections from table date beyond current valuation year 

- Projects mortality to 2016 

- Life expectancy versus current table better for males but slightly worse for 

females 

- Overall impact increases plan liabilities modestly 

AFMEPF0474 

14 November 10, 2011 American Federation of Musicians and Employers' Pension Plan Milliman 
Retirement 

Current Assumption: see table 

Recommended Assumption: no change 

55 

56 

57-58 

59 

60-61 

62-63 

64 

65 

66-69 

70+ 

15 November 10, 2011 American Federation of Musicians and Employers' Pension Plan 

% Retiring 

Current 

5.0% 

2.5 

3.0 

4.0 

7.5 

10.0 

15.0 

50.0 

20.0 

100.0 

AFMEPF0475 

Milliman 
Retirement 

Basis: 

• 2006-2010 experience in 

table 

• Actual retirements 

generally less than 

expected but terminations 

over age 55 higher than 

expected ( see pages 19-

20) 

• Assumption now has 

limited impact due to 

absence of early 

retirement subsidies 

55 

56 

57-58 

59 

60-61 

62-63 

64 

65 

66-69 

70+ 

Total 

Expected 

Retirements 

176 

77 

152 

83 

251 

239 

136 

327 

194 

558 

2193 

Actual 

Retirements 

119 

77 

129 

68 

133 

115 

138 

254 

166 

104 

1303 

16 November 10, 2011 American Federation of Musicians and Employers' Pension Plan 

Ratio 

0.68 

1.00 

0.85 

0.82 

0.53 

0.48 

1.02 

0.78 

0.86 

0.19 

0.59 

AFMEPF0476 

Milliman 
Termination Rates 

Current Assumption: sample rates in table for% terminating 

Wages 

Under $10,000 Over $10,000 

Service 

1-2 2-3 3-4 4+ All 

20 30.0% 25.0% 15.0% 11 .9% 11.9% 

25 30.0 25.0 12.5 11 .6 11.6 

30 40.0 30.0 12.5 11 .2 11.2 

35 40.0 30.0 12.5 10.6 10.6 

40 45.0 35.0 12.5 9.4 9.4 

45 45.0 35.0 12.5 7.6 7.6 

50 45.0 35.0 12.5 4.9 4.9 

55 45.0 35.0 12.5 1.7 1.7 

60 45.0 35.0 12.5 0.2 0.2 

64 45.0 35.0 12.5 0.0 0.0 

65 0.0 0.0 0.0 0.0 0.0 AFMEPF0477 

17 November 10, 2011 American Federation of Musicians and Employers' Pension Plan Milliman 
Termination Rates 

Recommended Assumption: sample rates in table for% terminating 

Wages 

Under $10,000 Over $10,000 

Service 

1-2 2-3 3-4 4+ All 

20 40.0% 30.0% 20.0% 20.0% 6.0% 

25 40.0 30.0 20.0 20.0 6.0 

30 45.0 35.0 25.0 20.0 6.0 

35 45.0 35.0 25.0 20.0 5.0 

40 50.0 35.0 25.0 20.0 5.0 

45 50.0 35.0 25.0 20.0 4.0 

50 50.0 35.0 25.0 15.0 3.0 

55 50.0 35.0 25.0 15.0 1.0 

60 50.0 35.0 25.0 15.0 0.0 

64 50.0 35.0 25.0 15.0 0.0 

65 0.0 0.0 0.0 0.0 0.0 AFMEPF0478 

18 November 10, 2011 American Federation of Musicians and Employers' Pension Plan Milliman 
Termination Rates 

Basis: 2006-2010 experience in table below; ratio of actual to expected 

14.;g Wages 

Over 

Under $10,000 $10,000 All 

Service 

1-2 2-3 3-4 4+ All All 

20-24 1.46 1.17 1.64 0.58 1.10 1.35 

25-29 1.26 1.13 1.58 1.34 0.59 1.10 

30-34 1.12 1.03 2.29 1.83 0.40 1.10 

35-39 1.27 1.22 2.56 2.05 0.34 1.23 

40-44 1.47 1.15 2.41 2.51 0.38 1.43 

45-49 1.02 1.11 2.31 3.28 0.45 1.51 

50-54 1.10 0.93 2.49 6.14 0.66 2.41 

55-59 1.22 1.02 2.31 21.35 2.39 4.86 

60-64 1.07 0.97 1.90 371.91 41.25 6.48 

Total 1.23 1.12 2.32 3.91 0.54 1.65 

AFMEPF0479 

19 November 10, 2011 American Federation of Musicians and Employers' Pension Plan Milliman 
Termination Rates 

Basis-- continued: 

■ Experience for under $10,000 wages supports increased rates 

■ Experience for over $10,000 wages supports decreased rates 

■ Experience for ages 55-64 not significant since most in this age group 

subject to retirement rates 

■ Recommended changes create modest liability increase 

AFMEPF0480 

20 November 10, 2011 American Federation of Musicians and Employers' Pension Plan Milliman 
Administrative Expenses 

Current Assumption: Prior year, exclusive of investment expenses 

Recommendation: No change 

Basis: 

■ Current method reasonably 

anticipates following year's 

expected expenses 

Year Ending 

3/31 

2006 

2007 

2008 

2009 

2010 

2011 

Expenses 

($M) 

$11.4 

12.2 

12.2 

14.4 

15.1 

14.3 

21 November 10, 2011 American Federation of Musicians and Employers' Pension Plan 

% Increase 

7% 

0 

18 

5 

(5) 

AFMEPF0481 

Milliman 
Other Miscellaneous Assumptions 

Spouse % Married/Age Differential 

Current Assumption: 80% married/spouses 3 year younger 

Recommendation: No change 

Basis: 

- Still considered standard assumptions 

Commencement Age for Terminated Vested 

Current Assumption: 65 

Recommendation: No change 

Basis: 

- Actual experience shows age 64 which is consistent with actuarial losses 

- Now has limited impact and should not create gains or losses due to 

absence of early retirement subsidies 

AFMEPF0482 

22 November 10, 2011 American Federation of Musicians and Employers' Pension Plan Milliman 
Other Miscellaneous Assumptions 

Disability 

Current Assumption: None 

Recommendation: No change 

Basis: Use of disability benefit very limited- only a handful since 2004 

Mortality-- Disabled 

Current Assumption: RP-2000 Disabled Mortality Table 

Recommendation: RP-2000 Disabled Mortality Table projected to 2016 

Basis: 

- Update to be consistent with healthy mortality 

AFMEPF0483 

23 November 10, 2011 American Federation of Musicians and Employers' Pension Plan Milliman 
Other Miscellaneous Assumptions-- continued 

Post-Retirement Benefit Accruals 

Current Assumption: Current and future retirees assumed to receive 

additional contributions under table below 

Recommendation: Increase table values for inflation 

Basis: 

65-75 

76-80 

81-85 

86-90 

91-95 

Annual Contribution 

Current 

$275 

220 

165 

110 

55 

Recommended 

$300 

240 

180 

120 

60 

• Small component of plan liabilities since offset by benefits paid 

• Increase accounts for inflation of about 10% over past 5 years AFMEPF0484 

24 November 10, 2011 American Federation of Musicians and Employers' Pension Plan Milliman 
Impact of Recommended Assumptions 

Actuarial 

Results 

Actuarial Liability 

Unfunded Actuarial 

Liability 

Normal Cost 

Minimum without 

Credit Balance 

Liabilities--Accrued 

Benefits 

MVA Funded 

Percentage 

PPA Funded 

Percentage 

4/1/10 

$2,292 

235 

$20.9 

26.6 

$2,177 

76.1% 

94.5% 

Current 

4/1/11 

$2,355 

293 

$19.8 

28.5 

$2,243 

78.9% 

91 .9% 

($ Mil.) 

Recommended 

4/1/11 

$2,361 

299 

$21.1 

30.7 

$2,247 

78.7% 

91.7% 

25 November 10, 2011 American Federation of Musicians and Employers' Pension Plan 

Impact 

$6 

6 

$1.3 

2.2 

$4 

-0.2% 

-0.2% 

% Change 

0.3% 

2.0 

6.6 

7.2 

0.2 

AFMEPF0485 

Milliman 
Exhibit 6.05(1) 

Deterministic Projection of Proposed Suspension Assuming Annual Rate of Return Is 

Reduced by 1.00% 

AFMEPF0486
if ijjiii,fi,f Report of Required Actuarial Information Application for Proposed Benefit Suspensions 

Exhibit 6.05(1) - Deterministic Projection of Proposed Suspension Assuming Annual Rate of Return is Reduced by 1.00% -

Checklist Item 27 

The table shows the projection of the plan-year-by-plan-year market value of assets until the year of insolvency (plan year beginning April 1, 2047) as required 

under regulation 1.432(e)(9)-1 (d)(S)(vi)(B)(1) and Revenue Procedure 2017-43, Section 6.05(1) for the plan years beginning April 1, 2020 through plan year 

ending March 31, 2048. 

Plan year beginning April 1 2020 2021 2022 2023 2024 2025 

1. Market value of assets (beginning of year) $1,553,823,018 $1 ,704,758,864 $1,620,272,334 $1 ,589,729,567 $1 ,561,536,711 $1,528,481,714 

2. Employer contributions 33,014,018 54,996,626 86,531,593 96,153,458 100,010,577 103,597,337 

3. Withdrawal liability payments 217,145 181,640 106,640 106,640 106,640 106,640 

4. Court-ordered settlement agreement 18,300,000 0 0 0 0 0 

5. Benefit payments 

a. Current retirees and beneficiaries 209,550,209 192,214,244 161,504,656 157,514,413 153,274,471 149,029,739 

b. Terminated vested participants 9,811 ,261 5,365,764 7,184,320 9,943,959 12,721,933 15,427,214 

c. Current actives 5,886,428 12,527,353 17,088,983 24,366,446 32,216,396 40,872,375 

d. New entrants 0 1,375 7,291 24,489 66,904 135,935 

e. Total 225,247,899 210,108,736 185,785,251 191,849,307 198,279,703 205,465,262 

6. Administrative expenses 21,886,625 25,379,074 23,882,603 23,397,462 23,923,904 24,462,192 

7. Investment returns 346,539,207 95,823,013 92,486,854 90,793,815 89,031,395 86,950,336 

8. Market value of assets (end of year) 

(1) + (2) + (3) + (4) - (Se) - (6) + (7) 1,704,758,864 1,620,272,334 1,589,729,567 1,561,536,711 1,528,481,714 1,489,208,573 

9. Available resources 

(1) + (2) + (3) + (4) - (6) + (7) $1,930,006,763 $1 ,830,381,070 $1,775,514,818 $1,753,386,018 $1 ,726,761,418 $1,694,673,835 

10. Solvency ratio (9) / (Se) 8.57 8.71 9.56 9.1 4 8.71 8.25 

Plan year beginning April 1 2026 2027 2028 2029 2030 2031 

1. Market value of assets (beginning of year) $1,489,208,573 $1,443,490,982 $1,391,300,865 $1 ,333,241,948 $1 ,269,738,098 $1,209,819,827 

2. Employer contributions 107,065,476 110,379,459 113,649,042 116,853,234 119,973,618 123,177,599 

3. Withdrawal liability payments 106,640 106,640 106,640 106,640 106,640 106,640 

4. Court-ordered settlement agreement 0 0 0 0 0 0 

5. Benefit payments 

a. Current retirees and beneficiaries 144,519,925 139,914,321 134,959,715 129,829,021 124,556,006 119,246,324 

b. Terminated vested participants 18,367,475 21 ,207,208 23,741,833 26,110,344 28,153,331 30,102,065 

c. Current actives 49,273,099 57,348,349 65,016,916 72,137,457 78,456,630 84,518,390 

d. New entrants 221,201 317,695 458,409 661,045 890,643 1,133,510 

e. Total 212,381,699 218,787,572 224, 176,873 228,737,867 232,056,610 235,000,289 

6. Administrative expenses 25,012,592 25,575,375 26,150,821 26,739,214 27,340,847 27,956,016 

7. Investment returns 84,504,585 81,686,731 78,513,096 75,013,358 79,398,928 75,426,789 

8. Market value of assets (end of year) 

(1) + (2) + (3) + (4) - (Se) - (6) + (7) 1,443,490,982 1,391,300,865 1,333,241,948 1,269,738,098 1,209,819,827 1,145,574,551 

9. Available resources 

(1) + (2) + (3) + (4) - (6) + (7) $1,655,872,681 $1 ,610,088,437 $1,557,418,821 $1,498,475,965 $1 ,441,876,438 $1,380,574,839 

10. Solvency ratio (9) / (Se) 7.80 7.36 6.95 6.55 6.21 5.87 

AFMEPF0487 

Report of Required Actuarial Information - Application for Proposed Benefit Suspensions 

American Federation of Musicians and Employers' Pension Fund 

This work product was prepared solely for the American Federation of Musicians and Employers' Pension Fund. Milliman does not intend to benefit and assumes no duty or liability to other parties who receive this work. Milliman recommends that 

third parties be aided by their own actuary or other qualified professional when reviewing the Milliman work product. 
IIWM:fl:M Report of Required Actuarial Information Application for Proposed Benefit Suspensions 

Exhibit 6.05(1) - Deterministic Projection of Proposed Suspension Assuming Annual Rate of Return is Reduced by 1.00% -

Checklist Item 27 (continued) 

Plan year beginning April 1 2032 2033 

1. Market value of assets (beginning of year) $1,145,574,551 $1 ,078, 180,459 

2. Employer contributions 126,467,423 129,845,399 

3. Withdrawal liability payments 87,336 69,336 

4. Court-ordered settlement agreement 0 0 

5. Benefit payments 

a. Current retirees and beneficiaries 11 3,755,356 108,290,412 

b. Terminated vested participants 31,559,592 32,714,225 

c. Current actives 89,865,619 95,160,208 

d. New entrants 1,398,011 1,715,630 

e. Total 236,578,578 237,880,475 

6. Administrative expenses 28,585,026 29,228,189 

7. Investment returns 71,214,754 66,806,019 

8. Market value of assets (end of year) 

(1) + (2) + (3) + (4) - (Se) - (6) + (7) 1,078,180,459 1,007,792,548 

9. Available resources 

(1) + (2) + (3) + (4) - (6) + (7) $1,314,759,037 $1 ,245,673,023 

10. Solvency ratio (9) / (Se) 5.56 5.24 

Plan year beginning April 1 2038 2039 

1. Market value of assets (beginning of year) $704,618,673 $625,353,741 

2. Employer contributions 148,142,793 152,101,758 

3. Withdrawal liability payments 12,438 12,438 

4. Court-ordered settlement agreement 0 0 

5. Benefit payments 

a. Current retirees and beneficiaries 79,696,481 73,918,042 

b. Terminated vested participants 36,355,428 36,439,345 

c. Current actives 11 7,299,039 120,949,439 

d. New entrants 4,013,241 4,641 ,740 

e. Total 237,364,189 235,948,566 

6. Administrative expenses 32,667,695 33,402,718 

7. Investment returns 42,611 ,721 37,523,193 

8. Market value of assets (end of year) 

(1) + (2) + (3) + (4) - (Se) - (6) + (7) 625,353,741 545,639,846 

9. Available resources 

(1) + (2) + (3) + (4) - (6) + (7) $862,717,930 $781 ,588,412 

10. Solvency ratio (9) / (Se) 3.63 3.31 

Report of Required Actuarial Information - Application for Proposed Benefit Suspensions 

American Federation of Musicians and Employers' Pension Fund 

2034 2035 2036 2037 

$1,007,792,548 $934,871,806 $859,692,444 $782,846,260 

133,313,896 136,875,350 140,532,261 144,287,196 

51,336 51,336 22,162 12,438 

0 0 0 0 

102,685,873 97,020,410 91 ,280,519 85,498,418 

33,874,973 34,836,479 35,531,942 36,031,805 

99,946,757 104,625,800 108,958,515 11 3,220,429 

2,11 2,692 2,545,867 2,999,241 3,480,096 

238,620,295 239,028,556 238,770,217 238,230,748 

29,885,823 30,558,254 31,245,815 31,948,846 

62,220,145 57,480,762 52,615,425 47,652,372 

934,871,806 859,692,444 782,846,260 704,618,673 

$1,173,492,102 $1,098,721 ,000 $1 ,021,616,478 $942,849,421 

4.92 4.60 4.28 3.96 

2040 2041 2042 2043 

$545,639,846 $465,783,827 $385,982,803 $306,963,812 

156,166,874 160,340,998 164,627,062 169,028,080 

3,110 0 0 0 

0 0 0 0 

68,180,051 62,539,717 56,983,953 51,592,607 

36,453,422 36,304,290 35,923,472 35,377,416 

124,328,781 127,639,943 130,458,286 132,732,262 

5,325,058 6,040,414 6,792,848 7,600,068 

234,287,312 232,524,364 230, 158,559 227,302,353 

34,154,279 34,922,751 35,708,512 36,511 ,954 

32,415,588 27,305,093 22,221,018 17,207,747 

465,783,827 385,982,803 306,963,812 229,385,332 

$700,071,139 $618,507,167 $537,122,370 $456,687,685 

2.99 2.66 2.33 2.01 

AFMEPF0488 

This work product was prepared solely for the American Federation of Musicians and Employers' Pension Fund. Milliman does not intend to benefit and assumes no duty or liability to other parties who receive this work. Milliman recommends that 

third parties be aided by their own actuary or other qualified professional when reviewing the Milliman work product. 
if ijjiii,fi,f Report of Required Actuarial Information Application for Proposed Benefit Suspensions 

Exhibit 6.05(1) - Deterministic Projection of Proposed Suspension Assuming Annual Rate of Return is Reduced by 1.00% -

Checklist Item 27 (continued) 

Plan year beginning April 1 2044 2045 

1. Market value of assets (beginning of year) $229,385,332 $153,799,334 

2. Employer contributions 173,547,145 178,187,437 

3. Withdrawal liability payments 0 0 

4. Court-ordered settlement agreement 0 0 

5. Benefit payments 

a. Current retirees and beneficiaries 46,357,753 41,340,646 

b. Terminated vested participants 34,618,835 33,800,542 

c. Current actives 134,600,397 136,277,672 

d. New entrants 8,526,766 9,526,618 

e. Total 224,103,751 220,945,478 

6. Administrative expenses 37,333,473 38,173,476 

7. Investment returns 12,304,081 7,534,147 

8. Market value of assets (end of year) 

(1) + (2) + (3) + (4) - (Se) - (6) + (7) 153,799,334 80,401,964 

9. Available resources 

(1) + (2) + (3) + (4) - (6) + (7) $377,903,085 $301,347,442 

10. Solvency ratio (9) / (Se) 1.69 1.36 

Report of Required Actuarial Information - Application for Proposed Benefit Suspensions 

American Federation of Musicians and Employers' Pension Fund 

2046 2047 

$80,401,964 $9,904,479 

182,952,218 187,844,840 

0 0 

0 0 

36,581,135 32,107,033 

32,784,293 31,647,875 

137,410,855 138,276,677 

10,567,767 11 ,654,908 

217,344,051 213,686,493 

39,032,379 39,910,608 

2,926,727 (1,483,655} 

9,904,479 (57,331,436) 

$227,248,530 $1 56,355,057 

1.05 0.73 

AFMEPF0489 

This work product was prepared solely for the American Federation of Musicians and Employers' Pension Fund. Milliman does not intend to benefit and assumes no duty or liability to other parties who receive this work. Milliman recommends that 

third parties be aided by their own actuary or other qualified professional when reviewing the Milliman work product. 
Exhibit 6.05(2) 

Deterministic Projection of Proposed Suspension Assuming Annual Rate of Return Is 

Reduced by 2.00% 

AFMEPF0490
if ijjiii,fi,f Report of Required Actuarial Information Application for Proposed Benefit Suspensions 

Exhibit 6.05(2) - Deterministic Projection of Proposed Suspension Assuming Annual Rate of Return is Reduced by 2.00% -

Checklist Item 27 

The table shows the projection of the plan-year-by-plan-year market value of assets until the year of insolvency (plan year beginning April 1, 2041) as required 

under regulation 1.432( e )(9)-1 ( d)(S)(vi)(B)(2) and Revenue Procedure 2017-43, Section 6.05(2) for the plan years beginning April 1, 2020 through plan year 

ending March 31 , 2042. 

Plan year beginning April 1 2020 2021 2022 2023 2024 2025 

1. Market value of assets (beginning of year) $1,553,823,01 8 $1 ,704,758,864 $1,604,102,773 $1 ,557,1 59,222 $1 ,512,042,764 $1,461,526,855 

2. Employer contributions 33,01 4,01 8 54,996,626 86,531,593 96,153,458 100,010,577 103,597,337 

3. Withdrawal liability payments 217,145 181,640 106,640 106,640 106,640 106,640 

4. Court-ordered settlement agreement 18,300,000 0 0 0 0 0 

5. Benefit payments 

a. Current retirees and beneficiaries 209,550,209 192,214,244 161,504,656 157,514,413 153,274,471 149,029,739 

b. Terminated vested participants 9,811 ,261 5,365,764 7,184,320 9,943,959 12,721,933 15,427,214 

c. Current actives 5,886,428 12,527,353 17,088,983 24,366,446 32,216,396 40,872,375 

d. New entrants 0 1,375 7,291 24,489 66,904 135,935 

e. Total 225,247,899 210,108,736 185,785,251 191,849,307 198,279,703 205,465,262 

6. Administrative expenses 21,886,625 25,379,074 23,882,603 23,397,462 23,923,904 24,462,192 

7. Investment returns 346,539,207 79,653,452 76,086,070 73,870,213 71,570,483 68,979,296 

8. Market value of assets (end of year) 

(1) + (2) + (3) + (4) - (Se) - (6) + (7) 1,704,758,864 1,604,102,773 1,557,159,222 1,512,042,764 1,461,526,855 1,404,282,674 

9. Available resources 

(1) + (2) + (3) + (4) - (6) + (7) $1,930,006,763 $1 ,814,211,509 $1,742,944,473 $1,703,892,071 $1 ,659,806,559 $1,609,747,936 

10. Solvency ratio (9) / (Se) 8.57 8.63 9.38 8.88 8.37 7.83 

Plan year beginning April 1 2026 2027 2028 2029 2030 2031 

1. Market value of assets (beginning of year) $1,404,282,674 $1 ,340,120,274 $1,269,050,992 $1 ,1 91,717,193 $1 ,1 08,578,270 $1,027,597,787 

2. Employer contributions 107,065,476 110,379,459 113,649,042 116,853,234 119,973,618 123,177,599 

3. Withdrawal liability payments 106,640 106,640 106,640 106,640 106,640 106,640 

4. Court-ordered settlement agreement 0 0 0 0 0 0 

5. Benefit payments 

a. Current retirees and beneficiaries 144,519,925 139,914,321 134,959,715 129,829,021 124,556,006 119,246,324 

b. Terminated vested participants 18,367,475 21 ,207,208 23,741,833 26,110,344 28,153,331 30,102,065 

c. Current actives 49,273,099 57,348,349 65,016,916 72,137,457 78,456,630 84,518,390 

d. New entrants 221,201 317,695 458,409 661,045 890,643 1,133,510 

e. Total 212,381,699 218,787,572 224, 176,873 228,737,867 232,056,610 235,000,289 

6. Administrative expenses 25,012,592 25,575,375 26,150,821 26,739,214 27,340,847 27,956,016 

7. Investment returns 66,059,776 62,807,566 59,238,214 55,378,285 58,336,716 53,783,892 

8. Market value of assets (end of year) 

(1) + (2) + (3) + (4) - (Se) - (6) + (7) 1,340,120,274 1,269,050,992 1,191,717,193 1,108,578,270 1,027,597,787 941,709,614 

9. Available resources 

(1) + (2) + (3) + (4) - (6) + (7) $1,552,501,973 $1,487,838,564 $1,415,894,066 $1,337,316,137 $1 ,259,654,398 $1,176,709,902 

10. Solvency ratio (9) / (Se) 7.31 6.80 6.32 5.85 5.43 5.01 

AFMEPF0491 

Report of Required Actuarial Information - Application for Proposed Benefit Suspensions 

American Federation of Musicians and Employers' Pension Fund 

This work product was prepared solely for the American Federation of Musicians and Employers' Pension Fund. Milliman does not intend to benefit and assumes no duty or liability to other parties who receive this work. Milliman recommends that 

third parties be aided by their own actuary or other qualified professional when reviewing the Milliman work product. 
IIWM:fl:M Report of Required Actuarial Information Application for Proposed Benefit Suspensions 

Exhibit 6.05(2) - Deterministic Projection of Proposed Suspension Assuming Annual Rate of Return is Reduced by 2.00% -

Checklist Item 27 (continued) 

Plan year beginning April 1 2032 2033 

1. Market value of assets (beginning of year) $941,709,614 $852,095,750 

2. Employer contributions 126,467,423 129,845,399 

3. Withdrawal liability payments 87,336 69,336 

4. Court-ordered settlement agreement 0 0 

5. Benefit payments 

a. Current retirees and beneficiaries 113,755,356 108,290,412 

b. Terminated vested participants 31,559,592 32,714,225 

c. Current actives 89,865,619 95,160,208 

d. New entrants 1,398,011 1,715,630 

e. Total 236,578,578 237,880,475 

6. Administrative expenses 28,585,026 29,228,189 

7. Investment returns 48,994,982 44,006,791 

8. Market value of assets (end of year) 

(1) + (2) + (3) + (4) - (5e) - (6) + (7) 852,095,750 758,908,611 

9. Available resources 

(1) + (2) + (3) + (4) - (6) + (7) $1,088,674,328 $996,789,086 

10. Solvency ratio (9) / (5e) 4.60 4.19 

Plan year beginning April 1 2038 2039 

1. Market value of assets (beginning of year) $358,567,024 $253,433,988 

2. Employer contributions 148,142,793 152,101,758 

3. Withdrawal liability payments 12,438 12,438 

4. Court-ordered settlement agreement 0 0 

5. Benefit payments 

a. Current retirees and beneficiaries 79,696,481 73,918,042 

b. Terminated vested participants 36,355,428 36,439,345 

c. Current actives 117,299,039 120,949,439 

d. New entrants 4,013,241 4,641,740 

e. Total 237,364, 189 235,948,566 

6. Administrative expenses 32,667,695 33,402,718 

7. Investment returns 16,743,617 10,974,018 

8. Market value of assets (end of year) 

(1) + (2) + (3) + (4) - (5e) - (6) + (7) 253,433,988 147,170,918 

9. Available resources 

(1) + (2) + (3) + (4) - (6) + (7) $490,798,177 $383,119,484 

10. Solvency ratio (9) / (5e) 2.07 1.62 

Report of Required Actuarial Information - Application for Proposed Benefit Suspensions 

American Federation of Musicians and Employers' Pension Fund 

2034 2035 2036 2037 

$758,908,611 $662,603,519 $563,445,110 $462,010,924 

133,313,896 136,875,350 140,532,261 144,287,196 

51,336 51,336 22,162 12,438 

0 0 0 0 

102,685,873 97,020,410 91 ,280,519 85,498,418 

33,874,973 34,836,479 35,531,942 36,031,805 

99,946,757 104,625,800 108,958,515 113,220,429 

2,112,692 2,545,867 2,999,241 3,480,096 

238,620,295 239,028,556 238,770,217 238,230,748 

29,885,823 30,558,254 31,245,815 31,948,846 

38,835,795 33,501,715 28,027,423 22,436,059 

662,603,519 563,445,110 462,010,924 358,567,024 

$901,223,815 $802,473,666 $700,781,142 $596,797,772 

3.78 3.36 2.93 2.51 

2040 2041 

$147,170,918 $40,049,352 

156,166,874 160,340,998 

3,110 0 

0 0 

68,180,051 62,539,717 

36,453,422 36,304,290 

124,328,781 127,639,943 

5,325,058 6,040,414 

234,287,312 232,524,364 

34,154,279 34,922,751 

5,150,041 (716,564) 

40,049,352 (67,773,329) 

$274,336,664 $164,751,035 

1.17 0.71 

AFMEPF0492 

This work product was prepared solely for the American Federation of Musicians and Employers' Pension Fund. Milliman does not intend to benefit and assumes no duty or liability to other parties who receive this work. Milliman recommends that 

third parties be aided by their own actuary or other qualified professional when reviewing the Milliman work product. 
Exhibit 6.05(3) 

Deterministic Projection of Proposed Suspension Assuming the Industry Activity 

Assumption Continues under the Same Trend as the Plan Experienced Over the Last 10 

Years 

AFMEPF0493
if ijjiii,fi,f Report of Required Actuarial Information Application for Proposed Benefit Suspensions 

Exhibit 6.05(3) - Deterministic Projection of Proposed Suspension Assuming the Industry Activity Assumption 

Continues Under the Same Trend as the Plan Experienced Over the Last 10 Years - Checklist Item 27 (1.6% per year) 

The table shows the projection of the plan-year-by-plan-year market value of assets until the year of insolvency (plan year beginning April 1, 2047) as required 

under regulation 1.432( e )(9)-1 ( d)(S)(vi)(C)(1) and Revenue Procedure 2017-43, Section 6.05(3) for the plan years beginning April 1, 2020 through plan year 

ending March 31 , 2048. 

Plan year beginning April 1 2020 2021 2022 2023 2024 2025 

1. Market value of assets (beginning of year) $1,553,823,01 8 $1 ,704,493,371 $1,635,267,175 $1 ,619,1 42,471 $1 ,605,038,070 $1,585,835,272 

2. Employer contributions 32,775,324 54,131,149 84,377,459 92,990,739 95,962,390 98,637,340 

3. Withdrawal liability payments 217,145 181,640 106,640 106,640 106,640 106,640 

4. Court-ordered settlement agreement 18,300,000 0 0 0 0 0 

5. Benefit payments 

a. Current retirees and beneficiaries 209,550,209 192,214,244 161,504,656 157,514,413 153,274,471 149,029,739 

b. Terminated vested participants 9,811 ,261 5,365,764 7,184,320 9,943,959 12,721,933 15,427,214 

c. Current actives 5,886,428 12,527,353 17,088,983 24,366,446 32,216,396 40,872,375 

d. New entrants 0 1,375 7,291 24,489 66,904 135,935 

e. Total 225,247,899 210,108,736 185,785,251 191,849,307 198,279,703 205,465,262 

6. Administrative expenses 21,886,625 25,379,074 23,882,603 23,397,462 23,923,904 24,462,192 

7. Investment returns 346,512,407 111,948,825 109,059,051 108,044,989 106,931,780 105,429,012 

8. Market value of assets (end of year) 

(1) + (2) + (3) + (4) - (Se) - (6) + (7) 1,704,493,371 1,635,267, 175 1,619,142,471 1,605,038,070 1,585,835,272 1,560,080,810 

9. Available resources 

(1) + (2) + (3) + (4) - (6) + (7) $1,929,741,269 $1 ,845,375,91 1 $1,804,927,722 $1,796,887,377 $1 ,784,114,975 $1,765,546,072 

10. Solvency ratio (9) / (Se) 8.57 8.78 9.72 9.37 9.00 8.59 

Plan year beginning April 1 2026 2027 2028 2029 2030 2031 

1. Market value of assets (beginning of year) $1,560,080,810 $1 ,527,425,896 $1,487,709,019 $1 ,441,392,694 $1 ,388,753,541 $1,339,447,796 

2. Employer contributions 101,157,057 103,484,848 105,729,276 107,868,124 109,881,716 111 ,936,156 

3. Withdrawal liability payments 106,640 106,640 106,640 106,640 106,640 106,640 

4. Court-ordered settlement agreement 0 0 0 0 0 0 

5. Benefit payments 

a. Current retirees and beneficiaries 144,519,925 139,914,321 134,959,715 129,829,021 124,556,006 119,246,324 

b. Terminated vested participants 18,367,475 21 ,207,208 23,741,833 26,110,344 28,153,331 30,102,065 

c. Current actives 49,273,099 57,348,349 65,016,916 72,137,457 78,456,630 84,518,390 

d. New entrants 221,201 317,695 458,409 661,045 890,643 1,133,510 

e. Total 212,381,699 218,787,572 224, 176,873 228,737,867 232,056,610 235,000,289 

6. Administrative expenses 25,012,592 25,575,375 26,150,821 26,739,214 27,340,847 27,956,016 

7. Investment returns 103,475,681 101,054,583 98,175,454 94,863,164 100,103,356 96,294,996 

8. Market value of assets (end of year) 

(1) + (2) + (3) + (4) - (Se) - (6) + (7) 1,527,425,896 1,487,709,019 1,441,392,694 1,388,753,541 1,339,447,796 1,284,829,284 

9. Available resources 

(1) + (2) + (3) + (4) - (6) + (7) $1,739,807,595 $1 ,706,496,591 $1,665,569,568 $1,617,491,408 $1 ,571,504,406 $1,519,829,572 

10. Solvency ratio (9) / (Se) 8.19 7.80 7.43 7.07 6.77 6.47 

AFMEPF0494 

Report of Required Actuarial Information - Application for Proposed Benefit Suspensions 

American Federation of Musicians and Employers' Pension Fund 

This work product was prepared solely for the American Federation of Musicians and Employers' Pension Fund. Milliman does not intend to benefit and assumes no duty or liability to other parties who receive this work. Milliman recommends that 

third parties be aided by their own actuary or other qualified professional when reviewing the Milliman work product. 
IIWM:fl:M Report of Required Actuarial Information Application for Proposed Benefit Suspensions 

Exhibit 6.05(3) - Deterministic Projection of Proposed Suspension Assuming the Industry Activity Assumption Continues Under 

the Same Trend as the Plan Experienced Over the Last 1 O Years (1.6% per year) - Checklist Item 27 (continued) 

Plan year beginning April 1 2032 2033 

1. Market value of assets (beginning of year) $1,284,829,284 $1 ,225,919,029 

2. Employer contributions 114,032,357 116,171,255 

3. Withdrawal liability payments 87,336 69,336 

4. Court-ordered settlement agreement 0 0 

5. Benefit payments 

a. Current retirees and beneficiaries 113,755,356 108,290,412 

b. Terminated vested participants 31,559,592 32,714,225 

c. Current actives 89,865,619 95,160,208 

d. New entrants 1,398,011 1,715,630 

e. Total 236,578,578 237,880,475 

6. Administrative expenses 28,585,026 29,228,189 

7. Investment returns 92,133,656 87,657,154 

8. Market value of assets (end of year) 

(1) + (2) + (3) + (4) - (Se) - (6) + (7) 1,225,919,029 1,162,708,109 

9. Available resources 

(1) + (2) + (3) + (4) - (6) + (7) $1,462,497,607 $1,400,588,584 

10. Solvency ratio (9) / (5e) 6.18 5.89 

Plan year beginning April 1 2038 2039 

1. Market value of assets (beginning of year) $871,504,340 $790,024,986 

2. Employer contributions 127,540,541 129,956,575 

3. Withdrawal liability payments 12,438 12,438 

4. Court-ordered settlement agreement 0 0 

5. Benefit payments 

a. Current retirees and beneficiaries 79,696,481 73,918,042 

b. Terminated vested participants 36,355,428 36,439,345 

c. Current actives 117,299,039 120,949,439 

d. New entrants 4,013,241 4,641,740 

e. Total 237,364,189 235,948,566 

6. Administrative expenses 32,667,695 33,402,718 

7. Investment returns 60,999,551 54,914,639 

8. Market value of assets (end of year) 

(1) + (2) + (3) + (4) - (Se) - (6) + (7) 790,024,986 705,557,355 

9. Available resources 

(1) + (2) + (3) + (4) - (6) + (7) $1,027,389,175 $941,505,921 

10. Solvency ratio (9) / (5e) 4.33 3.99 

Report of Required Actuarial Information - Application for Proposed Benefit Suspensions 

American Federation of Musicians and Employers' Pension Fund 

2034 2035 2036 

$1,162,708,109 $1 ,095,482,586 $1 ,024,330,520 

118,353,805 120,580,991 122,853,818 

51,336 51,336 22,162 

0 0 0 

102,685,873 97,020,410 91 ,280,519 

33,874,973 34,836,479 35,531,942 

99,946,757 104,625,800 108,958,515 

2,112,692 2,545,867 2,999,241 

238,620,295 239,028,556 238,770,217 

29,885,823 30,558,254 31,245,815 

82,875,455 77,802,417 72,455,519 

1,095,482,586 1,024,330,520 949,645,987 

$1,334,102,882 $1,263,359,076 $1 ,188,416,205 

5.59 5.29 4.98 

2040 2041 2042 

$705,557,355 $618,153,792 $527,738,240 

132,422,527 134,939,534 137,508,761 

3,11 0 0 0 

0 0 0 

68,180,051 62,539,717 56,983,953 

36,453,422 36,304,290 35,923,472 

124,328,781 127,639,943 130,458,286 

5,325,058 6,040,414 6,792,848 

234,287,312 232,524,364 230, 158,559 

34,154,279 34,922,751 35,708,512 

48,612,392 42,092,028 35,366,389 

618,153,792 527,738,240 434,746,318 

$852,441,104 $760,262,604 $664,904,877 

3.64 3.27 2.89 

2037 

$949,645,987 

125,173,316 

12,438 

0 

85,498,418 

36,031,805 

113,220,429 

3,480,096 

238,230,748 

31,948,846 

66,852,192 

871,504,340 

$1,109,735,088 

4.66 

2043 

$434,746,318 

140,131,400 

0 

0 

51,592,607 

35,377,416 

132,732,262 

7,600,068 

227,302,353 

36,511,954 

28,464,342 

339,527,754 

$566,830,107 

2.49 

AFMEPF0495 

This work product was prepared solely for the American Federation of Musicians and Employers' Pension Fund. Milliman does not intend to benefit and assumes no duty or liability to other parties who receive this work. Milliman recommends that 

third parties be aided by their own actuary or other qualified professional when reviewing the Milliman work product. 
if ijjiii,fi,f Report of Required Actuarial Information Application for Proposed Benefit Suspensions 

Exhibit 6.05(3) - Deterministic Projection of Proposed Suspension Assuming the Industry Activity Assumption Continues Under 

the Same Trend as the Plan Experienced Over the Last 1 O Years (1.6% per year) - Checklist Item 27 (continued) 

Plan year beginning April 1 2044 2045 

1. Market value of assets (beginning of year) $339,527,754 $242,306,209 

2. Employer contributions 142,808,678 145,541,846 

3. Withdrawal liability payments 0 0 

4. Court-ordered settlement agreement 0 0 

5. Benefit payments 

a. Current retirees and beneficiaries 46,357,753 41,340,646 

b. Terminated vested participants 34,618,835 33,800,542 

c. Current actives 134,600,397 136,277,672 

d. New entrants 8,526,766 9,526,618 

e. Total 224,103,751 220,945,478 

6. Administrative expenses 37,333,473 38,173,476 

7. Investment returns 21,407,001 14,197,125 

8. Market value of assets (end of year) 

(1) + (2) + (3) + (4) - (Se) - (6) + (7) 242,306,209 142,926,226 

9. Available resources 

(1) + (2) + (3) + (4) - (6) + (7) $466,409,960 $363,871,704 

10. Solvency ratio (9) / (Se) 2.08 1.65 

Report of Required Actuarial Information - Application for Proposed Benefit Suspensions 

American Federation of Musicians and Employers' Pension Fund 

2046 2047 

$142,926,226 $41,722,962 

148,332,193 151,181,035 

0 0 

0 0 

36,581,135 32,107,033 

32,784,293 31,647,875 

137,410,855 138,276,677 

10,567,767 11 ,654,908 

217,344,051 213,686,493 

39,032,379 39,910,608 

6,840,974 (650,368} 

41,722,962 (61,343,472) 

$259,067,013 $152,343,021 

1.19 0.71 

AFMEPF0496 

This work product was prepared solely for the American Federation of Musicians and Employers' Pension Fund. Milliman does not intend to benefit and assumes no duty or liability to other parties who receive this work. Milliman recommends that 

third parties be aided by their own actuary or other qualified professional when reviewing the Milliman work product. 
Exhibit 6.05(4) 

Deterministic Projection of Proposed Suspension Assuming the Industry Activity 

Assumption Continues under the Same Trend as the Plan Experienced Over the Last 10 

Years, Reduced by 1.0% 

AFMEPF0497
if ijjiii,fi,f Report of Required Actuarial Information Application for Proposed Benefit Suspensions 

Exhibit 6.05(4) - Deterministic Projection of the Proposed Suspension Assuming the Industry Activity Assumption Continues 

Under the Same Trend as the Plan Experienced Over the Last 10 Years, Reduced by 1.0% (0.6% per year) - Checklist Item 27 

The table shows projection of the plan-year-by-plan-year market value of assets until the year of insolvency (plan year beginning April 1, 2042) as required 

under regulation 1.432( e )(9)-1 ( d)(S)(vi)(C)(2) and Revenue Procedure 2017-43, Section 6.05(4) for the plan years beginning April 1, 2020 through plan year 

ending March 31 , 2043. 

Plan year beginning April 1 2020 2021 2022 2023 2024 2025 

1. Market value of assets (beginning of year) $1,553,823,018 $1 ,704,227,878 $1,634,097,084 $1 ,615,707,189 $1 ,598,189,408 $1,574,487,494 

2. Employer contributions 32,536,630 53,274,149 82,265,315 89,920,041 92,070,482 93,915,523 

3. Withdrawal liability payments 217,145 181,640 106,640 106,640 106,640 106,640 

4. Court-ordered settlement agreement 18,300,000 0 0 0 0 0 

5. Benefit payments 

a. Current retirees and beneficiaries 209,550,209 192,214,244 161,504,656 157,514,413 153,274,471 149,029,739 

b. Terminated vested participants 9,811 ,261 5,365,764 7,184,320 9,943,959 12,721,933 15,427,214 

c. Current actives 5,886,428 12,527,353 17,088,983 24,366,446 32,216,396 40,872,375 

d. New entrants 0 1,375 7,291 24,489 66,904 135,935 

e. Total 225,247,899 210,108,736 185,785,251 191,849,307 198,279,703 205,465,262 

6. Administrative expenses 21,886,625 25,379,074 23,882,603 23,397,462 23,923,904 24,462,192 

7. Investment returns 346,485,608 111,901,228 108,906,004 107,702,306 106,324,572 104,481,740 

8. Market value of assets (end of year) 

(1) + (2) + (3) + (4) - (Se) - (6) + (7) 1,704,227,878 1,634,097,084 1,615,707,189 1,598,189,408 1,574,487,494 1,543,063,942 

9. Available resources 

(1) + (2) + (3) + (4) - (6) + (7) $1,929,475,776 $1 ,844,205,820 $1,801,492,440 $1,790,038,715 $1 ,772,767,197 $1,748,529,205 

10. Solvency ratio (9) / (Se) 8.57 8.78 9.70 9.33 8.94 8.51 

Plan year beginning April 1 2026 2027 2028 2029 2030 2031 

1. Market value of assets (beginning of year) $1,543,063,942 $1 ,503,470,396 $1,455,438,542 $1 ,399,316,369 $1 ,335,257,698 $1,272,393,314 

2. Employer contributions 95,587,446 97,049,246 98,409,166 99,644,665 100,735,735 101,848,149 

3. Withdrawal liability payments 106,640 106,640 106,640 106,640 106,640 106,640 

4. Court-ordered settlement agreement 0 0 0 0 0 0 

5. Benefit payments 

a. Current retirees and beneficiaries 144,519,925 139,914,321 134,959,715 129,829,021 124,556,006 119,246,324 

b. Terminated vested participants 18,367,475 21 ,207,208 23,741,833 26,110,344 28,153,331 30,102,065 

c. Current actives 49,273,099 57,348,349 65,016,916 72,137,457 78,456,630 84,518,390 

d. New entrants 221,201 317,695 458,409 661,045 890,643 1,133,510 

e. Total 212,381,699 218,787,572 224, 176,873 228,737,867 232,056,610 235,000,289 

6. Administrative expenses 25,012,592 25,575,375 26,150,821 26,739,214 27,340,847 27,956,016 

7. Investment returns 102,106,658 99,175,208 95,689,716 91,667,105 95,690,698 90,815,338 

8. Market value of assets (end of year) 

(1) + (2) + (3) + (4) - (Se) - (6) + (7) 1,503,470,396 1,455,438,542 1,399,316,369 1,335,257,698 1,272,393,314 1,202,207, 136 

9. Available resources 

(1) + (2) + (3) + (4) - (6) + (7) $1,715,852,095 $1 ,674,226,115 $1,623,493,243 $1,563,995,564 $1 ,504,449,924 $1,437,207,425 

10. Solvency ratio (9) / (Se) 8.08 7.65 7.24 6.84 6.48 6.12 

AFMEPF0498 

Report of Required Actuarial Information - Application for Proposed Benefit Suspensions 

American Federation of Musicians and Employers' Pension Fund 

This work product was prepared solely for the American Federation of Musicians and Employers' Pension Fund. Milliman does not intend to benefit and assumes no duty or liability to other parties who receive this work. Milliman recommends that 

third parties be aided by their own actuary or other qualified professional when reviewing the Milliman work product. 
IIWM:fl:M Report of Required Actuarial Information Application for Proposed Benefit Suspensions 

Exhibit 6.05(4) - Deterministic Projection of the Proposed Suspension Assuming the Industry Activity Assumption Continues 

Under the Same Trend as the Plan Experienced Over the Last 10 Years, Reduced by 1.0% (0.6% per year) - Checklist Item 27 

(continued) 

Plan year beginning April 1 2032 2033 

1. Market value of assets (beginning of year) $1,202,207, 136 $1 ,125,546,716 

2. Employer contributions 102,982,477 104,139,308 

3. Withdrawal liability payments 87,336 69,336 

4. Court-ordered settlement agreement 0 0 

5. Benefit payments 

a. Current retirees and beneficiaries 113,755,356 108,290,412 

b. Terminated vested participants 31,559,592 32,714,225 

c. Current actives 89,865,619 95,160,208 

d. New entrants 1,398,011 1,715,630 

e. Total 236,578,578 237,880,475 

6. Administrative expenses 28,585,026 29,228,189 

7. Investment returns 85,433,371 79,569,398 

8. Market value of assets (end of year) 

(1) + (2) + (3) + (4) - (Se) - (6) + (7) 1,125,546,716 1,042,216,093 

9. Available resources 

(1) + (2) + (3) + (4) - (6) + (7) $1,362, 125,293 $1 ,280,096,568 

10. Solvency ratio (9) / (5e) 5.76 5.38 

Plan year beginning April 1 2038 2039 

1. Market value of assets (beginning of year) $642,562,444 $525,758,306 

2. Employer contributions 110,282,850 111,588,065 

3. Withdrawal liability payments 12,438 12,438 

4. Court-ordered settlement agreement 0 0 

5. Benefit payments 

a. Current retirees and beneficiaries 79,696,481 73,918,042 

b. Terminated vested participants 36,355,428 36,439,345 

c. Current actives 117,299,039 120,949,439 

d. New entrants 4,013,241 4,641,740 

e. Total 237,364,189 235,948,566 

6. Administrative expenses 32,667,695 33,402,718 

7. Investment returns 42,932,457 34,117,837 

8. Market value of assets (end of year) 

(1) + (2) + (3) + (4) - (Se) - (6) + (7) 525,758,306 402, 125,362 

9. Available resources 

(1) + (2) + (3) + (4) - (6) + (7) $763, 122,494 $638,073,928 

10. Solvency ratio (9) / (5e) 3.21 2.70 

Report of Required Actuarial Information - Application for Proposed Benefit Suspensions 

American Federation of Musicians and Employers' Pension Fund 

2034 2035 2036 2037 

$1,042,216,093 $952,299,698 $855,668,241 $752,481,532 

105,319,248 106,522,921 107,750,968 109,004,051 

51,336 51,336 22,162 12,438 

0 0 0 0 

102,685,873 97,020,410 91 ,280,519 85,498,418 

33,874,973 34,836,479 35,531,942 36,031,805 

99,946,757 104,625,800 108,958,515 113,220,429 

2,112,692 2,545,867 2,999,241 3,480,096 

238,620,295 239,028,556 238,770,217 238,230,748 

29,885,823 30,558,254 31,245,815 31,948,846 

73,219,14 1 66,381,097 59,056,192 51,244,016 

952,299,698 855,668,241 752,481,532 642,562,444 

$1,190,919,994 $1,094,696,797 $991,251,749 $880,793,191 

4.99 4.58 4.15 3.70 

2040 2041 2042 

$402,125,362 $271,400,065 $133,166,008 

112,920,417 114,280,648 115,669,521 

3,110 0 0 

0 0 0 

68,180,051 62,539,717 56,983,953 

36,453,422 36,304,290 35,923,472 

124,328,781 127,639,943 130,458,286 

5,325,058 6,040,414 6,792,848 

234,287,312 232,524,364 230, 158,559 

34,154,279 34,922,751 35,708,512 

24,792,767 14,932,410 4,523,694 

271,400,065 133,166,008 (12,507,848) 

$505,687,377 $365,690,372 $217,650,711 

2.16 1.57 0.95 

AFMEPF0499 

This work product was prepared solely for the American Federation of Musicians and Employers' Pension Fund. Milliman does not intend to benefit and assumes no duty or liability to other parties who receive this work. Milliman recommends that 

third parties be aided by their own actuary or other qualified professional when reviewing the Milliman work product. 
Exhibit 6.06 

Projection of Funded Percentage 

AFMEPF0500
if ijjiii,fi,f Report of Required Actuarial Information Application for Proposed Benefit Suspensions 

Exhibit 6.06 - Projection of Funded Percentage with Proposed Suspension - Checklist item 28 

The table shows the projected market value of assets, plan liability and funded percentage over the extended projection period for the plan years beginning 

April 1, 2020 through plan year beginning April 1, 2052 for the proposed suspension as required under regulation 1.432( e )(9)-1 ( d)(S)(vi)(D) and Revenue 

Procedure 2017-43, Section 6.06. 

Plan year beginning April 1 2020 2021 2022 2023 2024 2025 

1. Market value of assets (beginning of year) $1 ,553,823,018 $1,704,758,864 $1 ,636,446,031 $1,622,630,546 $1 ,612,038,340 $1 ,597,506,767 

2. Unit credit accrued liability• $2,758,187,860 $2,738,895,698 $2,739,923,001 $2,775,226,897 $2,809,281,373 $2,839,941,875 

3. Funded percentage: (1) / (2) 56.33% 62.24% 59.73% 58.47% 57.38% 56.25% 

Plan year beginning April 1 2026 2027 2028 2029 2030 2031 

1. Market value of assets (beginning of year) $1 ,577,690,122 $1,552,365,250 $1 ,521,506,179 $1,485,721,586 $1,445,445,654 $1 ,410,923,038 

2. Unit credit accrued liability• $2,866, 115,943 $2,887,763,394 $2,905,091,814 $2,918,849,458 $2,929,645,976 $2,938,566,412 

3. Funded percentage: (1) / (2) 55.05% 53.76% 52.37% 50.90% 49.34% 48.01% 

Plan year beginning April 1 2032 2033 2034 2035 2036 2037 

1. Market value of assets (beginning of year) $1 ,373,405,129 $1,334,135,040 $1 ,293,344,264 $1,251,579,039 $1 ,209,208,906 $1 ,166,932,393 

2. Unit credit accrued liability• $2,945,878,568 $2,952,897,633 $2,959,908,861 $2,967,515,644 $2,976,128,173 $2,986,535,346 

3. Funded percentage: (1) / (2) 46.62% 45.18% 43.70% 42.18% 40.63% 39.07% 

Plan year beginning April 1 2038 2039 2040 2041 2042 2043 

1. Market value of assets (beginning of year) $1 ,125,154,071 $1,084,349,257 $1,045,252,061 $1,008,330,522 $973,957,687 $943,054,301 

2. Unit credit accrued liability• $2,999,186,144 $3,014,611 ,472 $3,033,612,810 $3,056,737,768 $3,084,426,436 $3,117,672,187 

3. Funded percentage: (1) / (2) 37.52% 35.97% 34.46% 32.99% 31 .58% 30.25% 

Plan year beginning April 1 2044 2045 2046 2047 2048 2049 

1. Market value of assets (beginning of year) $916,494,013 $895,066,223 $879,226,259 $869,968,595 $867,964,940 $873,940,960 

2. Unit credit accrued liability• $3,157,426,975 $3,204,561,390 $3,259,615,214 $3,323,670,730 $3,397,490,864 $3,481,896,253 

3. Funded percentage: (1) / (2) 29.03% 27.93% 26.97% 26.17% 25.55% 25.10% 

Plan year beginning April 1 2050 2051 2052 

1. Market value of assets (beginning of year) $888,693,686 $912,932,888 $947,863,570 

2. Unit credit accrued liability• $3,577,782,801 $3,685,963,279 $3,807,749,858 

3. Funded percentage: (1) / (2) 24.84% 24.77% 24.89% 

*The interest rate for calculating the unit credit accrued liability is 7.5% which is the assumption used in the April 1, 2020 actuarial valuation. 

Report of Required Actuarial Information - Application for Proposed Benefit Suspensions 

American Federation of Musicians and Employers' Pension Fund 

AFMEPF0501 

This work product was prepared solely for the American Federation of Musicians and Employers' Pension Fund. Milliman does not intend to benefit and assumes no duty or liability to other parties who receive this work. Milliman recommends that 

third parties be aided by their own actuary or other qualified professional when reviewing the Milliman work product. 
Exhibit 6.07 

Plan Sponsor Certification Relating to Plan Amendments 

Pursuant to Section 6.07 oflRS Revenue Procedure 2017-43, the undersigned Trustees, on 

behalf of the Board of Trustees, hereby certify that if, upon final authorization to implement the 

suspension of benefits as described in Code Section 432(e)(9)(H)(vi), the Board of Trustees 

chooses to implement the authorized suspension, the following Plan amendments will be timely 

adopted and not modified at any time thereafter before the suspension of benefits expires: 

(1) a Plan amendment providing that, in accordance with Code Section 432( e )(9)(C)(ii), the 

benefit suspension will cease as of the .first day of the first plan year following the plan 

year in which the Board of Trustees fails to maintain a written record of its 

determination that both: 

(a) all reasonable measures to avoid insolvency continue to be taken during the 

period of the benefit suspension; and 

(b) the Plan would not be projected to avoid insolvency if no suspension of benefits 

were applied under the Plan; and 

(2) a Plan amendment providing that any future benefit improvements must satisfythe 

requirements of Code Section 432(e)(9)(E). 

Date; December 30, 2020 Date: December 30, 2020 

AFMEPF0502 
Exhibit 7.05 

Power of Attorney 

POWER OF ATTORNEY AND DECLARATION OF REPRESENTATIVE BEFORE 

THE DEPARTMENT OF THE TREASURY

Applicant information: 

Board of Trustees of the American Federation of Musicians and Employers Pension Fund 

American Federation of Musicians and Employers Pension Plan 

14 Penn Plaza, 12th Floor 

New York, NY 10122 

EIN/PN: 51-6120204/001 

Contact: Maureen Kilkelly, Executive Director 

Tel: (212) 284-1311, Fax: (212) 284-1265 

contactus@afmepf.org 

Applicant hereby appoints the following representative(s) as attorney(s)-in-fact to represent the 

taxpayer before the Department of the Treasury and perform acts related to the attached 

application dated December 30, 2020 for suspension of benefits under § 432(e)(9) of the Internal 

Revenue Code of 1986, as amended. 

Representative information: 

Robert M. Projansky 

Proskauer Rose LLP 

11 Times Square 

New York, NY 10036 

Tel: (212) 969-3367 

Fax: (212) 969-2900 

rprojansky@proskauer.com 

EIN: 13-1840454 

Kevin M. Campe 

Milliman, Inc. 

712 S. Wacker Dr., Suite 300 

Chicago, IL 60606 

Tel: (312) 726-0677 

Fax: (312) 499-5695 

kevin.campe@milliman.com 

EIN: 91-0675641 

Jani K. Rachelson 

Cohen, Weiss and Simon LLP 

900 Third Avenue, 21st Floor 

New York, NY 10022 

Tel: (212) 356-0221 

Fax: (646) 473-8221 

jrachelson@cwsny.com 

EIN: 13-1592323 

Timothy J. Herman 

Milliman, Inc. 

15800 W. Bluemound Rd., #100 

Brookfield, WI 53005 

Tel: (262) 784-2250 

Fax: (262) 923-3687 

tim.herman@milliman.com 

EIN: 91-0675641 

Send copies of notices and communications to representative: Yes 

AFMEPF0503
With the exception of the acts described below, I authorize my representative(s) to receive 

and inspect information, including confidential tax information, and to perform acts that I 

can perform with respect to the attached application dated December 30, 2020 for suspension 

of benefits under§ 432(e)(9). For example, my representative(s) shall have the authority to 

sign any agreements, consents, or similar documents. 

Specific acts not authorized: None 

Signature of Applicant and Date 

This power f attorney is signed and dated by the following authorized Trustees who are 

Raymond M. Hair, Co-Chair 

Date: December 30, 2020 

Declaration of Representative 

Christopher J.G. Brockmeyer, Co-Chau 

Date: December 30, 2020 

Under penalties of perjury, by my signature below I declare that: 

• I am not currently suspended or disbarred from practice before the Internal Revenue 

Service; 

• I am authorized to represent the Applicant for the matter( s) specified in this Power 

of Attorney and Declaration of Representative; and 

• I am one of the following: 

a. Attorney-a member in good standing of the bar of the highest court of the 

jurisdiction shown below. 

b. Certified Public Accountant--duly qualified to practice as a certified public 

accountant in the jurisdiction shown below. 

c. Enrolled Agent. 

d. Officer-a bona fide officer of the Applicant. 

e. Full-Time Employee-a full-time employee of the Applicant. 

f. Enrolled Actuary-enrolled as an actuary by the Joint Board for the Enrollment 

of Actuaries under 29 U.S.C. 1242 (the authority to practice before the Internal 

Revenue Service is limited by section 10.3( d) of Circular 230). 

g. Enrolled Retirement Plan Agent. 

Required information for Representative: 

AFMEPF0504 
Designation: a. Attorney 

Licensing jurisdiction: New York 

Attorney registration number: 2894285 

CAF Number: 0303-90920R 

. - ; . y.,,, 

Required infonnation for Representative: 

Designation: a. Attorney 

Licensing jurisdiction: New York 

Attorney registration number: l 159144 

. I If I f • t 

Jani K. Rachelson 

Requ ired information for Representative: 

Designation: f. Enrolled Actuary 

licensingjurisdict-ion: U.S. 

111 · 11111 · II• 

-------

Kevin Campe 

Required information for Representative: 

Designation: f. Enrolled Actuary 

Licensing jurisdiction: U.S. . . ... "" ... ... . . 

Timothy J. Herman 

December 30, 2020 

Date 

December 30, 2020 

Date 

December 30, 2020 

Date 

December 30, 2020 

Date 

AFMEPF0505