APPENDIX D

CHECKLIST - IS THE SUBMISSION COMPLETE?

Instructions. The application must include a completed checklist placed on top of the application.

This will help ensure that the application is complete. Answer each question in the checklist by

circling Y for yes, N for no or N/A for not applicable, as appropriate, in the blank next to the item.

Also insert in the appropriate blank next to each item the page number or numbers where the item

appears in the application.

APPLICATION FOR APPROVAL OF BENEFIT SUSPENSION FOR THE AMERICAN 

FEDERATION OF MUSICIANS AND EMPLOYERS’ PENSION PLAN

ResponseItem

number Description of item Page number

in

application

Yes

No

N/A

1. Does the application include an original signature of the plan sponsor or an

authorized representative of the plan sponsor? See section 2.01 of this

revenue procedure.

AFMEPF 0009 

Yes

No

N/A

2. Does the application include a description of the proposed benefit

suspension - calculated as if no other limitations apply - that includes:

• the suspension’s effective date (and its expiration

date, if applicable),

• whether the suspension provides for different

treatment of participants and beneficiaries,

• a description of the different categories or groups of

individuals affected, and

• how the suspension affects these individuals

differently?

See section 2.02 of this revenue procedure.

AFMEPF 0010-

0015 

Yes

No

N/A

3. Does the application include a penalties-of-perjury statement signed by an

authorized trustee on behalf of the board of trustees? See Section 2.03 of

this revenue procedure.

AFMEPF 0015; 

Exh. 2.03 

Yes

No

N/A

4. Does the application include a statement, signed by an authorized trustee on 

behalf of the board of trustees, acknowledging that the application and the 

application’s supporting material will be publicly disclosed on the Treasury

Department’s website? See section 2.04 of this revenue procedure.

AFMEPF 0016; 

Exh. 2.04 

Yes

No

N/A

5. Does the application include the plan actuary’s certification of

critical and declining status and the supporting illustrations,

including:

• the plan-year-by-plan projections demonstrating 

projected insolvency during the relevant period, and

• separately identifying the available resources (and the 

market value of assets and changes in cash flow)

during each of those years?

See section 3.01 of this revenue procedure.

AFMEPF 0016; 

Exh. 3.01 

Yes

No

N/A

6. Does the application include the plan actuary’s certification that, taking into

account the proposed suspension and, if applicable, a proposed partition,

the plan is projected to avoid insolvency if the suspension takes effect, and

the supporting illustrations, including:

• the plan-year-by-plan-year projections demonstrating 

projected solvency during the relevant period,

• separately identifying the available resources (and the 

market value of assets and changes in cash flow)

during each of those years?

See section 3.02 of this revenue procedure.

AFMEPF 0016-

0017; Exh. 3.02(2) 

AFMEPF0001

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Yes

No

N/A

7. Does the application include the plan sponsor’s determination of projected

insolvency that includes the documentation set forth in section 5 of the

revenue procedure? See section 3.03 of this revenue procedure.

AFMEPF 0017-

0018, 0040-0061 

Yes

No

N/A

8. Does the application include a demonstration that the limitations on

individual suspensions are satisfied, including a description of each benefit

based on disability, as defined under the plan, that is paid to an individual

under the plan (without regard to whether the disability benefits are available 

to newly disabled participants) and calculations regarding:

• the guarantee-based limitation,

• the disability-based limitation,

• the age-based limitation, taking into account the 

guarantee-based limitation, and

• if applicable, the age-based limitation taking into 

account both the guarantee-based limitation and the 

disability-based limitation?

See section 4.01 of this revenue procedure.

AFMEPF 0019-

0023; Exh 4.01 

Yes

No

N/A

9. Does the application include a demonstration that the proposed suspension 

is reasonably estimated to achieve the level necessary to avoid insolvency

for the extended period, including illustrations regarding the plan’s solvency 

ratio and available resources? See section 4.02(1) of this revenue 

procedure.

AFMEPF 0023; 

Exhs. 4.02(1), 6.03 

Yes 10. Does the application include an illustration that the proposed suspension is AFMEPF 0023-

No reasonably estimated to achieve the level necessary to avoid insolvency for 0024; Exhs. 

N/A the extended period utilizing stochastic projections? (This illustration is

optional if the plan is not required to appoint a retiree representative under § 

432(e)(9)(B)(v)(l).) See section 4.02(2) of this revenue procedure.

4.02(2), 6.03 

Yes

No

N/A

11. Does the application include a demonstration that the proposed suspension 

is not projected to materially exceed the level necessary to avoid insolvency,

including:

• the plan-year-by-plan-year projections demonstrating

projected insolvency during the relevant period, and

• a separate identification of the available resources

(and the market value of assets and changes in cash 

flow) during each of those years?

See section 4.03 of this revenue procedure.

AFMEPF 0024; 

Exh. 4.03(1-2) 

Yes

No

N/A

12. Does the application include a demonstration that the proposed 

suspension is equitably distributed, including:

• information on the effect of the suspension on the plan in the

aggregate,

• information on the effect of the suspension for different

categories or groups,

• a list of the factors taken into account,

• an explanation of why none of the factors listed in

§ 432(e)(9)(D)(vi) were taken into account (if applicable),

• for each factor taken into account that is not one of the factors

listed in § 432(e)(9)(D)(vi), an explanation why the factor is

relevant, and

• an explanation of how any difference in treatment among 

categories or groups of individuals results from a reasonable

AFMEPF 0024-

0037; Exh. 4.04 

AFMEPF0002

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application of the relevant factors?

See section 4.04 of this revenue procedure.

Yes

No

N/A

13. Does the application include a copy of the notices (excluding personally

identifiable information) that meet the requirements under § 432(e)(9)(F)? 

See section 4.05(1) of this revenue procedure.

AFMEPF 0037-

0038; Exhs. 

4.05(1)(A-B) 

Yes

No

N/A

14. Does the application include a description of the efforts that are being

taken to contact participants, beneficiaries in pay status, and alternate

payees? See section 4.05(2) of this revenue procedure.

AFMEPF 0038-

0040 

Yes

No

N/A

15. Does the application describe the steps the plan sponsor has taken to 

ensure that notices delivered electronically are reasonably accessible to 

the recipients? See section 4.05(3) of this revenue procedure.

AFMEPF 0040 

Yes

No

N/A

16. Does the application include a list of each employer who has an obligation

to contribute under the plan and each employee organization representing

participants under the plan? See section 4.05(4) of this revenue procedure.

AFMEPF 0040; 

Exh 4.05(4) 

Yes

No

N/A

17. Does the application include information on past and current measures

taken to avoid insolvency? See section 5.01 of this revenue procedure.

AFMEPF 0040-

0043 

Yes

No

N/A

18. Does the application include information regarding the plan factors

described in § 432(e)(9)(C)(ii), for the past 10 plan years immediately

preceding the plan year in which the application is submitted? See section

5.02 of this revenue procedure.

AFMEPF 0043-

0052 

Yes

No

N/A

19. Does the application describe how the plan sponsor took into account – or 

did not take into account – the factors listed in section 5.02 of this revenue

procedure in the determination that all reasonable measures were taken to 

avoid insolvency? See section 5.03 of this revenue procedure.

AFMEPF 0052-

0058 

Yes

No

N/A

20. Does the application describe how the plan sponsor took into account - or 

did not take into account - in the determination that all reasonable 

measures have been taken to avoid insolvency, the impact of:

• benefit and contribution levels on retaining activeparticipants

and bargaining groups under the plan, and

• past and anticipated contribution increases under the plan on 

employer attrition and retention levels?

See section 5.03 of this revenue procedure.

AFMEPF 0059-

0060 

Yes

No

N/A

21. Does the application include a discussion of any other factors the plan 

sponsor took into account including how and why those factors were taken 

into account? See section 5.04 of this revenue procedure.

AFMEPF 0060-

0061 

Yes

No

N/A

22. Does the application include a copy of the proposed ballot, excluding the 

information regarding the statement in opposition, the individualized 

estimate, and the voting procedures? See section 6.01 of this revenue

procedure.

AFMEPF 0061; 

Exh. 6.01 

Yes

No

N/A

23. Does the application indicate whether the plan sponsor is requesting

approval from PBGC of a proposed partition under section 4233 of ERISA? 

See section 6.02 of this revenue procedure.

AFMEPF 0061 

AFMEPF0003

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Yes

No

N/A

24. If the answer to item 23 is yes, does the application specify the effective 

date of the proposed partition and include a plan-year-by-plan-year

projection of the amount of the reduction in benefit payments attributable to

the partition? See section 6.02 of this revenue procedure.

AFMEPF 0061 

Yes

No

N/A

25. Does the application include:

• a description of each of the assumptions used in the projections

required under sections 3.01, 3.02, 4.02(1), 4.02(2), and 4.03 of

this revenue procedure,

• supporting evidence for the selection of those assumptions, and

• an explanation of any differences among the assumptions used

for various purposes?

See section 6.03 and Appendix B of this revenue procedure.

AFMEPF 0061-

0062; Exh. 6.03 

Yes

No

N/A

26. Does the application describe the plan’s experience with certain critical

assumptions, including a disclosure for each of the 10 plan years

immediately preceding the application that separately identifies:

• the total contributions,

• the total contribution base units,

• the average contribution rates,

• the withdrawal liability payments, and

• the rate of return on plan assets? 

See section 6.04 of this revenue procedure.

AFMEPF 0062; 

Exh. 6.04(1-2) 

Yes

No

N/A

27. Does the application include deterministic projections of the sensitivity of

the plan’s solvency ratio throughout the extended period by taking into 

account the more conservative assumptions of investment experience and

future contribution base units than assumed elsewhere in the application? 

See section 6.05 of this revenue procedure.

AFMEPF 0062-

0063; Exh. 6.05(1-

4) 

Yes

No

N/A

28. Does the plan include deterministic projections for each year in the 

extended period of:

• the value of plan assets,

• the plan’s accrued liability, and

• the plan’s funded percentage? See 

section 6.06 of this revenue procedure.

AFMEPF 0063; 

Exh. 6.06 

Yes

No

N/A

29. Does the application include the plan sponsor’s representation that, if it

receives the Treasury Department’s final authorization to suspend and 

then chooses to implement the suspension, it will also amend the plan:

• to provide that the suspension will cease upon the plan sponsor’s 

failure to maintain a written record of its annual determinationthat

(i) all reasonable measures continue to be taken to avoid 

insolvency and (ii) the plan would not be projected to avoid 

insolvency without a suspension,

• to require that any future benefit improvements must satisfy

§ 432(e)(9)(E), and

• to specify that the plan sponsor will not modify these 

amendments, notwithstanding any other provision of the plan

document?

See section 6.07 of this revenue procedure.

AFMEPF 0063; 

Exh. 6.07 

Yes 30. Does the application indicate whether the plan is a plan described in § AFMEPF 0063 

AFMEPF0004

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N/A

432(e)(9)(D)(vii) and, if it is, how that is reflected in the proposed benefit

suspension? See section 6.08.

Yes

No

N/A

31 Does the application include a narrative statement of the reasons the plan 

is in critical and declining status?

See section 6.09.

AFMEPF 0064-

0067 

Yes

No

N/A

32. Does the application include the required plan sponsor identification and 

contact information? See section 7.01 of this revenue procedure.

AFMEPF 0067 

Yes

No

N/A

33. Does the application include the required plan identification information? 

See section 7.02 of this revenue procedure.

AFMEPF 0067 

Yes

No

N/A

34. Does the application include the required retiree representative information 

(if applicable)? See section 7.03 of this revenue procedure.

AFMEPF 0067 

Yes

No

N/A

35. Does the application include the required enrolled actuary information?

See section 7.04 of this revenue procedure.

AFMEPF 0067 

Yes

No

N/A

36. Does the application include a designation of power of attorney for each 

authorized representative who will represent the plan sponsor in connection 

with the application? See section 7.05 and Appendix C of this revenue 

procedure.

AFMEPF 0068; 

Exh.7.05 

Yes

No

N/A

37. Does the application include:

• the required plan documents

• any recent amendments

• the summary plan description (SPD) 

• any summary of material modifications, and

• the most recent determination letter? 

See section 7.06 of this revenue procedure.

AFMEPF 0068; 

Exhs. 7.06, 7.06(1-

2) 

Yes

No

N/A

38. Does the application include the required excerpts from the relevant

collective bargaining agreements and side agreements? See section 7.07 of 

this revenue procedure.

AFMEPF 0068-

0069; Exh. 7.07 

Yes

No

N/A

39. Does the application include the required excerpts from the most recently

filed Form 5500? See section 7.08 of this revenue procedure.

AFMEPF 0069; 

Exh. 7.08 

Yes

No

N/A

40. Does the application include the most recently updated rehabilitation plan? 

See section 7.09 of this revenue procedure.

AFMEPF 0069; 

Exh. 7.09 

Yes

No

N/A

41 Does the application include the two most recent actuarial valuation 

reports? See section 7.10 of this revenue procedure.

AFMEPF 0069; 

Exh. 7.10 

Yes

No

N/A

42. Does the application include this checklist, completed and placed on top of

the application? See section 7.11 of this revenue procedure and this

Appendix D.

AFMEPF 0001-

0006, 0069 

AFMEPF0005

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Yes 43. If the application is being submitted for resubmission review, does the 

~ application include: 

NIA l • cross-references to information in the prior application with 

- respect to information that has not changed from the prior 

application, 

• a statement that the application is being submitted for 

resubmission review, and 

• the date on which the Treasury Department indicated that the 

application is a candidate for resubmission review? 

See section 8 of this revenue orocedure. 

Union Trustee Employer Tru ee 

Date: December 30, 2020 Date: December 30, 2020 

AFMEPF0006 
American Federation of 

Musicians and Employers’ 

Pension Fund’s 

Application to the Department of 

the Treasury for 

Approval of Suspension of 

Benefits under the 

Multiemployer Pension Reform 

Act of 2014 

Dated: December 30, 2020 

AFMEPF0007
SECTION 1. BACKGROUND AND PURPOSE 

Pursuant to Internal Revenue Service Revenue Procedure 2017-43 (the “Revenue Procedure”) 

and the Department of the Treasury’s final regulations issued under Section 432(e)(9) of the 

Internal Revenue Code of 1986 (the “Code”) and published in the Federal Register on April 28, 

2016 (the “Regulations”), the Board of Trustees of the American Federation of Musicians and 

Employers’ Pension Plan (the “Plan”) submits this application and the accompanying Exhibits to 

the Secretary of the Treasury for approval of suspension of benefits. 

Code Section 432(e)(9)(G) provides that the Secretary of the Treasury shall approve an 

application for the approval of suspension of benefits upon finding that the plan is eligible and 

has satisfied the criteria set forth in subparagraphs (C), (D), (E), and (F) of Code Section 

432(e)(9). As explained below, the Plan is eligible to suspend benefits and has satisfied each of 

the enumerated criteria. Therefore, the Board of Trustees of the Plan respectfully requests that 

the Secretary approve this application to suspend benefits. 

AFMEPF0008
SECTION 2. APPLICATION PROCEDURES 

Checklist item 1 - 2.01 Plan sponsor submission 

The Board of Trustees of the Plan submit this application for approval of a proposed benefit 

suspension under Code Section 432(e)(9). This application is signed and dated by two current 

Trustees oft ePlan, the Co-Chairs of the Board of Trustees, who are authorized to sign and are 

Date: December 30, 2020 

,~, ---

Date: 

~ 

December 30, 2020 

AFMEPF0009 
Checklist item 2 – 2.02 Terms of proposed benefit suspension 

1) Effective Date 

January 1, 2022 

2) Expiration Date 

The proposed benefit suspension will remain in effect indefinitely and will not expire by its own 

terms. 

3-4) The proposed suspension provides for different treatment of participants and beneficiaries 

(other than as a result of the application of the individual limitations). 

The following provides the categories or groups of individuals for which the proposed 

suspension provides for different treatment and how those categories or groups are defined. It 

further describes the differences in treatment, including the formula used to calculate the amount 

of the proposed benefit suspension for individuals in each category or group. While the proposed 

benefit suspension takes into account the individual limitations on a benefit suspension (as 

described in the response to Checklist item 8), for ease of presentation and understanding, the 

amount of the suspension described in this response to Checklist item 2 is described as if the 

individual limitations did not apply. 

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. A subsidized benefit 

means that the benefit paid prior to age 65 is more valuable than the benefit paid at age 65. That 

occurred when the benefit paid before age 65 was not reduced by the full amount necessary to 

make it actuarially equivalent to the age 65 amount. Said differently, the early retirement benefit 

was not reduced to fully reflect the fact that the participant (i) would receive payments for a 

longer period of time and (ii) benefited from the time value of money in that payments would be 

made earlier, making them more valuable than payments made later. 

Those Participants whose Initial Pension Effective Date was earlier than 2004 and were under 

age 65 received this early retirement subsidy on the full amount of their benefit. 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. 

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. 

AFMEPF0010
Participants whose Initial Pension Effective Date for an early retirement pension began on or 

after June 1, 2010 were not eligible for any early retirement subsidy. 

As part of this proposed benefit reduction, participants whose Initial Pension Effective Date for 

an early retirement pension was before 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 

The subsidy is not being removed because any participant did anything wrong by taking early 

retirement and receiving this subsidy, and indeed, participants may not have even known that 

there was a subsidy. The subsidy was built into the Plan when the Plan could afford it, to help 

lessen the impact of the early retirement adjustment, recognizing that it was often difficult to 

work in this industry until age 65. 

AFMEPF0011
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 

65 multiplier 1, 2010 (when the age- calculate benefits for contributions earned before January

was higher than $1.00). There is no change to the multipliers for contributions earned on or after 

 1, 2010 – the $1.00 multiplier is not being reduced. January

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

tipliers at each retirement age. The “after” column shows the column shows the current mul

multiplier at each retirement age under the proposed reduction. The numbers in both the “before” 

and “after” columns already reflect the elimination of any early retirement subsidy (as described 

above). 

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 

No Change After Before After Before After Before After Before Age 

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

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

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

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

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

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

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

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

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

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

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

Monthly benefits for those already receiving their pension will be recalculated using the new 

for the retiree’s age as of the date they began receiving their benefit (their Pension multipliers 

Effective Date) and the form of payment they chose at that time. 

Participants who have earned contributions in the Plan only on and after January 1, 2010 are not 

d by this part of the benefit reduction. For participants who earned contributions both affecte

1, 2010, only the portion of the benefit earned during Benefit Periods A before and after January 

% reduction in the multipliers. through D is subject to the 30.9

AFMEPF0012

-
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 additional contributions 

before reaching age 65 earn “re-retirement 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 multipliers 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, the 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--other than the $1.00 multiplier-- that have 

been reduced by 30.9%. 

• The recalculated re-retirement benefit will then be adjusted for the participant’s elected 

form of payment. 

• In no event will the recalculated re-retirement benefit increase the current in-pay reretirement 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 the 

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 individual has already received from the Plan, including both Regular Pension 

AFMEPF0013
Benefits and re-retirement benefits. This 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. 

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

For a benefit paid starting after age 65 to be equivalent in value to the normal retirement benefit 

that would be payable at age 65, the monthly benefit for the 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. The participant will receive the greater of: 

• The benefit calculated using the total contributions earned by the participant as of the 

participant’s Pension Effective Date, or 

• The benefit calculated using contributions earned by the participant to age 65, with an 

actuarial increase to the 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 (the 

“AFM-EPF Staff Plan”) merged with the Plan. Before the merger, the AFM-EPF 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 

AFMEPF0014
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 Retirement 

Plan”) merged with the Plan. Before the merger, the AFM Retirement Plan had its own formula 

for calculating benefits, which was different from the Plan’s formula. Participants receiving premerger benefits have had an annual cost-of-living increase (COLA) on the portion of their 

benefit earned as of March 31, 2000. Going forward, there will be no COLA 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 

The proposal limits 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. 

Participants whose monthly reduction would be less than $1.00 

The proposal provides for no suspension for individuals whose monthly benefit would otherwise 

be reduced by less than $1.00. 

Checklist item 3 – 2.03 Penalties of perjury statement. 

See Exhibit 2.03 for the penalty of perjury statement signed by authorized Trustees on behalf of 

the Board of Trustees. 

AFMEPF0015
Checklist item 4 – 2.04 Public disclosure statement. 

See Exhibit 2.04 for a statement signed by authorized Trustees on behalf of the Board of 

Trustees acknowledging public disclosure of this application and its supporting material. 

SECTION 3. DEMONSTRATION THAT PLAN IS ELIGIBLE FOR SUSPENSION 

Checklist item 5 – 3.01 Plan actuary’s certification of critical and declining status 

Exhibit 3.01 contains the certification from the Plan’s actuary required under Code Section 

432(b)(3)(B)(iv) that the Plan is in critical and declining status for the Plan Year commencing 

April 1, 2020. 

Exhibit 3.01 also contains additional documentation required by Section 3.01 of the Revenue 

Procedure. 

Checklist item 6 – 3.02 Plan actuary’s certification that the Plan is projected to avoid 

insolvency 

Exhibit 3.02(1) contains the Plan actuary’s Deterministic Projection of Current Plan without 

Proposed Suspension, which includes a year-by-year solvency projection that demonstrates that 

the Plan is projected to become insolvent in the plan year beginning April 1, 2034. 

Exhibit 3.02(2) contains the Plan actuary’s Deterministic Projection with Proposed Suspension, 

including a certification to the Board of Trustees under Code Section 432(3)(9)(C)(i) that the 

Plan is projected to avoid insolvency within the meaning of Code Section 418E, taking into 

account the proposed benefit suspension and assuming that the proposed suspension continues 

indefinitely. 

Documentation supporting the actuarial certification under Code Section 432(e)(9)(C)(i) is 

included with the certification, including a plan-year-by-plan-year projection of the available 

resources within the meaning of Code Section 418E(b)(3) and the benefits due under the Plan 

demonstrating the avoidance of insolvency of the Plan over the extended period described in 26 

CFR Section 1.432(e)(9)-1(d)(5)(ii)(C). The plan-year-by-plan-year projection separately 

identifies the market value of assets as of the beginning and end of the initial period and each 

subsequent plan year in the extended period and the following cash flow items for the initial 

period and each of those plan years: (1) contributions; (2) withdrawal liability payments, 

separately identifying those payments that are attributable to prior withdrawals and those 

payments that are attributable to assumed future withdrawals; (3) benefit payments, separately 

AFMEPF0016
identifying benefit payments with respect to current retirees and beneficiaries, terminated vested 

participants who are not currently receiving benefits, currently active participants, and future 

new entrants; (4) administrative expenses; and (5) net investment returns. In addition, the Plan 

has 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. 

Checklist item 7 – 3.03 Plan sponsor’s determination of projected insolvency 

As required under Section 432(e)(9)(C)(ii), the Board of Trustees determined after review of all 

of the available information and possible reasonable Plan changes that the Plan would become 

insolvent unless benefits are suspended as proposed in this application, even though all 

reasonable measures to avoid insolvency have been taken. 

Milliman, the Plan’s actuary, certified on June 29, 2020 that the Plan continues to be in critical 

and declining status for the plan year beginning on April 1, 2020. In that certification, the Plan’s 

actuary determined that the Plan was projected to become insolvent in the plan year beginning 

April 1, 2034. Based on updated information and different actuarial assumptions than those used 

to certify that the Plan was in critical and declining status for the plan year beginning on April 1, 

2020, Milliman determined that the Plan is still projected to become insolvent in the plan year 

beginning April 1, 2034 as indicated in Exhibit 3.02(1). Despite the fact that the Board of 

Trustees had taken all reasonable measures to avoid the insolvency, the Plan’s actuary 

determined that the Plan is now projected to become insolvent. The most recent actuarial 

certification of critical and declining status (as of April 1, 2020) is provided in response to 

Checklist item 5. This application includes supporting documentation demonstrating the Plan’s 

need to suspend benefits. 

The Board of Trustees has included the following documentation as required by Section 5 of the 

Revenue Procedure: 

• Measures taken to avoid insolvency. A detailed description of measures taken to avoid 

insolvency over the past 10 plan years immediately preceding the plan year in which the 

application is submitted is provided in response to Checklist item 17. 

• Plan factors. In accordance with Section 432(e)(9)(C)(ii), in response to Checklist item 

18, the following specific information is provided with respect to the Plan: 

• For the 10 plan years immediately preceding the plan year in which the 

application is submitted: 

AFMEPF0017
 Contribution levels. 

 Levels of benefit accruals, including any prior reductions in the rate of 

benefit accruals. 

 Prior reductions, if any, of adjustable benefits under Section 432(e)(8). 

 Any prior suspension of benefits under Section 432(e)(9). 

 Measures undertaken by the Plan sponsor to retain or attract contributing 

employers. 

• The impact on Plan solvency of the subsidies and ancillary benefits, if any, 

available to active participants. 

• Compensation levels of active participants relative to employees in the 

participants’ industry generally. 

• Competitive and other economic factors facing contributing employers. 

• How plan factors were taken into account. For each of the factors listed above, the 

response to Checklist item 19 contains a description of how that factor was taken into 

account (or why that factor was not taken into account) in the Plan sponsor’s 

determination that all reasonable measures have been taken to avoid insolvency. 

• How certain other enumerated factors were taken into account. For each of the factors 

described in Section 432(e)(9)(C)(ii)(VIII) (the impact of benefit and contribution levels 

on retaining active participants and bargaining groups under the Plan) and Section 

432(e)(9)(C)(ii)(IX) (the impact of past and anticipated contribution increases under the 

Plan on employer attrition and retention levels), the response to Checklist item 20 

contains a description of how that factor was taken into account (or why that factor was 

not taken into account) in the Plan sponsor’s determination that all reasonable measures 

have been taken to avoid insolvency. 

• Other factors considered. The response to Checklist item 21 contains a discussion of any 

other factors the Plan sponsor took into account in the determination that all reasonable 

measures have been taken to avoid insolvency, including how and why those factors were 

taken into account. 

AFMEPF0018
SECTION 4. DEMONSTRATION THAT THE PROPOSED SUSPENSION SATISFIES 

THE STATUTORY REQUIREMENTS 

Checklist item 8 – 4.01 Demonstration that limitations on individual suspensions are 

satisfied 

See Exhibit 4.01 for a demonstration of how the proposed suspension satisfies the limitations 

described in Sections 432(e)(9)(D)(i), (ii) and (iii) as required under the Revenue Procedure. 

The following is a summary of the individual demonstrations included to show that such 

limitations are properly satisfied: 

The calculations in Exhibit 4.01 illustrate how the proposed suspension satisfies the 110%-ofPBGC-guarantee limitation, the age-based limitation, and the disability-based limitation, as 

established under Code Section 432(e)(9)(D)(i), (ii), and (iii), respectively. In particular, the 

proposed suspension does not reduce or change the benefit of any participant or beneficiary 

whose benefit amount is less than 110% of the PBGC guarantee. In addition, the proposed 

suspension does not affect any participant or beneficiary who will be age 80 or older as of 

January 31, 2022 (the end of the month in which the January 1, 2022 effective date of the 

proposed suspension occurs). The proposed suspension only partially affects any participant or 

beneficiary who will be age 75-79 as of January 31, 2022 (with proportionally more of the 

current benefit being protected the closer the participant or beneficiary is to age 80). Lastly, the 

proposed suspension does not affect the portion of any benefit that a participant is receiving that 

is payable as a disability benefit under the Plan. 

In determining the extent to which any participant’s benefit will be reduced pursuant to the 

Plan’s suspension of benefits, no participant’s monthly guaranteed benefit, calculated under 

Section 4022A of ERISA, is reduced on account of any of the following limitations or 

exclusions: (1) the Section 4022A(a) exclusion of certain forfeitable benefits; (2) the Section 

4022A(b)(1)(A) exclusion of certain benefits and benefit increases in effect for less than 60 

months; (3) the limitations contained in the Section 4022A(c)(2) definition of the accrual rate 

used for calculating the monthly guaranteed benefit, so that the accrual rate is based on a benefit 

that is no greater than the monthly benefit payable under the Plan at normal retirement age in the 

form of a single life annuity and is calculated without regard to any reduction under Section 

411(a)(3)(E) of the Code, divided by years of Pension Credit (limiting Pension Credit to 1 year 

for any year of participation); (4) the Section 4022A(d) limitation that the guaranteed benefit will 

not exceed the benefit calculated under the Plan as reduced under Section 411(a)(3)(E) of the 

Code; and (5) the Section 4022A(e) exclusion, pursuant to Section 4022(b)(6), of benefits that 

would not be guaranteed if paid under a single-employer plan. 

AFMEPF0019
The Plan's definition of what qualifies as a disability, which is required for a participant to 

receive a Disability Pension Benefit, the service and age requirements for the Plan's Disability 

Pension Benefit, and the amount of the Disability Pension Benefit are set forth in Sections 1.40, 

5.04 and 5.05 of the Plan document set forth in Exhibit 7.06. Prior to 2004, the Disability 

Pension Benefit was not actuarially reduced for commencement prior to age 65. 

Application of the limitation provisions is based on the total benefit payable to the participant or 

beneficiary and the participant’s total years of Pension Credit. However, if a participant's benefit 

is split with an alternate payee under the terms of a qualified domestic relations order (QDRO), 

then the determination of the guaranteed level for both parties is based on the type of QDRO. 

Generally, if the QDRO is a shared payment QDRO (i.e., the alternate payee shares in each 

benefit payment but the participant retains the right to choose the time and form of payment), 

then the participant's total benefit and total years of Pension Credit are used for purposes of 

determining the guaranteed amount for both parties. If the QDRO is a separate interest QDRO 

(i.e., the alternate payee has a separate right to receive a portion of the benefit paid at a time and 

in a form different from that chosen by the participant), then the alternate payee's separate benefit 

level and a pro rata share of the years of Pension Credit are used to determine the guaranteed 

amount. The pro rata share of the years of Pension Credit is based on the contributions applicable 

to the alternate payee’s benefit divided by the total contributions. If there are multiple QDROs 

with multiple alternate payees, this determination is made separately with each applicable 

QDRO. 

Similarly, in the event that the age-based limitation applies to a participant who has a QDRO, 

then the type of QDRO will determine whether the Plan uses the participant's or alternate payee's 

age. If the QDRO is a shared payment QDRO, then the participant's age is used for purposes of 

applying the age-based limitation as of the proposed suspension's effective date. Alternatively, if 

the QDRO is a separate interest QDRO, then the alternate payee's age is used to determine the 

application of the age-based limitation. If there are multiple QDROs with multiple alternate 

payees, the determination of whose age to use is determined separately for each applicable 

QDRO. 

The application of the age-based limitation for a participant who elected a joint and survivor 

benefit also is based on the age of the participant as of the end of the month containing the 

effective date of the proposed suspension, unless he or she is deceased, in which case the 

beneficiary’s age is used to determine the application of the age-based limitation. 

Exhibit 4.01 contains the sample calculations requested by Revenue Procedure 2017-43 section 

4.01 as follows: 

AFMEPF0020
• Section 4.01(1) — Demonstration of the PBGC guarantee-based limitation 

• Illustration #1 — Individual currently receiving benefits 

• Illustration #2 — Contingent beneficiary of an individual currently receiving 

benefits 

• Illustration #3 — Future retiree 

• Section 4.01(2) — Demonstration of the disability-based limitation 

• Illustration #4 — Individual currently receiving disability benefits 

• Illustration #5 — Contingent beneficiary of an individual currently receiving 

disability benefits 

Note: The disability-based limitation does not affect any future retirees. 

• Section 4.01(3) — Demonstration of the age-based limitation and section 2.02(4) 

• Illustration #6 — Individual currently receiving benefits age 75-79 with a 

contingent beneficiary under age 75 

• Illustration #7 — Individual currently receiving benefits under age 75 with a 

contingent beneficiary age 75-79 

• Illustration #8 — Individual currently receiving benefits over age 80 

• Illustration #9 — Active age 75-79 with benefits earned only at $1.00 multiplier 

• Illustration #10 — Individual currently receiving joint and survivor benefits with 

both participant and spouse ages 75-79 with benefits earned only at multipliers 

above $1.00 

• Illustration #11 — Future retiree age 75-79 with benefits earned only at 

multipliers above $1.00 

AFMEPF0021
• Illustration #12 — Individual currently receiving joint and survivor benefits with 

both participant and spouse ages 75-79 with benefits earned at $1.00 multiplier 

and higher multipliers 

• Illustration #13 — Active age 75-79 with benefits earned at $1.00 multiplier and 

higher multipliers 

• Illustration #14 — Individual currently receiving joint and survivor benefits with 

both participant and spouse ages 75-79 with pre-2004 Pension Effective Date with 

full early retirement subsidy 

• Illustration #15 — Individual currently receiving joint and survivor benefits with 

both participant and spouse ages 75-79 with Pension Effective Date between 2004 

and 5/2010 with partial early retirement subsidy 

• Illustration #16 — Individual currently receiving joint and survivor benefits with 

both participant and spouse ages 75-79 with in-pay re-retirement benefit 

• Illustration #17 —Individual currently receiving joint and survivor benefits with 

both participant and spouse ages 75-79 with in-pay re-determination benefit. 

• Illustration #18 — Individual currently receiving joint and survivor benefits with 

both participant and spouse ages 75-79 over age 65 at Initial Pension Effective 

Date with contributions after age 65 

• Illustration #19 — Active age 75-79 who will be over age 65 at Initial Pension 

Effective Date with contributions after age 65 

• Illustration #20 — Individual currently receiving joint and survivor benefits age 

75-79 affected by MPRA Plan maximum 

• Illustration #21 — Individual currently receiving joint and survivor benefits with 

both participant and spouse ages 75-79 with pre-merger AFM-EPF Staff Plan 

benefit with 7% increase 

• Illustration #22 — Individual currently receiving benefits age 75-79 with premerger AFM Retirement Plan benefit affected by prospective elimination of 

COLA 

• Illustration #23 — Individual currently receiving joint and survivor benefits with 

both participant and spouse ages 75-79 with participant who received RAB as 

AFMEPF0022
lump sum with Plan monthly benefit 

There are no illustrations included for the following scenarios because there are no participants 

or beneficiaries who meet the parameters specified by section 4.01(3)(a) of Revenue Procedure 

2017-43: 

• Currently receiving benefits age 75-79 with benefits earned only at $1.00 multiplier 

• Active age 75-79 with early retirement subsidy, re-retirement benefits, re-determination 

benefits, affected by MPRA Plan maximum, pre-merger AFM-EPF Staff Plan benefit 

with 7% increase, pre-merger AFM Retirement Plan benefit affected by prospective 

elimination of COLA, or who received RAB as lump sum with Plan monthly benefit 

• Currently receiving benefits age 75-79 with future re-retirement benefits 

Checklist item 9 – 4.02(1) Demonstration that the proposed suspension is reasonably 

estimated to achieve the level necessary to avoid insolvency on a deterministic basis 

See Exhibit 4.02(1) for a demonstration that, in accordance with Section 432(e)(9)(D)(iv), the 

proposed benefit suspension is reasonably estimated to enable the Plan to avoid insolvency. 

This demonstration includes an illustration, prepared on a deterministic basis, showing that (a) 

for each plan year during the extended period described in Treasury Regulation Section 

1.432(e)(9)- 1(d)(5)(ii)(C), the Plan’s solvency ratio – the ratio of the Plan’s available resources 

(as defined in Code Section 418E(b)(3)) to the scheduled benefit payments under the Plan for the 

plan year – is projected on a deterministic basis to be at least 1.0 and (b) neither the Plan’s 

solvency ratio nor its available resources are projected to decrease in any of the last five plan 

years of the extended period. 

The response to Checklist item 25 describes the actuarial assumptions used for the illustrations. 

Checklist item 10 – 4.02(2) Demonstration that the proposed suspension is reasonably 

estimated to achieve the level necessary to avoid insolvency using stochastic projections 

See Exhibit 4.02(2) for another demonstration that, in accordance with Section 432(e)(9)(D)(iv), 

the proposed benefit suspension is reasonably estimated to enable the Plan to avoid insolvency. 

This demonstration includes an illustration, using stochastic projections that reflect variance in 

investment return, that the probability the Plan will avoid insolvency throughout the extended 

period as a result of the proposed suspension is greater than 50 percent. 

AFMEPF0023
The response to Checklist item 25 describes the actuarial assumptions used for the illustration. 

Checklist item 11 – 4.03 Demonstration that the proposed suspension is reasonably 

estimated not to materially exceed the level necessary to avoid insolvency 

Exhibit 4.03(1) includes a demonstration that, in accordance with Code Section 432(e)(9)(D)(iv), 

the proposed benefit suspension is reasonably estimated to not materially exceed the level 

necessary to enable the Plan to avoid insolvency. The demonstration includes an illustration, 

prepared on a deterministic basis, of the Plan’s available resources and solvency ratio as 

described in Section 4.02(1) of the Revenue Procedure (and Exhibit 4.03(2) contains an 

illustration of the probability that the Plan will avoid insolvency prepared using stochastic 

projections, as described in Section 4.02(2) of the Revenue Procedure) showing the proposed 

suspension would not reasonably be estimated to avoid insolvency if the dollar amount of the 

proposed suspension for each participant and beneficiary were reduced (but not below zero) by 

the greater of (1) five percent of the reduction in the periodic payment proposed for that 

participant or beneficiary; or (2) two percent of the participant’s or beneficiary’s periodic 

payment determined without regard to the reduction proposed in the application. 

Checklist item 12 – 4.04 Demonstration that the proposed suspension is distributed 

equitably 

In accordance with 432(e)(9)(D)(vi), the Board of Trustees has determined that the proposed 

benefit suspension is distributed in an equitable manner across the participant and beneficiary 

population. 

Exhibit 4.04 includes a Distribution of Proposed Suspension for Plan, which sets forth for the 

Plan in the aggregate the following: 

• the number of participants, beneficiaries, and alternate payees; the average monthly 

benefit before the suspension; the average monthly benefit after the suspension 

(determined taking into account the individual limitations); and the aggregate present 

value of the reduction in benefits for all individuals; and 

• the distribution of the benefit suspension. This demonstration shows a count of 

individuals whose benefits are not reduced, and a count of individuals whose benefits are 

reduced by a percentage that falls within a series of ranges that do not exceed 10 percent. 

Exhibit 4.04 also contains tables showing the same information for each category or group that 

receives different treatment (other than as a result of the application of the individual limitations) 

as follows: 

AFMEPF0024
• Table A1 – Benefits earned only at $1.00 multiplier 

• Table A2 – Benefits earned only at multipliers above $1.00 

• Table A3 – Benefits earned at $1.00 multiplier and higher multipliers 

• Table B1 – Retirees with pre-2004 Pension Effective Dates with full early retirement 

subsidy 

• Table B2 – Retirees with Pension Effective Dates between 2004 and 5/2010 with partial 

early retirement subsidy 

• Table C1 – Participants 65+ at 1/1/2022 with in-pay re-retirement benefit 

• Table C2 – Participants < 65 at 1/1/2022 with future re-retirement benefit 

• Table D – Participants 65+ at 1/1/2022 with in-pay re-determination benefit 

• Table E – Participants affected by MPRA Plan maximum 

• Table F – Participants retired after age 65 with contributions after age 65 

• Table G – AFM-EPF Staff Plan participants with 7% increase and AFM Retirement Plan 

participants affected by COLA 

• Table H – Participants with RAB benefit who received RAB as lump sum with Plan 

monthly benefit 

The following sets forth the factors considered by the Board of Trustees in its analysis, 

consideration and adoption of the proposed suspension of benefits, as well as an explanation of 

how the differences in treatment under the proposed suspension among the categories or groups 

identified above result from a reasonable application of those factors. 

Extent to which Participant or Beneficiary Is Receiving a Subsidized Benefit 

The Board of Trustees determined that the Plan should remove all of the subsidies including not 

just the early retirement subsidy but all of the-above described costly benefits (and as further 

detailed below), before the imposition of any reductions to participants' Regular Pension Benefit 

payable at the Plan’s Normal Retirement Age of 65 (Regular Benefit). The Regular Benefit is the 

core promise of the Plan. Thus, the Board of Trustees determined that it would be inequitable to 

continue to provide subsidies to some participants while at the same time reducing other 

AFMEPF0025
participants' and beneficiaries' Regular Benefits. This was particularly important because many 

active participants have been accruing benefits at only the $1.00 multiplier since 2010 and are 

expected to do so in the foreseeable future. Moreover, any perceived additional unfair allocation 

of reductions to active participants, who are not eligible for most subsidized benefits, could risk a 

loss of their support for the Plan, which would harm the Plan and its participants. 

Thus, a number of changes are being proposed to “level the playing field” by eliminating various 

subsidies in the Plan. This approach arose in six different areas – early retirement subsidies, reretirement benefits, re-determination benefits, late retirement with contributions, the benefit 

maximum and a Cost of Living Adjustment (COLA) for the portion of an American Federation 

of Musicians (Union) staff participant’s benefit earned under the AFM Retirement Plan prior to 

its merger into the Plan. Each of these benefits is currently subsidized to some degree. 

First, with respect to early retirement, the Board of Trustees considered the fact that early 

retirement subsidies are currently only available to certain participants, depending on the date of 

accrual and the date of retirement. Specifically, in 2003, the Plan was amended to eliminate early 

retirement subsidies prospectively, for all accruals on and after January 1, 2004. Effective in 

June 1, 2010, the rehabilitation plan then eliminated early retirement subsidies even for accruals 

earned prior to 2004. However, under the Pension Protection Act, this change could only apply 

to participants who had a Pension Effective Date on or after June 1, 2010. 

Accordingly, at this time, participants who commenced an early retirement benefit prior to 

January 1, 2004 are receiving a subsidy on their full benefit. Participants who commenced an 

early retirement benefit on or after January 1, 2004 but before June 1, 2010 receive a subsidy 

only on the portion of their benefits earned prior to January 1, 2004. Participants who retired on 

or after June 1, 2010 are not entitled to any early retirement subsidy. As described above, the 

Board of Trustees determined that it would not be equitable to retain subsidies for the remaining 

group of participants that still has them. 

The Board of Trustees, while reflecting on comments made in the Plan’s prior application for 

suspensions, considered retaining a portion of the early retirement subsidy. At lower percentages 

of retention, this did not appear to cause any increase in the flat percentage cut to the multipliers. 

However, the Trustees determined that the 40% maximum reduction provided protection for 

most participants with an early retirement subsidy, and retaining a portion (e.g., 25%) of the 

early retirement subsidy would have resulted in mostly nominal increases for only a small 

portion of those who had received an early retirement subsidy. The Board of Trustees was also 

concerned with the perception of active participants, whose support is necessary for the 

continuing viability of the Plan, were any portion of the early retirement subsidy retained when 

the flat reduction in the multiplier above $1.00 increased so significantly from that proposed in 

the prior suspension application. 

AFMEPF0026
1 

Second, with respect to re-retirement benefits, the Board of Trustees considered the fact that 

retirees who return to covered employment before age 65 continue to receive the initial regular 

benefit and receive a re-retirement benefit at age 65. The additional re-retirement benefit is equal 

to the amount of their gross benefit using the age-65 benefit multiplier for all benefit periods, 

reduced by the value of benefits that have already been received expressed as a monthly benefit, 

and then reduced by the initial regular benefit. The Board of Trustees concluded that this 

calculation method produces a likely subsidy in that it provides large re-retirement benefits as 

compared to a benefit based solely on the additional contributions earned after the Initial Pension 

Effective Date and before normal retirement date. For the reasons stated above, the Board of 

Trustees concluded that it is equitable to change these rules, retroactively and prospectively, to 

compute the additional age-65 re-retirement benefit based only on the contributions earned after 

the early retirement commencement date (to the extent that the new method would reduce a 

participant’s benefit). 

Third, with respect to re-determination benefits, the Board of Trustees considered the fact that 

the Plan currently provides retirees who return to covered employment after age 65 with an 

increase to their benefits greater than what is required by law. Specifically, currently, when a 

retiree returns to covered employment after age 65, the Plan recalculates benefits annually. The 

re-determination benefit is the benefit based on contributions received in the prior year reduced 

by the value of all re-determination benefits previously received only in the prior year.1 

The Board of Trustees concluded that this methodology could produce a subsidy because the 

value used to offset prior payments is not actuarially equivalent. For the reasons stated above, the 

Board of Trustees concluded that it is equitable to change these rules, retroactively and 

prospectively, to offset re-determination benefits by the amount of benefits paid since initial 

commencement of the pension. 

Fourth, the Plan’s current method of calculating benefits earned after normal retirement age by a 

participant who has not yet commenced benefits is greater than what is required by law. Each 

year, the Plan determines the benefit increase based on the greater of the benefit based on all 

contributions or the benefit based on 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 age66 benefit or the benefit using all contributions through age 66. The benefit at age 67 is the 

greater of the age-66 benefit actuarially increased benefit to the age-67 benefit or the benefit 

using all contributions through age 67. This method provides a subsidy in that it can produce 

For individuals who retired prior to July 1, 2005, there is no offset at all for benefits paid since retirement. 

Since all individuals affected by that rule are over age 80, they are protected by MPRA’s age protections 

and will therefore not have a reduction. 

AFMEPF0027
benefits that are larger than either the actuarial equivalent of the age-65 benefit or the benefit 

based on all contributions. Accordingly, the Board of Trustees concluded that it is equitable to 

change these rules, retroactively and prospectively, to provide that the benefit for post-age-65 

retirements with post-age-65 benefit accruals will be the greater of the benefit using total 

contributions at the annuity starting date or the benefit based on contributions to normal 

retirement age actuarially increased to the annuity starting date. 

Fifth, the Plan currently contains a maximum annual benefit of $195,000, which is patterned 

after the Internal Revenue Code Section 415 maximum. The Plan also provides that benefits in 

excess of $195,000 that were earned as of December 31, 2007 are protected. Currently, this 

maximum benefit is not fully actuarially reduced to account for early retirement because the 

Plan’s reduction begins at age 62, rather than age 65. Moreover, it is not reduced to account for 

benefits taken in a joint and survivor form of benefit. This provides subsidies to individuals who 

retire early or take their benefits in a joint and survivor form of benefit. For the reasons stated 

above, the Board of Trustees concluded that it is equitable to eliminate these subsidies by 

actuarially reducing the Plan’s maximum benefit for those who retire prior to age 65 and/or take 

their benefits in the form of a joint and survivor annuity. 

Sixth, with respect to participants employed by the Union who were formerly participants in the 

AFM Retirement Plan, which merged into the Plan effective April 1, 2000, there is a COLA that 

applies each year with respect to the portion of their benefit earned prior to the merger. The 

Board of Trustees concluded that these increases provide a subsidy because the value of benefits 

is increased beyond the value of the age-65 benefit. For the reasons stated above, the Board of 

Trustees concluded that this benefit should not be perpetuated and that it is equitable to eliminate 

any future COLA increases that would otherwise have taken effect on or after the effective date 

of the suspension. 

History of Benefit Increases and Reductions 

The Board of Trustees considered the Plan’s history of both benefit increases and reductions. 

The benefit multiplier (expressed as a single life annuity payable at age 65) from 1959 to 1963 

was $1.00 per $100 in contributions. The Plan was a robust, healthy pension fund through the 

late 1990s. Given its strong funded position, the Plan’s actuaries over the years advised the 

Trustees that the Plan could afford to increase the benefit multiplier. Based on this advice, the 

Trustees approved 15 separate multiplier increases. By January 1, 2000, these increases resulted 

in a $4.65 multiplier for retirements at age 65, the Plan's normal retirement age. Generally, these 

increases, including the last increase in 2000, applied not only to benefits that would be earned in 

the future but also to all benefits that participants had already earned in the past, including 

retired, active and terminated vested participants. 

AFMEPF0028
Following the 2002-2003 dot-com crash, the Board of Trustees lowered the multiplier in 2004 

and again in 2007. As noted above, in 2004, the Board of Trustees also eliminated early 

retirement subsidies with respect to prospective accruals. At that time, other benefit reductions 

were implemented with respect to accruals on or after January 1, 2004, including elimination of 

benefit guarantees for the single life annuity, elimination of the “pop-up” feature of the 50% joint 

and survivor annuity, elimination of the five-year benefit guarantee for the 50% joint and 

survivor annuity and reduction in disability benefits payable before age 65 to the actuarial 

equivalent of the age-65 benefit. 

After the 2008-2009 Great Financial Crisis, the Board of Trustees lowered the multiplier twice 

more to its current level of $1.00 in 2010. However, under existing law, the $4.65 multiplier 

could be reduced only for benefits earned going forward and the reduction could not be applied 

retrospectively, even for those who received retroactive increases. The Board of Trustees took 

further action in the initial rehabilitation plan in 2010 by eliminating a variety of adjustable 

benefits, including any remaining early retirement subsidies for pre-2004 service. However, under 

the Pension Protection Act, this change could only apply to participants who had a Pension 

Effective Date on or after June 1, 2010. 

Along with consideration of the history of benefit increases and reductions, the Board of 

Trustees considered the history of contribution increases. (See the Rationale for Contribution 

Income Assumptions section of Exhibit 6.03 for a more detailed explanation of the revenue to 

the Plan, including these non-benefit bearing contributions.) The rehabilitation plan imposed a 

9% benefit-bearing increase in the rate of contributions and was updated in June 2018 to require 

an additional 10% non-benefit bearing increase in the rate of contributions for all existing 

bargaining agreements as they renew, totaling to a cumulative increase of 19.9%. The Plan also 

now receives a significant amount of non-benefit bearing contributions not tied to wages, 

currently totaling about 10% of the Plan’s total revenue, and growing each year. These include 

contributions on streaming income in the record industry, which totaled $5.97 million last year, 

and approximately $1.93 million from a separate fund that collects residuals due to musicians 

from movie and television employers; as of 2017, 1.5% of the residuals otherwise payable to 

musicians are paid to the Plan instead. 

These increased contributions must each be negotiated in collective bargaining agreements 

covering the active participants. Not only do the non-benefit-bearing contributions provide no 

direct benefit to the active participants on whose behalf the Union is negotiating, they must also 

be bargained out of an overall compensation package from the employers. If these contributions 

were not payable to the Plan, they would be compensation payable to the affected participants or 

one of their other funds from which the participants would also receive payments. For example, 

if not paid to the Plan, the $5.97 million on a cash basis in streaming income would have been 

AFMEPF0029
payable to the Sound Recording Special Payments Fund, which pays residuals to musicians in 

the record industry, and to the Musicians’ Performance Trust Fund. Similarly, the $1.93 million 

on a cash basis from movie and television residuals would have been payable as residuals to 

musicians in the movie and television industry. By agreeing to have these contribution streams 

paid to the Plan, the affected musicians are forgoing whatever additional compensation they 

might receive in favor of improving the funded status of the Plan. Maintaining these active 

participants’ support is thus essential for securing these continued contributions to the Plan, as 

well as increases thereto. 

After considering this history, the Board of Trustees concluded that the $1.00 multiplier payable 

at age 65 as the Regular Pension Benefit is the core promise of the Plan and that it should be 

protected, given that those who earned or are earning benefits at the $1.00 multiplier have 

already experienced significant reductions relative to others in the Plan and do not have subsidies 

available to them. 

Also in considering the history of benefit increases and reductions, the Board of Trustees 

concluded that it would be inequitable to continue subsidies in the way of costly benefits that 

exist due to unique Plan features at the expense of possibly greater reductions in the multiplier, 

including potentially the $1.00 multiplier. 

As a result, as described above, the proposed suspension eliminates early retirement subsidies, 

modifies the re-retirement and re-determination benefits calculations, actuarially reduces the 

$195,000 benefit maximum for those who retire prior to age 65 or receive a joint and survivor 

annuity form and eliminates any future COLA with respect to the portion of the benefit earned 

by employees of the Union under the AFM Retirement Plan prior to its merger into the Plan. 

Also in consideration of the history of benefit increases and reductions, the Trustees considered 

the benefits provided to participants in the AFM-EPF Staff Plan which merged into the Plan on 

December 31, 1999 and the AFM Retirement Plan which merged into the Plan on April 1, 2000. 

The benefits under the Plan for participants in these two merged plans consist of the post-merger 

benefit (calculated in the same manner as for other participants) and a pre-merger benefit based 

on an entirely different formula. Neither of the pre-merger benefit formulas had a history of 

benefit improvements in the same manner as the Plan. 

With respect to the AFM-EPF Staff Plan, the pre-merger benefit was increased only once. 

Specifically, on January 1, 2000, 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 on that same date. The Board of Trustees concluded that it 

would be equitable to eliminate the 7% increase, but not otherwise to reduce the pre-merger 

benefit, given that the Staff Plan did not have a previous history of benefit improvements. The 

AFMEPF0030
post-merger benefit would be reduced in the same manner as for all other participants in the 

Plan. 

With respect to the AFM Retirement Plan, the pre-merger benefit was not improved over time, 

and, therefore the Board of Trustees concluded that it would be equitable not to reduce the premerger benefit. However, as noted above, the pre-merger benefit does have a COLA associated 

with it, which the proposed suspension eliminates prospectively. 

Also in consideration of the history of benefit increases and reductions, the Trustees addressed 

the issue of certain participants who received contributions on their behalf prior to 1968 and 

were credited with a retirement account balance (RAB). Those participants were entitled to a 

Regular Benefit on account of their RAB eligible contributions and could receive the benefit 

derived from RAB contributions in the same forms of benefit available for other accruals. 

However, the portion of these participants’ benefit attributable to the RAB, unlike the rest of 

their accrued benefit, could also be taken in the form of a lump sum distribution. 

This lump sum option for the RAB was eliminated when the Plan was first certified to be in 

critical status. The participants who received a partial lump sum (i.e., a lump sum distribution of 

the RAB portion of their benefit) but still have a residual benefit (i.e., the non-RAB portion of 

their benefit) being paid or payable in an annuity form of benefit have effectively reduced their 

prospective monthly pension benefit. In order for the benefit suspension to be distributed in an 

equitable manner, the Board of Trustees decided that the proposed suspensions for such 

participants should be based on an adjusted pension benefit, which includes the previously 

distributed lump sum RAB portion of their benefit. In effect, the reduction will be based on an 

amount as if the participant never received a lump sum distribution of the RAB portion of their 

benefit. The Trustees concluded that this is equitable because it puts those who did and did not 

receive lump sums in a similar position. 

Active/Retiree Differences 

As described above, the Board of Trustees concluded that those earning benefits at the $1.00 

multiplier, which is disproportionately the active population, have already incurred significant 

benefit reductions, given that the four multiplier decreases beginning in 2004 affected only future 

service. Moreover, no active participants not in pay status currently have an early retirement 

subsidy, whereas those who retired prior to June 1, 2010 have one with respect to benefits earned 

prior to 2004, while those who retired prior to 2004 have one with respect to their entire benefit. 

The Board of Trustees noted that the Plan depends on continuing contributions on account of 

active participants, about half of which is currently spent on the Plan’s underfunding rather than 

benefit accruals for those participants. 

AFMEPF0031
By way of magnitude, there was an approximate economic cost of $20 million per year for active 

participants when the multiplier was reduced from $2.00 to $1.00 in 2010, as well as an 

approximate $90 million economic cost associated with changes made in the rehabilitation plan 

(not to mention the many more millions of dollars associated with reductions prior to the 

rehabilitation plan). To account for the economic loss to active participants, the value of cuts for 

retirees would need to exceed that for actives by many hundreds of millions of dollars. Retiree 

benefits could not be cut this much, and it was not an objective of the Board of Trustees to do so. 

However, recognizing this equitable consideration, the proposed suspension was designed in a 

manner that has the effect of reducing benefits more for retirees than actives. This is manifested 

in the removal of subsidies for early retirement benefits (which only a sub-set of those receiving 

benefits have), recalculation of re-retirement and re-determination benefits, and the reduction in 

multipliers above $1.00 that were in effect prior to 2010. 

Active Support for the Plan 

The Board of Trustees considered the extent to which active participants will withdraw support 

for the Plan, accelerate employer withdrawals and increase the risk of additional benefit 

reductions. 

The Board of Trustees noted that the Plan depends on ongoing contributions with respect to 

active employees and that retaining actives is the key to the future of the Plan. About half of the 

current wage-based contributions made for actives is spent on underfunding of the Plan, rather 

than benefit accruals. Moreover, the 10% non-benefit bearing increase in the rate of contribution 

that resulted from the June 2018 update to the rehabilitation plan further increased the portion of 

wage-based contributions that is spent on improving the Plan’s underfunding. In addition, there 

are multiple other contribution streams that are also not benefit-bearing and go directly to the 

underfunding of the Plan, rather than to benefit accruals or additional wages in the affected 

participants’ paychecks. Losing active participant support would erode the Plan’s contribution 

base and likely accelerate employer withdrawals. These consequences would further exacerbate 

the Plan’s funding problem. 

The Board of Trustees was concerned that it not undermine this necessary ongoing support from 

active participants by any perceived unfair allocation of reductions to the active population. As 

described above, active employees have already incurred significant economic loss, and the 

$1.00 multiplier payable at age 65 as the Regular Pension Benefit is now the core promise of the 

Plan. The Board of Trustees concluded that it would be objectively unfair, and would be 

perceived by actives as unfair, to continue to provide retirees with costly subsidies and benefits 

that exceed what can be earned by actives at the $1.00 multiplier and are higher than can 

currently be supported. 

AFMEPF0032
Accordingly, as described above, recognizing this equitable consideration, the Trustees designed 

the proposed plan of suspensions in a manner that has the effect of reducing benefits more for 

retirees than actives. This is manifested in the removal of subsidies for early retirement benefits 

(which only retirees have), recalculation of re-retirement and re-determination benefits, and the 

reduction in multipliers above $1.00. 

The Board of Trustees believes that the proposed plan of suspensions demonstrates to active 

participants not only that the Plan is projected to be saved from insolvency, but also that 

participants can continue accruing benefits at the same rate they have been since 2010. The 

active participants can now see that there is reason to remain in the Plan. 

Age and Life Expectancy 

The Trustees considered the age and life expectancy of participants and beneficiaries, noting the 

protection provided by the age-based and disability-based limitations set forth in MPRA. The 

Trustees did not take into account age or life expectancy (other than the removal of subsidies for 

individuals who retained them) in designing the proposed plan of suspensions in that they did not 

choose to advantage or disadvantage participants or beneficiaries based on this factor. 

Time in Pay Status 

The Trustees did not take into account time in pay status in designing the application in that they 

did not choose to advantage or disadvantage participants or beneficiaries based on this factor. 

The removal of subsidies for individuals who retained them has the effect of generally having 

more impact on participants with longer time in pay status. 

Specifically, while the proposed suspension eliminates early retirement subsidies for all 

participants, it disparately affects different groups based on their time in pay status because early 

retirement subsidies are currently only available to certain groups of participants, depending on 

their date of retirement. Effective in 2004, early retirement subsidies were removed for all 

accruals on and after that date. Effective in 2010, the rehabilitation plan eliminated all early 

retirement subsidies for accruals earned prior to 2004. However, under the Pension Protection 

Act, this change could apply only to participants who retired on or after 2010. 

Accordingly, currently, participants who commenced an early retirement benefit prior to January 

1, 2004 had their full benefit subsidized. Participants who commenced an early retirement 

benefit on or after January 1, 2004 but before June 1, 2010 received a subsidy only on the portion 

of their benefits earned prior to January 1, 2004. Participants who retired on or after June 1, 2010 

have no early retirement subsidy. 

AFMEPF0033
Type of Benefit 

The Board of Trustees considered the type of benefit insofar as it concluded that it would be 

inequitable to retain costly unique Plan features that are no longer affordable and that, if retained, 

would result in further multiplier reductions. 

As a result, as described above, the proposed suspension eliminates early retirement subsidies, 

modifies the re-retirement and re-determination benefits calculations, eliminates any future 

COLA with respect to the portion of the benefit earned under the AFM Retirement Plan prior to 

the merger into the Plan, eliminates the 7% increase to the portion of the benefit earned under the 

AFM-EPF Staff Plan prior to the merger into the Plan and adjusts the reduction to the remaining 

benefit for those who received their RAB benefit in the form of a lump sum. 

Amount of Benefit 

The Board of Trustees considered the amount of benefit and concluded that participants with 

higher benefits could better withstand the impact of benefit reductions than those with lower 

benefits. The Board of Trustees also considered the need to balance the necessary reductions in 

benefits and the hardship associated with frustrating participants’ entirely reasonable 

expectations (based, among other things, on existing black-letter law up to the December 2014 

passage of the MPRA), regardless of the size of their benefit. 

While the proposed suspension was not designed in a manner that distinguishes among 

participants based on the amount of their benefit, the Board of Trustees noted that the outcome of 

the proposed suspension is such that, subject to MPRA’s guarantees, those with higher benefits 

generally have a greater reduction than those with lower benefits. 

Limiting Hardship 

The Board of Trustees considered the need to balance the necessary reductions in benefits and 

the hardship associated with frustrating participants’ entirely reasonable expectations, based, 

among other things, on existing black-letter law up to the December 2014 passage of the MPRA 

that prohibited reductions in accrued benefits. The proposed suspension thus includes a 

limitation that the monthly benefit accrued as of the effective date of the suspension cannot be 

reduced by more than 40%. This will limit the hardship associated with the benefit reductions. 

The Board of Trustees, while reflecting on comments made in response to the Plan’s prior 

application for suspension, considered reducing the 40% cap to a lower percentage. However, 

given the increase in the flat percentage cut to the multiplier compared to that in the earlier 

application, the Board of Trustees noted that the 40% maximum already had a larger protective 

AFMEPF0034
effect than it had in the initial application and the other equitable considerations would be 

undermined if the flat percentage cut to the multiplier were any closer to the maximum. The 

Board of Trustees was also concerned with the perception of active participants, whose support 

is necessary for the continuing viability of the Plan, were a lower maximum reduction to apply. 

The Trustees also considered increasing the 40% cap to a higher percentage, given the increase 

in the flat percentage cut relative to the last suspension application. However, the Board of 

Trustees remained concerned regarding the hardship associated with frustrating participants’ 

expectations and the deleterious impact of a cut that was any larger than 40%. 

Ease of Communication and Understanding 

The Board of Trustees recognized that the design of the Plan prior to the suspension was 

unusually complex and contained some unique subsidies and other features. As a result, in order 

for the proposed suspension to be equitable, the design also required some unavoidable 

complexity. The Board of Trustees accordingly concluded that it would be equitable to minimize 

complexity in other areas where possible to facilitate communication to and understanding by 

participants. 

The desire to minimize complexity where possible was an equitable factor in determining that 

the percentage reduction to the multipliers above $1.00 should be the same amount. The Board 

of Trustees considered the alternative of reducing each multiplier other than the $1.00 by a 

different amount to produce a maximum multiplier on the theory that those with the highest 

multipliers should have the highest cuts. The Board of Trustees concluded that this approach did 

not yield sufficiently different results to justify the additional complexity that could lead to 

greater challenges to participant understanding of the reduction design. 

The desire to minimize complexity where possible was also an equitable factor in determining 

that no suspension would be implemented for anyone whose monthly benefit would change by 

less than $1.00 a month. 

Post-Retirement Benefit Increases 

The Board of Trustees considered the history of post-retirement benefit increases, noting that the 

multiplier increased 15 times since it began at $1.00 in 1959. These increases consistently 

applied not only to benefits that would be earned in the future, but also to benefits that all 

participants had already earned in the past, including for retirees, beneficiaries receiving benefits, 

active and terminated vested participants. Thus, benefit multipliers as low as $1.00 when earned 

increased to $4.65. 

AFMEPF0035
The Board of Trustees considered proposing to reduce individuals’ multipliers to the level in 

effect at the time the participants earned the contributions. However, the Board of Trustees 

ultimately rejected this approach because of administrative difficulties (including complications 

related to confirming the reliability of data that was not precisely tracked due to its lack of 

relevance) and because the approach produces similar results to the equitable alternative that 

became the current proposal. 

Extent to which Benefits Are Attributable to Service with An Employer That Failed to Pay Its 

Full Withdrawal Liability 

The Plan primarily covers individuals in the entertainment industry and many contributing 

employers qualify for what is known under ERISA as the entertainment industry exception to 

withdrawal liability. If one of these employers ceases its obligation to contribute to the Plan and 

does not perform work in the jurisdiction of the Plan of the type for which contributions were 

due within five years of the cessation of the obligation to contribute to the Plan, it will not be 

considered to have withdrawn from the Plan and will have no withdrawal liability. As a result, 

only a few employers incurred a complete withdrawal and ultimately failed to pay the full 

amount of withdrawal liability assessed against them. 

The Board of Trustees considered a rule that would provide a greater reduction with respect to 

service performed for employers that withdrew from the Plan without paying their full 

withdrawal liability. However, the Board of Trustees ultimately decided not to institute such a 

rule because the liability associated with such service accounts for only a small percentage of the 

Plan’s overall liabilities, and such a rule would add administrative complications and challenges 

of identifying affected participants in a mobile workforce and defining which employers have 

not paid the full liability. Moreover, the Board of Trustees concluded that such a rule would not 

be equitable given that that they could not objectively distinguish between participants who did 

or did not have some level of involvement in their employer’s withdrawal and failure to pay its 

liability. 

Accordingly, there was no design objective to advantage or disadvantage participants on the 

basis of this factor. 

Time to Retirement 

The Board of Trustees concluded that the time younger participants have until retirement does 

not give them the opportunity to recover from benefit suspensions more than others, given that 

younger participants on the whole are disproportionately accruing their benefits under $1.00 

benefit multiplier. Moreover, the factor related to the need for broad active participant support 

substantially outweighed the time-to-retirement factor. Accordingly, the Board of Trustees did 

AFMEPF0036
not design the proposed suspension to make distinctions based on time to retirement. 

Checklist item 13 – 4.05(1) Individual notices 

Exhibit 4.05(1)A includes the notice that will be given to each participant and beneficiary under 

the Plan; to each employer that has an obligation to contribute to the Plan; and to each employee 

organization representing participants in the Plan. 

Exhibit 4.05(1)B includes the following 23 sample estimates of the effect of the proposed 

reductions that will accompany the notices: 

• Estimate #1 — Individual currently receiving benefits 

• Estimate #2 — Beneficiary currently receiving benefits 

• Estimate #3 — Future retiree 

• Estimate #4 — Individual currently receiving disability benefits 

• Estimate #5 — Beneficiary currently receiving benefits on account of a deceased 

individual who had previously been receiving disability benefits 

• Estimate #6 — Individual currently receiving benefits age 75-79 with a contingent 

beneficiary under age 75 

• Estimate #7 — Individual currently receiving benefits under age 75 with a contingent 

beneficiary age 75-79 

• Estimate #8 — Individual currently receiving benefits over age 80 

• Estimate #9 — Active age 75-79 with benefits earned only at $1.00 multiplier 

• Estimate #10 — Individual currently receiving joint and survivor benefits with both 

participant and spouse ages 75-79 with benefits earned only at multipliers above $1.00 

• Estimate #11 — Future retiree age 75-79 with benefits earned only at multipliers above 

$1.00 

• Estimate #12 — Individual currently receiving joint and survivor benefits with both 

participant and spouse ages 75-79 with benefits earned at $1.00 multiplier and higher 

multipliers 

• Estimate #13 — Active age 75-79 with benefits earned at $1.00 multiplier and higher 

multipliers 

AFMEPF0037
• Estimate #14 — Individual currently receiving joint and survivor benefits with both 

participant and spouse ages 75-79 with pre-2004 Pension Effective Date with full early 

retirement subsidy 

• Estimate #15 — Individual currently receiving joint and survivor benefits with both 

participant and spouse ages 75-79 with Pension Effective Date between 2004 and 5/2010 

with partial early retirement subsidy 

• Estimate #16 — Individual currently receiving joint and survivor benefits with both 

participant and spouse ages 75-79 with in-pay re-retirement benefit 

• Estimate #17 — Individual currently receiving joint and survivor benefits with both 

participant and spouse ages 75-79 with in-pay re-determination benefit 

• Estimate #18 — Individual currently receiving joint and survivor benefits with both 

participant and spouse ages 75-79 over age 65 at Initial Pension Effective Date with 

contributions after age 65 

• Estimate #19 — Active age 75-79 who will be over age 65 at Initial Pension Effective 

Date with contributions after age 65 

• Estimate #20 — Individual currently receiving joint and survivor benefits age 75-79 

affected by MPRA Plan maximum 

• Estimate #21 — Individual currently receiving joint and survivor benefits with both 

participant and spouse ages 75-79 with pre-merger AFM-EPF Staff Plan benefit with 7% 

increase 

• Estimate #22 — Individual currently receiving benefits age 75-79 with pre-merger AFM 

Retirement Plan benefit affected by prospective elimination of COLA 

• Estimate #23 — Individual currently receiving joint and survivor benefits with both 

participant and spouse ages 75-79 with participant who received RAB as lump sum with 

Plan monthly benefit 

Checklist item 14 – 4.05(2) Efforts to contact participants, beneficiaries in pay status and 

alternate payees 

The Trustees will make all reasonable efforts to contact all participants, beneficiaries of 

deceased participants, and alternate payees of the Plan (regardless of whether their benefits are 

proposed to be suspended) pursuant to Treasury’s Regulations and in satisfaction of their 

fiduciary duties under ERISA. 

AFMEPF0038
Specifically, as a general rule, the Trustees will provide notice to the last known address of the 

participant, beneficiary or alternate payee on file with the Plan, using (where applicable) the 

same address the Trustees used to distribute the Plan’s most recent annual funding notice unless 

a more current address has been located. 

The Plan has a robust procedure for locating missing participants, beneficiaries and alternate 

payees, referred to as its Procedure for Locating Missing Participants or Beneficiaries, which it 

invokes when the annual funding notice is returned without a forwarding address or the Plan 

does not have an address on file for a participant, beneficiary or alternate payee entitled to a 

distribution. This procedure sets forth certain internal steps, including (i) use of web-based 

locator service, the American Federation of Musicians on-line membership roster, no-cost 

internet search tools (such as Google); and (ii) contacting the American Federation of 

Musicians local where the individual was a member, contacting a participant’s beneficiary on 

file and contacting the employer and/or Film Musicians’ Secondary Markets Fund/Sound 

Recording Special Payments Fund, if applicable. Where those efforts are unsuccessful, the Plan 

will send the name, Social Security number and last known address of the missing individual in 

a periodic report, as needed, to a third-party locator service designed to locate individuals 

(currently, Pension Benefit Information Services). 

While the Plan has followed this procedure over time, in anticipation of its filing of its first 

application for suspension under MPRA, the Plan took additional special steps with respect to 

anyone whose fiscal year-end March 31, 2019 annual funding notice was returned as 

undeliverable or who was previously designated as a Lost Participant or Beneficiary under the 

Plan’s Procedure for Locating Missing Participants or Beneficiaries. Specifically, the Plan 

conducted a comprehensive search for all such missing participants using a web-based locator, 

Accurint, and used the American Federation of Musicians database to attempt to find updated 

addresses. Where the Plan was unsuccessful, it called the phone number on file and, where 

available, sent an e-mail to the e-mail address on file. If the individual was still not able to be 

located, the information for any individual with a Social Security number on file was sent to 

Pension Benefit Information Services to conduct an additional search. 

All notices will be sent to the last known address determined following these efforts and the 

Plan’s ongoing efforts. If any notice is returned undeliverable with a forwarding address, the 

Plan will remail it to the forwarding address. If any notice is returned undeliverable without a 

forwarding address, another attempt to locate shall be made using the web-based locator 

(currently Accurint) and, if necessary, the commercial third-party locator service (currently 

Pension Benefit Information Services). 

AFMEPF0039
If any additional individual is located after the required period to send the notice, the Plan will 

provide notice to such individuals as soon as practical after locating the individual. 

Checklist item 15 – 4.05(3) Notices delivered electronically 

The Plan is not relying on electronic methods of delivery of the required notice. All individuals 

required to receive notice will be provided with the notice in writing sent by first class U.S. mail. 

As a courtesy, the Plan will send an electronic notice to individuals for whom the Plan has an 

email address on file notifying them that registered individuals on the Plan’s website can access 

the notices electronically. A hard copy will also be sent by first class U.S. mail for those who 

have consented to electronic delivery of Plan-related documents. 

Checklist item 16 – 4.05(4) List of employers and employee organizations 

Exhibit 4.05(4) contains a list of each employer who has an obligation to contribute under the 

Plan and each employee organization representing participants under the Plan. 

SECTION 5. PLAN SPONSOR DETERMINATION RELATING TO REASONABLE 

MEASURES TAKEN TO AVOID INSOLVENCY 

Checklist item 17 – 5.01 Past and current measures taken to avoid insolvency 

The narrative statement set forth in Checklist item 31 describes the historical context under 

which past and current Trustees took the following strong, necessary remedial actions to address 

the Plan’s financial situation and avoid insolvency. 

Benefit Changes 

Effective January 1, 2004 (shortly after the 2000-2002 dot-com crash), the Trustees reduced the 

multiplier for future service and eliminated early retirement subsidies for future service. They 

subsequently reduced the multiplier three more times until it reached $1.00 in 2010. 

When the Plan was certified to be in “critical” status in 2010, the Trustees adopted a 

rehabilitation plan and took new steps, some of which are only available to “critical” status 

plans. They did the following: 

AFMEPF0040
● Reduced or eliminated certain benefits, such as the early retirement subsidy for pre-2004 

service. 

● Froze the maximum annual pension benefit, so that it did not continue to increase with 

the legal limit. 

Investment Changes 

The Trustees took the following actions intended to maximize investment returns: 

● In 2009, they changed the Plan’s investment advisor, and by March 2011, had terminated 

eight investment managers in an effort to reduce fees and improve returns. 

● The Plan made new investments and increased its investment in asset classes with higher 

return potential, including emerging market bonds, private equity, and international stock 

holdings (including emerging market equities). It also invested in Treasury InflationProtected Securities (“TIPS”). 

These strategies were developed based on expert advice from Plan professionals, who advised 

that the Plan faced an irremediable decline in funded levels if it did not produce higher returns. 

Moreover, through September 2017, the Trustees worked to keep investment manager fees to a 

reasonable minimum, negotiating reduced fees where possible. The Trustees further reduced 

investment fees by moving assets into passive index funds where it made sense to do so. 

Then, in October 2017, the Trustees shifted to an outsourced chief investment officer (“OCIO”) 

model in an attempt to enhance the Plan’s net investment returns relative to market risk. Under 

this model, a highly respected investment firm was engaged to oversee day-to-day decisions for 

the Plan’s investment portfolio, including the selection of asset managers and the day-to-day 

asset allocation (subject to broad ranges established by the Trustees). This model provides the 

Plan with access to best-in-class managers and allows it to adapt to rapidly changing markets and 

the growing complexity of investment decisions and products in the market. 

Increased Contributions 

The Trustees adopted a procedure in 2009 under which future collective bargaining agreements 

would be rejected if they provided for an effective contribution rate that was lower than the rate 

in effect on October 15, 2009. 

AFMEPF0041
In 2010, in conjunction with the benefit changes under the Rehabilitation Plan described above, 

the Trustees mandated a 9% increase in the rate of contribution. 

Although, as described in this application and the Rehabilitation Plan, there are challenges 

associated with mandating across-the-board increases in employer contributions, the Trustees 

updated the Rehabilitation Plan in June 2018 to require a 10% non-benefit bearing increase in the 

rate of contribution for all renewals of existing bargaining agreements. The Trustees concluded 

that this could reasonably be done in the context of an overall plan to avoid insolvency that 

included an anticipated suspension application. 

Moreover, through the collective bargaining process, the American Federation of Musicians has 

been actively generating significantly increased contributions into the Plan over the last decade. 

It has also negotiated new sources of unallocated contributions—such as digital streaming— that 

are not attached to benefits for any particular participant, and therefore increase the Plan’s assets 

without also increasing its liabilities. 

Of course, COVID-19 has resulted in a short-term disruption to the contribution flow, as 

reflected in the contribution assumption used in this application relative to the Plan’s first 

suspension application. But, the AFM and its Locals have continued to negotiate for ongoing 

wage and benefit contributions wherever possible, as set forth in the contribution assumption 

narrative. 

Controlling Expenses 

The Plan has always had a formal, comprehensive budgeting approval and monitoring process in 

place. Each year the Trustees take a close look at where money is being spent and explore 

additional ways to reduce expenses, streamline, and gain efficiencies. The Trustees have also 

successfully worked with Plan staff to reduce administrative expenses even further. Steps taken 

to limit expenses include the following: 

● Moved to a new office with less space and lower rent 

● Performed employer payroll compliance audits in-house 

● Significantly reduced production and mailing costs for participant disclosures, including 

planning to move to the new safe harbor for electronic distribution of many ERISA 

required disclosures. 

Legislative Engagement 

In 2018, while the Joint Select Committee on the Solvency of Multiemployer Pension Plans was 

conducting its work, the Trustees advocated for a solution to the multiemployer legislative crisis 

AFMEPF0042
that addresses the financial issues facing the Plan and treats its participants fairly. For example, 

Plan Trustees, the American Federation of Musicians and contributing employers met with 

legislators and their staffs to encourage them to either pass the Butch Lewis Act/Rehabilitation 

for Multiemployer Pensions Act or find a bipartisan solution that achieved similar results. 

Moreover, one Plan Trustee serves on the Board of Directors and one Plan Trustee served on the 

Steering Committee (until his recent resignation from the Board of Trustees) of the National 

Coordinating Committee for Multiemployer Plans, in which capacity they are advocating and 

advocated for such a legislative solution. 

Although the Joint Select Committee was ultimately unable to agree on a recommendation by its 

deadline, there have been other initiatives to find a solution, including The Emergency Pension 

Plan Relief Act, which was proposed in connection with COVID-19 relief discussions. The 

Trustees, the American Federation of Musicians and employers continue to meet with legislators 

and advocate for a solution. The Trustees remain vocal advocates for the Plan’s interests in this 

regard. 

Throughout this process, the Plan has also kept its participants informed of key legislative 

developments and encouraged its participants to engage their legislators in dialogue regarding a 

legislative solution. It alerts participants at key moments when it is particularly important for 

legislators to hear from constituents. 

In fact, the Plan’s website contains a wealth of information regarding the legislative process. It 

also contains tools that assist participants and employers in identifying their members of 

Congress, planning what to say and reaching out to these members of Congress both by phone 

and email. Many Plan mailings to participants and employers have links to the “Contact 

Congress” page on the Plan’s website. 

Checklist item 18 – 5.02 Plan factors 

In accordance with Code Section 432(e)(9)(C)(ii), the following factors were taken into account 

in the Trustees’ determination that all reasonable measures have been taken to avoid insolvency. 

Contribution levels 

The following chart shows the contribution levels for the 10 plan years immediately preceding 

the plan year in which this application is submitted: 

AFMEPF0043
Fiscal Year Ending March 31 Contributions 

2011 $51,968,600 

2012 $55,768,806 

2013 $57,860,962 

2014 $61,177,449 

2015 $61,966,748 

2016 $63,799,631 

2017 $67,659,110 

2018 $68,722,338 

2019 $76,630,753 

2020 $75,073,680 

Level of benefit accruals, including any prior reductions in the rate of benefit accruals 

The following chart shows the historic level of benefit accruals, including any prior reductions in 

the rate of benefit accruals. Data is provided not only for the 10-year period preceding the plan 

year in which this application is submitted but also for the history of the Plan. This extended 

information is provided in order to provide context to the application and the factors taken into 

account by the Trustees. 

The benefit multiplier shown in the chart below is the dollar amount by which each $100 of 

contributions is multiplied to determine the amount of a participant’s monthly pension benefit at 

any specified age. More specifically, the participant’s monthly pension benefit (when taken in 

the form of a single-life benefit) is computed by taking the amount of contributions paid to the 

Plan on the participant's behalf for each benefit period (rounded to the nearest $100), dividing 

that by 100 and then multiplying the resulting number by the multiplier. 

Benefit 

Period 

Effective 

Date 

Age at Annuity Starting Date 

55 56 57 58 59 60 61 62 63 64 65 

A 1/1/1959 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a $1.00 

A 1/1/1964 $0.50 $0.58 $0.65 $0.72 $0.80 $0.88 $0.95 $1.02 $1.10 $1.18 $1.25 

A 1/1/1972 $1.02 $1.09 $1.16 $1.22 $1.29 $1.36 $1.42 $1.49 $1.56 $1.63 $1.70 

A 3/1/1974 $1.20 $1.28 $1.36 $1.44 $1.52 $1.60 $1.68 $1.76 $1.84 $1.92 $2.00 

A 4/1/1978 $1.29 $1.38 $1.46 $1.55 $1.63 $1.72 $1.81 $1.89 $1.98 $2.06 $2.15 

A 1/1/1981 $1.43 $1.53 $1.61 $1.71 $1.80 $1.90 $2.00 $2.09 $2.19 $2.27 $2.37 

A 8/1/1982 $1.51 $1.61 $1.70 $1.80 $1.90 $2.00 $2.11 $2.20 $2.31 $2.39 $2.50 

AFMEPF0044
A 9/1/1984 $1.59 $1.70 $1.80 $1.91 $2.01 $2.12 $2.24 $2.33 $2.44 $2.54 $2.65 

A 4/1/1986 $1.68 $1.79 $1.90 $2.02 $2.13 $2.24 $2.35 $2.46 $2.58 $2.69 $2.80 

A 4/1/1987 $1.80 $1.92 $2.04 $2.16 $2.28 $2.40 $2.52 $2.64 $2.76 $2.88 $3.00 

A 4/1/1989 $1.80 $2.02 $2.23 $2.45 $2.66 $2.88 $3.02 $3.17 $3.33 $3.46 $3.60 

A 7/1/1990 $1.90 $2.13 $2.36 $2.59 $2.82 $3.04 $3.20 $3.35 $3.50 $3.65 $3.80 

A 1/1/1991 $2.00 $2.24 $2.48 $2.72 $2.96 $3.20 $3.36 $3.52 $3.68 $3.84 $4.00 

A 4/1/1996 $2.07 $2.32 $2.57 $2.82 $3.07 $3.32 $3.48 $3.65 $3.81 $3.98 $4.14 

A 1/1/1998 $2.18 $2.44 $2.70 $2.97 $3.23 $3.49 $3.66 $3.84 $4.00 $4.18 $4.35 

A 1/1/2000 $2.33 $2.60 $2.88 $3.16 $3.44 $3.72 $3.91 $4.09 $4.28 $4.46 $4.65 

AX* Pre-2004 $1.70 $1.86 $2.05 $2.26 $2.48 $2.75 $3.04 $3.36 $3.75 $4.16 $4.65 

B 1/1/2004 $1.28 $1.40 $1.54 $1.70 $1.87 $2.07 $2.29 $2.53 $2.82 $3.13 $3.50 

C 4/1/2007 $1.19 $1.30 $1.43 $1.58 $1.74 $1.92 $2.13 $2.35 $2.62 $2.91 $3.25 

D 5/1/2009 $0.73 $0.80 $0.88 $0.97 $1.07 $1.18 $1.31 $1.45 $1.61 $1.79 $2.00 

E 1/1/2010 $0.37 $0.40 $0.44 $0.49 $0.53 $0.59 $0.65 $0.72 $0.80 $0.90 $1.00 

*Multipliers applicable to pre-2004 contributions for Pension Effective Dates on and after June 1, 2010. 

Prior reductions, if any, of adjustable benefits under Code Section 432(e)(8) 

The rehabilitation plan set forth in Exhibit 7.09 contains detailed information on the reductions 

in adjustable benefits for the 10 plan years immediately preceding the plan year in which this 

application is submitted. These reductions generally took effect in 2010. 

These reductions in adjustable benefits included the following: 

• Elimination of the early retirement subsidy: As described elsewhere in this application, in 

2003, the Plan eliminated early retirement subsidies prospectively, for all accruals on and 

after January 1, 2004. Effective June 1, 2010, the rehabilitation plan eliminated the 

remaining subsidies for accruals prior to January 1, 2004, although this change could 

only apply to participants who had a Pension Effective Date on or after June 1, 2010. 

• Elimination of the benefit guarantee for the single life annuity: The rehabilitation plan 

eliminated the guarantee for benefits payable in the form of a single life annuity, under 

which the designated beneficiary of a participant received the balance of the guarantee if 

a participant died before receiving a total of 100 times the portion of the monthly benefit 

earned prior to 2004. 

AFMEPF0045
• Elimination of “pop-up” feature of the 50% joint and survivor annuity: The rehabilitation 

plan eliminated a pop-up feature of the 50% joint and survivor annuity, under which if 

the joint annuitant died before the participant, and within five years of the participant’s 

Pension Effective Date, the portion of the benefit earned prior to 2004 was increased to 

what it would have been if the participant had elected a single life annuity form of 

benefit. 

• Elimination of the benefit guarantee for 50% joint and survivor annuity: The 

rehabilitation plan eliminated the guarantee for benefits payable in the form of a 50% 

joint and survivor annuity, under which the Plan would pay the beneficiary the balance of 

five years of monthly payments on the portion of the benefit earned prior to 2004 if the 

participant and joint annuitant both died within five years of the participant’s Pension 

Effective Date. 

• Elimination of post-normal retirement age subsidy: The rehabilitation plan replaced the 

simplified factors that were used to actuarially increase the benefit of participants who 

commenced benefits after normal retirement age. These simplified factors, which 

provided a subsidy, were replaced with factors that achieve actuarial equivalence. 

• Elimination of merged plan forms of benefit: The rehabilitation plan eliminated certain 

forms of benefit for individuals who participated in either the AFM Retirement Plan or 

the AFM-EPF Staff Retirement Plan, both of which merged into the Plan, such that 

benefits are only available in the same forms that are generally available with respect to 

other benefits earned under the Plan. 

• Elimination of lump-sum form of payment for RAB: The rehabilitation plan eliminated 

the lump sum form of benefit that was previously available for amounts attributable to 

contributions earned before 1968, plus interest (also known as the RAB). 

Any prior suspension of benefits under Code Section 432(e)(9) 

The Plan has not implemented any other benefit suspensions under Code Section 432(e)(9). 

Measures undertaken by the plan sponsor to retain or attract contributing employers 

Retention of contributing employers in the Plan has been difficult over the 10-year period 

preceding the plan year in which this application is submitted as a result of the economic and 

financial crises in the 2000s. Over that time period, the Trustees, with the assistance of the Plan’s 

actuary, have studied and implemented what they determined to be the appropriate contribution 

level increases and benefit reductions in an effort to retain contributing employers already in the 

Plan. 

AFMEPF0046
As described in the rehabilitation plan set forth in Exhibit 7.09 and in Checklist item 19 below, 

the Trustees’ efforts to retain employers have included not increasing contribution rates in a 

manner that would have the effect of encouraging withdrawals. Specifically, in designing the 

rehabilitation plan, the Trustees rejected alternative options with higher contribution increases 

because of concerns about their impact on employer retention and, ultimately, the long-term 

health and viability of the Plan. For the same reason, when reviewing this matter on an ongoing 

basis since that time, the Trustees have limited contribution rate increases as part of updates to 

the rehabilitation plan. Increases would be particularly difficult now, given the financial 

challenges faced by many contributing employers due to the impact of COVID-19. 

The Trustees have also aggressively enforced withdrawal liability obligations and taken steps to 

put employers on notice that they would aggressively challenge attempts to withdraw from the 

Plan and discharge withdrawal liability obligations in bankruptcy. For example, when the 

Philadelphia Orchestra Association withdrew from the Plan, the Plan actively participated in the 

bankruptcy proceedings and required that the employer expend significant resources to defend its 

position regarding the restricted nature of its endowment. This put other employers that were 

considering withdrawing in this fashion on notice that they would have a difficult time doing so. 

Further, a strong disincentive for employers to withdraw, as well as a deterrent for participants to 

support their employer’s withdrawal, was established when the Plan’s actuary changed the 

calculation assumptions for withdrawal liability purposes to use termination-based assumptions. 

While this is merely a reflection of the actuary’s conclusion as to the reasonableness of 

assumptions and reflects the actuary’s best estimate, it had this deterrent effect. 

In addition, over the last 10 years, the Trustees have also attempted to retain employers by 

keeping them informed of developments with respect to the Plan. For example, in the past the 

Plan has held meetings with employer groups and various Employer Trustees have educated 

employers in their segment of the industry as to the Plan’s situation and strategy. 

The Plan has also sent tailored communications to employers in that regard. For example, in 

connection with the recent update to the rehabilitation plan in which they required 10% nonbenefit bearing increase in the rate of contribution of all existing collective bargaining 

agreements as they renew, the Trustees sent a letter to employers in June 2018 explaining that 

this was just one part of an overall plan to protect the long-term solvency of the Plan. Moreover, 

in July 2019 and July 2020, employers were sent along with the required annual funding notice a 

cover letter explaining critical and declining status, what was being done to protect the Plan’s 

solvency, the importance of Plan solvency to employers and the Plan’s legislative advocacy 

efforts. 

AFMEPF0047
The impact on solvency of the subsidies and ancillary benefits available to active participants 

The Plan for many years offered benefits that included various early retirement subsidies, as well 

as ancillary benefits like subsidized disability pensions and guarantees on various forms of 

benefit. Effective January 1, 2004, these subsidies and ancillary benefits were largely eliminated, 

although in some cases they could only be eliminated on a prospective basis. On June 1, 2010, 

the rehabilitation plan further eliminated these subsidies and ancillary benefits, including 

retroactively other than for those in pay status. 

The Plan does have both early retirement and disability benefits. However, those benefits are all 

reduced on an actuarially equivalent basis and do not have material cost to the Plan. 

The only other ancillary benefit available is a pre-retirement death benefit for unmarried 

participants who designate a beneficiary. (As required by law, the Plan also provides a preretirement death benefit to surviving spouses, but this is not considered ancillary.) The preretirement benefit is, for those who are 55 or older at death, the same monthly benefit the 

beneficiary would have received as a joint annuitant if, instead of dying, the participant began to 

receive a 50% joint and survivor benefit starting the month after death and died the next day. For 

a participant younger than age 55 at death, the benefit would be the amount that the beneficiary 

would have received as a joint annuitant if the participant left covered employment on the date of 

death, began to receive a 50% joint and survivor benefit the first of the month following the date 

of death and died the next day. The benefit for a participant younger than age 55 at death is 

actuarially equivalent to the 50% joint and survivor benefit payable that would have been 

payable upon death at age 55. Except with respect to surviving spouses, no death benefit is 

available unless a beneficiary is designated. Elimination of this benefit would have a de minimis 

impact on the Plan’s projected solvency. 

Compensation levels of active participants relative to employees in the participants’ industry 

generally 

As described elsewhere in this application (Rationale for Contribution Income Assumptions 

section of Exhibit 6.03), the vast majority of contributions are paid by the following types of 

music industry employers: symphony orchestras, Broadway Theaters, freelance and singleengagement employers, television and motion picture producers, sound recording employers, and 

advertisers and advertising agencies. 

Orchestras include large metropolitan and regional orchestras, such as major philharmonic 

orchestras, as well as smaller regional orchestras and smaller ensembles, like chamber 

orchestras. 

AFMEPF0048
Most larger metropolitan and regional orchestras around the country participate in the Plan. 

Most of those orchestras contribute based on musicians’ wages for live performances. A minority 

of those larger orchestras – including the New York Philharmonic, Chicago Symphony, 

Cleveland Orchestra, Philadelphia Orchestra, Indianapolis Symphony, the Metropolitan Opera, 

Pittsburgh Symphony, San Francisco Symphony, and several smaller groups -- generally do not. 

However, even these orchestras generally pay contributions to the Plan for compensation paid to 

their musicians for performing on recordings that the orchestras make, and some pay 

contributions to the Plan on substitutes and/or extras. 

The compensation of the Union-represented musicians whose employers generally do not 

contribute to the Plan based on their wages for live performances is comparable to musicians 

who participate in the Plan. With respect to retirement benefits, in some cases, the musicians 

earn substantially less retirement benefits (from a single-employer plan), in some cases earn none 

at all, but at some of the larger orchestras, the musicians earn comparable or possibly more 

generous retirement benefits from a single-employer plan. 

Musicians in some orchestras around the country are not represented by the AFM. These 

musicians earn less overall than musicians who participate in the Plan. In fact, almost none of 

these non-AFM represented orchestra musicians are full-time employees. The Trustees are 

aware of only two non-AFM orchestras in the country that may offer full-time employment to 

their musicians. 

Broadway Theaters consist of about 30 theaters in New York City, many of which in any given 

year employ musicians in their shows. All musicians who perform on Broadway are represented 

by the AFM and their employers contribute to the Plan on their behalf (based on a percentage of 

box office receipts, as described in the Rationale for Contribution Income Assumptions section 

of Exhibit 6.03). 

Freelance and single-engagement employers include a wide variety of employers, signed to 

thousands of CBAs, and include the following: casual and steady engagements, theaters, 

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

steady 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. The Trustees are not aware of any formal study, but based on their knowledge of the 

industry, musicians working in all of these sectors who are not represented by the AFM earn 

significantly less compensation than musicians who are represented by the AFM and whose 

employers contribute to the Plan on their behalf. In particular, the Trustees are aware that such 

unrepresented musicians generally earn little, if any, fringe benefits. 

AFMEPF0049
The large television and movie studio employers and other producers who are signatory to a 

collective bargaining agreement with the AFM contribute to the Plan on behalf of the musicians 

they employ. Other production companies that are not bound to an AFM collective bargaining 

agreement also employ musicians. Based on their knowledge of the industry, the Trustees are 

aware that non-union musicians working in these sectors earn significantly less compensation 

under less favorable working conditions than AFM musicians. In particular, non-AFM 

musicians do not earn residuals (payments for future multiple alternative uses of their music) and 

generally earn no fringe benefits. 

Record companies that are signatory to AFM collective bargaining agreements requiring 

contributions to the Plan on behalf of musicians they employ include large record companies – 

such as Sony Music, Universal Music Group, Warner Music Group, Hollywood Records, and 

certain affiliated labels – and smaller record labels – such as Concord Records and Curb 

Records. Again, based on their knowledge of the industry, the Trustees are aware that non-union 

musicians working in the recording industry earn significantly less compensation under less 

favorable working conditions than AFM musicians. In particular, non-AFM musicians generally 

do not earn residuals or fringe benefits. 

The Trustees are not aware of any formal studies comparing union and non-union musicians in 

the movie and sound recording industries, but according to the Bureau of Labor & Statistics 

(“BLS”), the median weekly earnings of a non-unionized motion picture and sound recording 

industry full-time employee in 2018 was $1,027, whereas the median weekly earnings for all 

full-time employees in that sector was $1,114. See Industries at a Glance, Motion Picture and 

Sound Recording Industries: NAICS 512, https://www.bls.gov/iag/tgs/iag512.htm. Moreover, the 

median weekly earnings of a non-unionized full-time employee in the arts, entertainment and 

recreation sector in 2018 was $726, whereas the median weekly earnings for a full-time unionrepresented employee in that sector was $791. See Industries at a Glance, Arts, Entertainment, 

and Recreation: NAICS 71, https://www.bls.gov/iag/tgs/iag71.htm. 

Finally, certain major advertisers and advertising agencies are bound to various collective 

bargaining agreements with the AFM. Based on their knowledge of the industry, the Trustees are 

aware that non-union musicians working in the advertising industry earn significantly less 

compensation under less favorable working conditions than AFM musicians. In particular, nonAFM musicians generally do not earn residuals or fringe benefits. 

Although on average unionized employees have traditionally received higher wages than nonunion employees, in recent years non-union workers’ wages have increased more rapidly than 

unionized workers’ wages. See George L. Long, “Differences Between Union and Non-Union 

Compensation,” Monthly Labor Review (April 2013). Indeed, in the economy, generally, there 

are substantial differences in retirement plan costs between unionized and non-unionized 

AFMEPF0050
employees. A BLS March 2016 News Release reports that in the unionized sector of the “service 

producing industries,” which include both the motion picture and sound recording sectors and the 

arts, entertainment and recreation industry subsectors, an average of $3.28 per hour of total 

employee compensation (7.4%) goes to fund retirement plan costs. The non-unionized sector 

average is only $.88 per hour (3%). See Employer Costs for Employee Compensation, March 

2016, Table 13 at page 22. As it relates to the broad music industry, this is unsurprising, given 

that the overwhelming majority of non-union employers provide either no retirement benefit or 

defined contribution plans. 

Competitive and other economic factors facing contributing employers 

The Trustees have considered the competitive pressures and financial constraints faced by 

contributing employers. They recognize that if they set the contribution requirements at a level 

that the employers cannot sustain, those employers may go out of business and/or file for 

bankruptcy or simply leave the Plan. 

In the case of the symphony orchestra segment of the AFM-EPF, this is not merely a 

hypothetical -- a number of symphony orchestras have done just that. For example, over the last 

several years, a number of orchestras have filed for bankruptcy and withdrawn from the Plan, 

including the Philadelphia, Syracuse, New Mexico, and Honolulu symphony orchestras. In some 

cases, the Plan received a fraction, and sometimes none, of the assessed withdrawal liability. 

Moreover, the AFM-EPF has frequently heard from symphony orchestras looking to reduce the 

burden of their contributions. Symphony orchestras are typically non-profit organizations 

working on tight budgets that are heavily reliant on donor income that is typically restricted to 

certain uses. Significant increases in pension contribution requirements are challenging in that 

environment. 

The Trustees are also aware that most non-union employers do not sponsor defined benefit plans. 

Contributing employers are competing with non-union employers that do not have legally 

required pension contribution obligations. Most of the employers’ non-union competitors 

maintain either no retirement benefits or, at best, 401(k) or 403(b) plans, which are not subject to 

the Code’s minimum funding requirements and place the investment risk on the employee. The 

Plan’s employers bear the burden of making contributions that are both contractually and legally 

required. 

Even the AFM-represented employers face economic pressure to limit their defined benefit 

pension obligations, in some cases from employees themselves. A number of participating 

symphony orchestras have established defined contribution plans in the last decade. Musicians 

are hard pressed to devote more of their bargained compensation packages to a pension benefit 

AFMEPF0051
that continues to decrease. 

This situation is only exacerbated by the impact of COVID-19. With live music being 

temporarily suspended, many contributing employers and musicians are facing significant 

financial challenges, making any further increases in the contribution rates at this time 

impossible. 

Checklist item 19 – 5.03 How plan factors were taken into account 

In making the determination that all reasonable measures have been taken to avoid insolvency, 

the factors listed in Checklist item 18, and certain other factors set forth in Section 5.03 of the 

Revenue Procedure, were taken into account as follows or were not taken into account for the 

following reasons: 

Contribution levels 

As described in the rehabilitation plan set forth in Exhibit 7.09, when the rehabilitation plan was 

designed, the Trustees devoted a considerable amount of time and attention to considering the 

advantages and disadvantages of alternatives to the rehabilitation plan, including the possibility 

of further mandated increases to employers’ contribution rates. However, the Trustees ultimately 

concluded that due to the need to retain employers, it would be unreasonable and would involve 

considerable risk to the long-term health and viability of the Plan to require further contribution 

rate increases. Accordingly, the Trustees approved a 9% increase (starting at 4% in the first year 

and then rising thereafter) to the rate of contributions of all employers as part of the initial 

rehabilitation plan. 

The Trustees have continued to review this question over time. Based on their experience in the 

industry and in negotiating collective bargaining agreements that include contribution obligations 

to the Plan, even before the pandemic shut-down, the Trustees continued to believe that 

contribution rates and benefits were such that a further large across-the-board increase in the rate 

of contributions or reduction in benefits would create an unreasonable risk that contributing 

employers would seek to negotiate withdrawals from the Plan at a substantially increased rate, 

and that an increased number of bargaining units would cease their efforts to negotiate 

agreements requiring contributions to the Plan. The impact of the COVID-19 pandemic has only 

exacerbated the situation at this time, with live music being temporarily suspended and the fact 

that many contributing employers and musicians are facing significant financial challenges. 

Accordingly, any further mandated contribution increases at this time are simply unattainable 

and would be counterproductive. 

AFMEPF0052
Prior to the pandemic, the Trustees had concluded that if contributions were raised further across 

the board, it was very likely that neither the participants nor contributing employers would find 

continuing value in participating at those rates in a retirement plan that has severely reduced 

accrual rates and slashed adjustable benefits. 

Moreover, further significant contribution increases, even if affordable for the employers after 

the pandemic, may result in lower negotiated wages for participants and/or decreased employer 

contributions to health and other benefit plans covering these participants resulting in lower 

benefits from those plans. Putting aside the problem of an already lower level of pension 

benefits, if participants perceive a significant decrease in value in their total overall 

compensation – including wages, pension benefits and health benefits – the Trustees are 

concerned that they would be likely to encourage their employers to withdraw from the Plan. 

The Trustees recognized that with respect to the three largest groups of contributing employers, 

which together make up over 70% of the contributions, there are significant challenges in 

mandating increases. 

By way of background, the approximate contribution breakdown among segments of the industry 

is as follows for the fiscal year ended March 31, 2020: 

Industry segment Percent of FYE 2020 

Total Contributions* 

FYE 2020 

Contributions 

Wage-based contributions 

Sound recording 3.43% $2,574,835 

Sound recording demos and limited 

pressing 

0.62% $462,324 

Radio 0.15% $116,009 

Motion picture/TV (including new use) 7.60% $5,703,501 

Jingles (including new use and reuse) 2.16% $1,618,846 

Symphonic 36.48% $27,390,065 

Broadway 16.71% $12,547,975 

Freelance and single engagements 17.92% $13,454,694 

Multimedia and video game 0.18% $135,415 

Local union/AFM/Plan staff 4.10% $3,075,225 

Non-benefit-bearing, non-wage-based contributions 

Digital revenue** 10.52% $7,897,443 

Other income 0.13% $97,348 

Total contributions 100.00% $75,073,680 

AFMEPF0053
* The percentages set forth in this chart differ from the percentages in Exhibit 6.03 because these 

are percentages of total contributions (including non-benefit-bearing, non-wage-based 

contributions), whereas the percentages in Exhibit 6.03 are based only on wage-based 

contributions. 

** Of this 10.52% in contributions, approximately 76% was attributable to streaming income under 

the Sound Recordings Labor Agreement and approximately 24% was attributable to the Film 

Markets Secondary Musicians Fund. 

With respect to symphony orchestras, as noted above, there is concern about their ability to 

withstand significant contribution increases and concern about their ability to achieve a 

withdrawal through the bankruptcy process without paying their liability. 

Perhaps in this segment of the industry more than any other, the concerns about increased 

contributions resulting in lower negotiated wages for participants are very likely to materialize. 

If participants perceive a significant decrease in value in their total overall compensation – 

including wages, pension benefits and health benefits, they would likely not support the Plan and 

encourage their employers to withdraw from it, or not be willing to strike in order to oppose a 

withdrawal. 

With respect to freelance and single engagements, the Trustees are concerned, based on their 

knowledge and experience, that this source of contributions is most at risk if the Plan does not 

provide sufficient value for the amount being contributed. For example, this category includes 

single-engagement work, such as wedding band performances, where the band could simply 

decide to perform the work on a non-contributory basis, not report it to the union as covered 

work and keep the amount that would otherwise have been contributed to the Plan as additional 

compensation. Furthermore, many of these freelance and single engagement employers are 

entitled to the entertainment industry exception to withdrawal liability under ERISA Section 

4203(c), which weakens one typical impediment to an employer’s leaving a multiemployer 

pension fund. 

With respect to Broadway, as described in the Rationale for Contribution Income Assumptions 

section of Exhibit 6.03, employers are paying contributions based on a percentage of ticket 

revenue pursuant to a 1963 labor arbitration award involving most of the Broadway unions. 

Given the significant increase in revenues in recent years, contributions from this group of 

employers have translated into around 22% of wages (excluding the shutdown resulting from 

COVID-19) for the last several years, far in excess of other groups of employers in the Plan (and 

in the multiemployer community generally). By way of comparison, Broadway made up 16.81% 

of the Plan’s contributions in fiscal year ended 2020 but only 9.35% of the wages reported to the 

Plan. Further, Broadway shows continuously face operating cost pressures and more than 75% of 

all shows never recoup their investments. Thus, it would be unreasonable to impose larger 

burdens on Broadway’s already high contribution rate. 

AFMEPF0054
Despite the challenges with respect to a large group of employers, in 2018, in light of the Plan’s 

very serious financial condition, the Trustees reluctantly amended the rehabilitation plan to 

require an additional 10% non-benefit bearing increase in the rate of contribution of all existing 

collective bargaining agreements as they renew. While the Trustees were concerned with 

possible disruption in the employer contribution base and participant base, they concluded that a 

modest additional increase would not have a deleterious effect if presented as part of an overall 

plan to protect the long-term solvency of the Plan. However, any further increase would likely 

cause the concerns described above to materialize. 

Instead, it was viewed as far more reasonable to allow the AFM and its local unions to negotiate 

increases on a contract-by-contract basis when they could be borne by the employers and 

accepted by participants. 

Thus, the Trustees are confident that they have taken all reasonable measures with respect to 

contribution levels, particularly, at this time. 

Level of benefit accruals, including any prior reductions in the rate of benefit accruals 

As explained in the response to Checklist item 18, the Trustees have made a number of benefit 

accrual reductions over the last 15 years. The benefit reductions, when considered with 

contribution increases, have resulted in employers paying more for their employees to receive a 

smaller benefit. 

As noted in the response to Checklist item 12, there was an economic cost of $20 million per 

year for active participants when the Plan’s benefit multiplier was reduced from $2.00 to $1.00 

in 2010, as well as an approximate $90 million economic cost associated with changes made in 

the rehabilitation plan. These hundreds of millions of dollars in reductions do not even count all 

of the reductions prior to those events, including, for example, the multiplier reduction from 

$4.65 to $2.00 and prospective elimination of early retirement benefits. 

The multiplier has remained at $1.00 since January 1, 2010. Such a multiplier is so low that the 

Pension Protection Act establishes it as the minimum that can be used in a default schedule in a 

rehabilitation plan. More important than how the Pension Protection Act characterizes this 

multiplier, however, is how participants perceive it. Participants have consistently expressed 

concern about the low level of the multiplier. The Trustees firmly believe based on feedback they 

have received over the last 11 years that, if benefits were reduced any further, neither the 

participants nor contributing employers would find continuing value in participating in the Plan. 

AFMEPF0055
Prior reductions, if any, of adjustable benefits under Code Section 432(e)(8) 

The response to Checklist item 18 details the significant reductions in adjustable benefits, 

including the elimination of early retirement subsidies for those who had a Pension Effective 

Date on or after June 1, 2010. As described in the preceding subsection, active participants have 

borne the burden of the reductions in adjustable benefits, just as they did the reductions in the 

accrual rates. The rehabilitation plan, which generally reduced adjustable benefits (because the 

multiplier had already been reduced in anticipation of the Plan’s entering critical status), 

represented $90 million in benefits eliminated for active participants. There are no significant 

adjustable benefits remaining in the Plan, and the Trustees concluded that any further reductions 

to active participants, either in the accrual rate described in the preceding subsection or the small 

adjustable benefits remaining, would undermine participant and employer support for the Plan. 

Any prior suspension of benefits under Code Section 432(e)(9) 

The Plan has not implemented any other benefit suspensions under Code Section 432(e)(9). 

Measures undertaken by the plan sponsor to retain or attract contributing employers 

As explained in the response to Checklist item 18, the Trustees have taken a number of measures 

to try to retain or attract new contributing employers. The Plan’s experience with these efforts 

has been difficult, but the existence of withdrawal liability, among other things, has helped with 

the retention of employers. Given the limited options available, the Trustees concluded that in 

enacting the measures that they have, they have made every reasonable effort to protect the 

Plan’s solvency. The Trustees believe that the measure proposed in this application, as a whole, 

will provide the Plan its best chance of retaining – and possibly attracting – employers. 

The impact on solvency of the subsidies and ancillary benefits available to active participants 

As described in the response to Checklist item 18, subsidies and ancillary benefits have generally 

been eliminated to the extent possible and reasonable. 

Early retirement and disability benefits are still available but are provided on an actuarially 

equivalent basis and do not have material cost to the Plan, so there is no material impact on the 

Plan’s solvency. Elimination of the pre-retirement benefit for unmarried participants with a 

beneficiary would not have a material impact on the Plan’s solvency. 

AFMEPF0056
Compensation levels of active participants relative to employees in the participants’ industry 

generally 

As explained in the response to Checklist item 18, compensation levels for active participants in 

the AFM-EPF are generally higher than those in the industry generally, which challenges 

contributing employers that compete with non-contributing employers. If contribution rates were 

to rise to the levels needed to sustain the Plan, employers would not be able to absorb them. Even 

if employers found a way to do so rather than withdraw from the Plan, such contribution 

increases would no doubt result in reduced wages to participants, despite the fact that their 

retirement benefits have been reduced dramatically. 

Even now, the Plan’s funding problems have resulted in lower compensation for musicians. In 

some cases, musicians have voluntarily agreed to redirect compensation to the Plan. For 

example, as explained elsewhere in this application (Rationale for Contribution Income 

Assumptions section of Exhibit 6.03), musicians earn residuals from certain film and television 

work, which is paid to a separate fund called the Film Musicians Secondary Markets Fund. 

Those musicians voluntarily agreed to give up 1.5% of their residuals so that amount can be paid, 

instead, to the Plan as unallocated, non-benefit bearing contributions for which the musicians 

receive no pension credit. Similarly, as also explained in the Rationale for Contribution Income 

Assumptions section of Exhibit 6.03, under the record company collective bargaining agreement, 

called the Sound Recording Labor Agreement (“SRLA”), record companies pay a portion of 

their yearly global music streaming revenue to three musician funds. Most of the money is split 

between the Plan and another separate fund that pays residuals to musicians, called the Sound 

Recordings Special Payments Fund (“Special Payments Fund”). In other words, the money the 

Plan receives comes out of the compensation the musicians would otherwise have received from 

the Special Payments Fund. 

As their overall compensation is being reduced to help the Plan, musicians’ retirement benefits 

from the Plan have already been reduced dramatically over the last fifteen years, even apart from 

the reductions sought in this application. As explained elsewhere, benefit accrual rates have 

dropped over 400% and various other benefits (such as a partially subsidized early retirement) 

have been eliminated. Participants in the Plan are aware that a large portion of their 

contributions go towards the Plan’s underfunding and not their own retirement benefits. In that 

context, non-union musical work, without the burden of an underfunded pension plan, has 

become far more attractive and the Trustees are very concerned about flight from the Plan. 

Competitive and other economic factors facing contributing employers 

As explained in the response to Checklist item 18, prior to the COVID-19 pandemic, the 

Trustees considered the competitive pressures and financial constraints faced by contributing 

AFMEPF0057
employers. In taking all reasonable measures, they recognized that if they set the contribution 

requirements at a level that the employers cannot sustain, those employers may go out of 

business and/or file for bankruptcy or simply leave the Plan. 

As noted above, a number of major symphony orchestras have done just that. Indeed, many 

AFM-represented employers face economic pressure to limit their defined benefit pension 

obligations, and in many cases have established defined contribution plans to provide an 

alternative retirement vehicle for employees while limiting their liabilities to the Plan. 

With respect to Broadway Theaters, as described elsewhere in this application (Rationale for 

Contribution Income Assumptions section of Exhibit 6.03) and above, employers are paying 

contributions based on a percentage of ticket revenue pursuant to a 1963 labor arbitration award 

involving most of the Broadway unions. Given the significant increase in ticket revenue in recent 

years, contributions from this group of employers have translated to around 22% of wages 

(excluding the shutdown resulting from COVID-19) for the last several years, far in excess of 

other groups of employers in the Plan, and it would be unreasonable to impose larger burdens on 

Broadway’s already high contribution rate. (Of course, the cessation of live work has temporarily 

changed that contribution pattern.) Moreover, as noted above, Broadway shows continuously 

face operating cost pressures, and more than three quarters of all shows never recoup their 

investments. 

With respect to freelance and single engagement employers, the Trustees are concerned, based 

on their knowledge and experience, that this source of contributions is most at risk if the Plan 

imposes a higher contribution obligation, where the band could simply decide to perform the 

work on a non-contributory basis, not report it to the union as covered work and keep the amount 

that would otherwise have been contributed to the Plan as additional compensation. 

Furthermore, many of these freelance and single engagement employers are entitled to the 

entertainment industry exception to withdrawal liability under ERISA Section 4203(c), which 

weakens one normal impediment to an employer leaving a multiemployer pension fund. 

In other segments of the industry, even where an employer has the assets to sustain large 

contribution increases, higher contribution rates will put the employers at a competitive 

disadvantage, making them far less likely to support the Plan. As noted above, were the 

employers to remain in the Plan and sustain further contribution increases, it would likely be at 

the expense of the wages of those very participants who have already seen their benefit accrual 

rate plummet. 

The situation described above was exacerbated by the temporary cessation of live work 

associated with COVID-19. Many employers are facing additional financial challenges as a 

result. 

AFMEPF0058
Checklist item 20 – 5.03 How factors under Code Section 432(e)(9)(C)(ii)(VIII-IX) were 

taken into account 

In making the determination that all reasonable measures have been taken to avoid insolvency, 

the factors set forth in Code Section 432(e)(9)(C)(ii)(VIII-IX) were taken into account as follows 

or were not taken into account for the following reasons: 

Impact of benefit and contribution levels on retaining active participants and bargaining groups 

under the Plan 

As discussed in the response to Checklist item 19, the Trustees recognize that benefit and 

contribution levels have an effect on retaining active participants. In developing this application, 

the Trustees took into account all of the benefit reductions the active participants have 

experienced since 2004. Benefit accrual rates have been cut from $4.65 per $100 in 

contributions to $1.00 and various other valuable benefits (such as a partially subsidized early 

retirement) have been eliminated. The bulk of the increases in employer contributions that have 

been achieved over the last decade will be used to pay the benefits of deferred vested and retired 

participants. The Trustees, based on experience in communicating with participants across the 

country and experience as collective bargaining representatives, know that there is a limit to 

what active participants will tolerate before they look for other retirement options. The Trustees 

also know that if there are no active employees, the Plan is not viable and all participants’ 

benefits – active, deferred vested and retired – are at risk. 

Impact of past and anticipated contribution increases under the Plan on employer attrition and 

contribution levels 

As discussed in the response to Checklist item 19, the Trustees had to limit the contribution 

increases in the past in recognition of the fact that if they set the contribution requirements at a 

level that the employers cannot sustain, those employers may go out of business and/or file for 

bankruptcy or simply leave the Plan. Because the Trustees limited those increases, the impact of 

past contribution increases on employer attrition and retention levels was not catastrophic. 

However, the Trustees concluded that the contribution increases have had a negative effect. For 

example, as described above, a number of orchestras have filed for bankruptcy and withdrawn 

from the Plan, some of which cited their pension obligations as an issue. Moreover, the Trustees 

have concluded based on their experience and communications within the industry that, due to 

the combination of contribution increases and low benefit accrual rates, a significant amount of 

freelance and single engagement work, such as wedding band performances, ends up being 

performed on a non-contributory basis and not reported to the union or the Plan. 

AFMEPF0059
As described above, in 2018, the Trustees concluded that a 10% increase in the rate of 

contributions, on top of the increase originally imposed in the rehabilitation plan, would not have 

a deleterious effect if presented as part of an overall plan to protect the long-term solvency of the 

Plan. However, the Trustees concluded that any further increase would likely cause a lack of 

support from both contributing employers and participants, resulting in significant employer 

attrition. The Trustees further noted that this situation is only exacerbated by the impact of 

COVID-19. 

Checklist item 21 – 5.04 Other factors considered 

The Trustees took into account the following other factors in their determination that all 

reasonable measures have been taken to avoid insolvency: 

Legislative Engagement 

As described in the response to Checklist item 17, the Trustees have advocated for a solution to 

the multiemployer plan funding crisis that addresses the financial issues facing the Plan and 

treats its participants fairly. Among other things: 

• The Trustees, the American Federation of Musicians and contributing employers met 

with legislators and their staffs to encourage them to either pass the Butch Lewis 

Act/Rehabilitation for Multiemployer Pensions Act or find a bipartisan solution that 

achieved similar results. For example, the Trustees also support the Emergency Pension 

Plan Relief Act of 2020 (i.e., the multiemployer pension plan relief provisions of the 

HEROES Act). 

• The Trustees have written to legislators in opposition to proposals that purported to, but 

would not, adequately address the issues faced by the AFM-EPF. 

• The AFM-EPF kept its participants and contributing employers informed of key 

legislative developments and encouraged its participants and contributing employers to 

engage their legislators in dialogue regarding a legislative solution, providing tools to 

assist participants and contributing employers in doing so. 

• One Plan Trustee serves on the Board of Directors and one Plan Trustee served on the 

Steering Committee (until his recent resignation from the Board of Trustees) of the 

National Coordinating Committee for Multiemployer Plans, in which capacity they are 

advocating and advocated for such a legislative solution. 

AFMEPF0060
While the Trustees have been, and will continue to be, vigorous advocates for legislation, they 

have concluded that they have taken all reasonable measures in this regard and must take the 

steps necessary to ensure that the AFM-EPF is able to pay benefits for the long term. The 

Trustees have concluded that the stakes are too high to avoid taking action while waiting for 

Congress to act. The Trustees have recognized that if Congress passes legislation that allows the 

AFM-EPF to withdraw its application or roll back benefit reductions while still avoiding 

insolvency, then they can do just that. 

SECTION 6. OTHER REQUIRED INFORMATION 

Checklist item 22 – 6.01 Proposed ballot 

See Exhibit 6.01 for a proposed ballot intended to satisfy the requirements of Code Section 

432(e)(9)(H)(iii) (without the statement in opposition to the proposed benefit suspension 

described in Code Section 432(e)(9)(H)(iii)(II), the individualized estimate that was provided as 

part of the notice described in Code Section 432(e)(9)(F), or the voting procedures as described 

in 26 CFR Section 1.432(e)(9)-1(h)(3)(i)(M)). 

Checklist item 23 – 6.02 Partition 

The Plan is not requesting approval from the Pension Benefit Guaranty Corporation of a 

proposed partition under Section 4233 of ERISA. 

Checklist item 24 – 6.02 Partition information 

The Plan is not requesting approval from the Pension Benefit Guaranty Corporation of a 

proposed partition under Section 4233 of ERISA. 

Checklist item 25 – 6.03 Description of assumptions 

Exhibit 6.03 contains the following information: 

• a description of each of the assumptions used in the projections required under Sections 

3.01, 3.02, 4.02(1), 4.02(2), and 4.03 of the Revenue Procedure, 

• supporting evidence for the selection of those assumptions, and 

AFMEPF0061
• if different assumptions are used for different purposes within the application, an 

explanation of any differences among the assumptions used for various purposes. 

Checklist item 26 – 6.04 Experience with critical assumptions 

Exhibit 6.04(1) contains with respect to each of the 10 plan years immediately preceding the plan 

year in which this application is being submitted, a disclosure that separately identifies the 

following: 

• total contributions, 

• total contribution base units, 

• average contribution rates, 

• withdrawal liability payments, and 

• rate of return on plan assets. 

Exhibit 6.04(2) contains experience studies performed by the Plan actuary in the last 10 plan 

years. 

Checklist item 27 – 6.05 Sensitivity of solvency ratio 

Exhibits 6.05(1-4) contain deterministic projections of the sensitivity of the Plan’s solvency ratio 

by taking into account more conservative assumptions of investment experience and future 

contribution base units than assumed elsewhere in this application. 

Specifically, Exhibits 6.05(1) through (4) contain the following separate projections calculated 

using the same assumptions as those used in Exhibit 4.02(1), except that: 

(1) The assumed rate of return is reduced by 1 percentage point (Exhibit 6.05(1)). 

(2) The assumed rate of return is reduced by 2 percentage points (Exhibit 6.05(2)). 

(3) Future contribution base units increase or decrease at a rate of 1.6%, which is 

equal to the average annual rate of increase or decrease that the Plan 

experienced over the 10-year period described in section 6.04 of the Revenue 

Procedure. This assumes wage-based contributions increase at 1.6%, and no 

changes to non-wage-based, non-benefit bearing contributions (Exhibit 

6.05(3)). 

(4) Future contribution base units increase at a rate of 0.6%, which is equal to the 

rate described in section 6.04(3) of the Revenue Procedure reduced by 1 

AFMEPF0062
percentagepoint (Exhibit 6.05(4)). This assumes wage-based contributions 

increase at 0.6%, and no changes to non-wage-based, non-benefit bearing 

contributions. 

The projections described in (3) and (4) were made without reflecting any adjustments to 

the projected benefit payments that result from the alternative assumptions regarding 

future contribution base units. 

Checklist item 28 – 6.06 Projection of funded percentage 

Exhibit 6.06 contains an illustration, prepared on a deterministic basis, of the projected value of 

Plan assets, the accrued liability of the Plan (calculated using the unit credit funding method) and 

the funded percentage for each year in the Plan’s extended period. 

Checklist item 29 – 6.07 Plan sponsor certification relating to plan amendments 

Exhibit 6.07 contains the certification of the Board of Trustees that if it receives final 

authorization to implement the suspension of benefits as described in Code Section 

432(e)(9)(H)(vi), and chooses to implement the authorized suspension, then, in addition to the 

Plan amendment implementing the 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 satisfy 

the requirements of Code Section 432(e)(9)(E). 

Checklist item 30 – 6.08 Whether plan is described in Code Section 432(e)(9)(D)(vii) 

The Plan is not a plan described in Code Section 432(e)(9)(D)(vii). 

AFMEPF0063
Checklist item 31 – 6.09 Narrative statement 

Introduction 

The United States currently faces a worsening multiemployer pension crisis. One recent report 

estimated that more than 124 multiemployer pension plans across the country will become 

insolvent over the next two decades. The AFM-EPF is not immune to the forces driving this 

crisis. 

The Plan is in critical and declining status due to an historic convergence of circumstances. 

Despite increases in contribution rates, development of new sources of contributions, dramatic 

decreases in the benefit accrual rate, elimination of early retirement subsidies and elimination of 

other adjustable benefits, the Plan has been unable to recover from the 2008-2009 Great 

Financial Crisis. The level of contributions after the stock market crash and investment returns, 

while good, are not enough to overcome the impact of the Plan’s increasing negative cash flow, 

driven by its mature demographics and legacy benefit liability from earlier benefit increases. 

Historical Context 

The Plan, like many other multiemployer plans, was a robust, healthy pension fund through the 

late 1990s. For example, in 1999, the Plan was 139% funded, with its assets far exceeding its 

liabilities. Because of this overfunding, the then current Plan’s actuaries advised the then current 

Trustees that the Plan could afford to increase its multiplier. Based on this advice, the Trustees 

approved several multiplier increases over time and by January 1, 2000, these increases resulted 

in a $4.65 multiplier for retirements at age 65, the Plan's normal retirement age. Accordingly, the 

monthly benefit (at age 65 in a single life annuity form) was $4.65 for every $100 in 

contributions. 

These increases applied not only to benefits that would be earned in the future. They also applied 

to benefits that all participants had already earned in the past, including for retirees. At the time 

these decisions were made, the Trustees were advised by their actuaries that the Plan could 

afford the benefits that it was promising, and the Plan was still 133% funded after the last 

increase was approved. 

But the Plan, like so many others, was hit by a combination of negative developments in the first 

decade of the 2000s. First, the dot-com bubble burst, and then, just as the Plan had recovered 

from those investment losses and achieved a funded percentage of 109%, the 2008-2009 Great 

Financial Crisis hit. By the end of that Crisis, the Plan had a huge gap between its liabilities and 

its assets and was 63% funded. 

AFMEPF0064
Following the 2000-2002 dot-com crash, the Trustees lowered the multiplier in 2004 and again 

in 2007. And after the 2008-2009 Great Financial Crisis, the Trustees lowered the multiplier 

twice more to its current level of $1.00. However, under the law at the time, the Trustees were 

not allowed to reduce benefits that participants had already earned. Therefore, the $4.65 

multiplier could only be reduced for benefits earned going forward. Thus, these reductions to the 

multiplier had a relatively small impact, given that the multiplier increases in the 90s had been 

applied to all past service. The Plan is still obligated to pay benefits earned under the higher 

multipliers, including the $4.65 multiplier that is applied to all service prior to 2004. 

Additional tools were available once the Plan entered critical status. The Trustees reduced or 

eliminated certain benefits (such as the early retirement subsidy for pre-2004 service), froze the 

maximum annual pension benefit so that it did not continue to increase with the legal limit, and 

mandated increases in employers’ rate of contributions. The Trustees’ actions continued into 

2018, when they required 10% non-benefit bearing increase in the rate of contribution of all 

existing collective bargaining agreements as they renew. 

Discussion 

After much consideration, the Trustees in 2010 concluded that they could not adopt a 

rehabilitation plan that would enable the Plan to emerge from critical status during the 10-year 

rehabilitation period, due to the challenges in the music industry regarding increased contribution 

rates and a diminishing asset base with which to generate investment earnings. 

The Trustees determined that they could not mandate an across-the-board increase in 

contribution rates in a manner sufficient to bring the Plan out of critical status in the 

rehabilitation period without risking the long-term health and viability of the Plan. Even if 

certain contributing employers could financially withstand the enormous contribution increases 

that would have been required, the Trustees concluded that neither the participants nor 

contributing employers would find continuing value in participating at those contribution rates in 

a retirement plan that had reduced accrual rates and eliminated adjustable benefits to the 

maximum extent permitted under the law. 

The magnitude of the employer contribution increases required to emerge from critical status 

within the rehabilitation period would likely have resulted in lower negotiated wages for 

participants and/or decreased employer contributions to other benefit plans covering these 

participants. The Trustees feared that, together, these factors could ultimately trigger the 

withdrawal or bankruptcy of most or all participating employers. Accordingly, a rehabilitation 

AFMEPF0065
plan was adopted in 2010 that represented reasonable efforts to emerge at a later date – March 

31, 2047.2 

Nevertheless, through the AFM’s bargaining with specific employers and groups of employers, 

annual employer contributions to the Plan have increased from $51 million for the fiscal year 

ending in March 2010 to about $75 million for the fiscal year ending in March 2020. The 

increase in employer contributions is due in large part to the AFM’s having also been actively 

generating new sources of “unallocated,” or non-benefit bearing contributions—such as those 

associated with digital streaming— that are detached from any benefits for any particular 

participants, and therefore, increase the Plan’s assets without also increasing liabilities. 

However, it is clear that additional contributions are not going to fix the Plan’s underlying 

problems stemming primarily from its demographic profile. Annual pension benefit payments 

continue to increase as more and more participants retire. At the same time, there has been a 

decline in the number of musicians working under contracts requiring employer contributions, 

including those who choose non-union employment. 

For the fiscal year ending in March 2020, while the Plan paid out $200 million in benefits (an 

increase of $119 million over 2004), it received only $75 million in contributions (an increase of 

$30 million over 2004), creating a negative cash flow of $125 million for that fiscal year. Even 

putting aside the impact of COVID-19, this negative cash flow is projected to continue—and 

worsen. Every year, if investment returns do not make up for this shortfall, the Plan has to draw 

down assets, which leaves less of an asset base on which to generate investment returns the 

following year. 

After the 2008-2009 Great Financial Crisis, the Trustees took steps to improve investment 

returns. In 2009, they changed the Plan’s investment advisor, and by March 2011, had terminated 

eight investment managers in an effort to reduce fees and improve returns. They also invested in 

asset classes with higher return potential, including emerging market bonds and private equity, 

and increased international stock holdings and Treasury Inflation-Protected Securities (“TIPS”). 

They also decreased fees, in part by investing in passive index funds where it made sense. Then, 

in late 2017, the Plan shifted to an outsourced chief investment officer (“OCIO”) model which 

provides access to best-in-class asset managers and the ability to react and adapt quickly to 

changing market conditions and complex new investment products in an attempt to enhance the 

Plan’s net investment returns relative to market risk. 

When it became apparent that the Plan was no longer going to emerge from critical status, the Rehabilitation 

Plan was subsequently updated to reflect the goal of forestalling insolvency. 

AFMEPF0066

2 
In fact, investment returns have been strong overall since 2009. However, because the Plan 

experienced a significant loss from the financial crisis, those returns were based on a much 

smaller amount of assets. Additionally, because of the Plan’s negative cash flow, investment 

returns have not been strong enough to make up for the Plan’s loss in the 2008-2009 Great 

Financial Crisis – and for the Plan to climb back to financial stability. 

The actuaries’ projections show that, over the next several years, even if the Plan achieves its 

assumed investment return, the Plan’s benefit liabilities will continue to increase faster than its 

assets (which will ultimately begin to decline), which is why the Plan now finds itself in critical 

and declining status. 

SECTION 7. IDENTIFICATION AND BACKGROUND INFORMATION ON THE 

PLAN 

Checklist item 32 – 7.01 Plan sponsor identification information 

The Plan sponsor is the Board of Trustees of the American Federation of Musicians and 

Employers’ Pension Fund. The address of the Board is 14 Penn Plaza, 12th Floor, New York, 

NY 10122. The telephone number of the Board is (212) 284-1311. The Board does not have a 

separate employer identification number. 

Checklist item 33 – 7.02 Plan identification information 

The name of the Plan is the American Federation of Musicians and Employers’ Pension Plan. Its 

employer identification number is 51-6120204 and its plan number is 001. 

Checklist item 34 – 7.03 Retiree representative information 

The Plan’s retiree representative is Brad Eggen. His mailing address is AFM-EPF Retiree 

Representative, P.O. Box 2145, Minneapolis, MN 55402. His phone number is (833) 361-6129 

and his email address is contact@afmretireerep.org. 

Checklist item 35 – 7.04 Enrolled actuary information 

The Plan’s enrolled actuary is Kevin M. Campe (EA #20-05356) of Milliman, Inc., located at 71 

South Wacker Drive, Suite 3100, Chicago, IL 60606. His telephone number is (312) 726-0677. 

AFMEPF0067
Checklist item 36 – 7.05 Power of attorney 

Exhibit 7.05 contains a power of attorney designation for each authorized representative who 

will represent the Plan sponsor in connection with the application. The Plan’s authorized 

representatives are Robert M. Projansky, of Proskauer Rose LLP, Jani K. Rachelson, of Cohen, 

Weiss and Simon LLP, Kevin Campe, of Milliman Inc., and Timothy Herman, of Milliman Inc. 

Checklist item 37 – 7.06 Plan documents 

Exhibit 7.06 contains the most recent Plan document, including all amendments adopted since 

the last restatement. Exhibit 7.06(1) contains the most recent summary plan description with 

summaries of material modifications. Exhibit 7.06(2) contains the most recent determination 

letter issued to the Plan. 

Checklist item 38 – 7.07 Collective bargaining and side agreements 

Exhibit 7.07 contains excerpts from collective bargaining agreements and side agreements (such 

as participation agreements and reciprocity agreements) pursuant to which the Plan is 

maintained. The excerpts include language from the portion of collective bargaining agreements 

or side agreements relevant to the Plan or proposed suspension. 

Given that the Plan has thousands of collective bargaining and participation agreements, Exhibit 

7.07 contains a sample of the language from these agreements. Specifically, out of 2,301 

collective bargaining agreements and participation agreements, Exhibit 7.07 includes excerpts 

from 599 agreements consisting of the following: 

(1) Excerpts from all 569 agreements that have unique language (Groups 1-3). 

(2) Excerpts from 23 out of 447 agreements that have language promulgated by the 

Union (either a Local or the AFM) (Group 2). These agreements fall into 23 

categories that include master agreements promulgated by a particular Local for 

employers in its jurisdiction and agreements promulgated by the AFM or Locals 

for employers in particular industries. 

(3) Excerpts from 3 out of 660 collective bargaining agreements with language 

promulgated by the Plan for single-engagement employers (Group 3), 

representing different types of single engagement contracts. 

(4) Excerpts from 2 out of 546 participation agreements with language promulgated 

AFMEPF0068
by the Plan for employers with participation agreements (Group 4). These 

agreements are all identical in material respects. 

(5) Excerpts from 2 out of 79 participation agreements with language promulgated by 

the Plan for employees of the Union or other Union associated funds (Group 7). 

These agreements are all identical in material respects. 

Checklist item 39 – 7.08 Annual return 

Exhibit 7.08 contains the following required excerpts from the most recently filed Form 5500: 

• Pages 1 and 2 of the Form 5500, without attachments or schedules 

• The Schedule MB, including attachments 

• The Schedule R, including attachments 

• The accountant’s report under Section 103(a)(3) of ERISA 

Checklist item 40 – 7.09 Rehabilitation plan 

Exhibit 7.09 contains the Plan’s rehabilitation plan described in Code Section 432(e)(3) as most 

recently updated. There is only one contribution and benefit schedule under the rehabilitation 

plan. 

Checklist item 41 – 7.10 Valuation reports 

Exhibit 7.10 contains the two most recent actuarial valuation reports for the Plan. 

Checklist item 42 – 7.11 Completed checklist 

The completed checklist, which has been signed and dated by authorized Trustees who are 

current members of the Board of Trustees, is included at the beginning of this application. 

SECTION 8. RESUBMISSION REVIEW 

Checklist item 43 – 8.01/8.02 Resubmission 

This application is not being submitted for resubmission review. 

AFMEPF0069
Exhibit 2.03 

Penalties of Perjury Statement 

Under penalties of perjury, I declare that I have examined this application, including the 

accompanying documents, and, to the best of my knowledge and belief, the request contains all 

the relevant fa relatin to the re ues and such facts are true, correct, and complete. 

Raymond M. Hair, Co-Chair 

Date: December 30, 2020 

Christopher J.G. Ifrockmeyer, Co-Chair 

Date: December 30, 2020 

AFMEPF0070 
Exhibit 2.04 

Public Disclosure Statement 

I acknowledge that, pursuant to Section 432(e)(9)(G)(ii) of the Internal Revenue Code, the 

application for approval of the proposed suspension of benefits and the application's supporting 

material, wit be publicly disclosed through publication on the Trea ury Department website. 

Raymond M. Hair, Co-Chair 

Date: December 30, 2020 

Christopher J.G. Bf'ockmeyer, Co-Chair 

Date: December 30, 2020 

AFMEPF0071 
Exhibit 3.01 

Plan Actuary’s Certification of Critical and Declining Status 

AFMEPF0072
if ijjiii,fi,f Report of Required Actuarial Information Application for Proposed Benefit Suspensions 

Exhibit 3.01 - Certification of critical and declining status - Checklist Item 5 

The following table shows the projection of the plan-year-by-plan-year market value of assets projected to the year of insolvency for the plan years beginning 

April 1, 2020 through plan year ending March 31 , 2035. This projection uses the same actuarial basis as the 2020 certification of critical and declining status. 

Plan year beginning April 1 2020 2021 2022 2023 2024 2025 

1. Market value of assets (beginning of year) $1,591,865,902 $1 ,535,754,910 $1,492,901,241 $1 ,443,097,306 $1 ,382,947,126 $1,310,616,993 

2. Employer contributions 45,387,770 87,125,471 91,922,263 95,439,412 98,934,742 102,328,983 

3. Withdrawal liability payments 293,085 94,202 94,202 94,202 94,202 94,202 

4. Court-ordered settlement agreement 17,000,000 0 0 0 0 0 

5. Benefit payments 

a. Current retirees and beneficiaries 185,932,389 182,332,628 177,934,132 173,261,301 168,373,841 163,357,086 

b. Terminated vested participants 5,414,662 8,809,627 12,520,219 16,232,782 19,949,372 23,965,709 

c. Current actives 12,653,510 22,278,049 32,188,389 42,883,933 54,829,071 67,228,717 

d. New entrants 12,761 30,124 51,726 

e. Total 204,000,562 213,420,304 222,642,741 232,390,777 243, 182,408 254,603,237 

6. Administrative expenses 19,477,868 18,871,120 18,273,220 18,684,367 19,104,765 19,534,623 

7. Investment returns 104,686,582 102,218,083 99,095,562 95,391,350 90,928,097 85,589,301 

8. Market value of assets (end of year) 

(1) + (2) + (3) + (4) - (Se) - (6) + (7) 1,535,754,910 1,492,901,241 1,443,097,306 1,382,947,126 1,310,616,993 1,224,491,619 

9. Available resources 

(1) + (2) + (3) + (4) - (6) + (7) $1,739,755,472 $1 ,706,321,545 $1,665,740,048 $1,615,337,903 $1 ,553,799,401 $1,479,094,856 

10. Solvency ratio (9) / (Se) 8.53 8.00 7.48 6.95 6.39 5.81 

Plan year beginning April 1 2026 2027 2028 2029 2030 2031 

1. Market value of assets (beginning of year) $1,224,491,619 $1 ,124,650,098 $1,011 ,061,384 $884,254,470 $750,217,804 $603,856,973 

2. Employer contributions 105,589,227 108,791,807 111 ,941,209 115,020,682 118,185,013 121,436,544 

3. Withdrawal liability payments 94,202 94,202 94,202 94,202 94,202 94,202 

4. Court-ordered settlement agreement 0 0 0 0 0 0 

5. Benefit payments 

a. Current retirees and beneficiaries 158,116,124 152,705,601 146,916,454 140,928,778 134,780,054 128,485,926 

b. Terminated vested participants 27,851,519 31,456,684 34,632,229 37,550,325 40,006,096 42,199,198 

c. Current actives 78,825,237 89,900,236 100,252,695 109,707,538 117,936,803 125,341,089 

d. New entrants 80,081 117,002 182,248 263,961 354,943 455,831 

e. Total 264,872,961 274,179,523 281,983,626 288,450,602 293,077,896 296,482,043 

6. Administrative expenses 19,974,152 20,423,570 20,883,100 21,352,970 21,833,412 22,324,664 

7. Investment returns 79,322,164 72,128,370 64,024,402 60,652,022 50,271,262 38,991,816 

8. Market value of assets (end of year) 

(1) + (2) + (3) + (4) - (Se) - (6) + (7) 1,124,650,098 1,011,061,384 884,254,470 750,217,804 603,856,973 445,572,827 

9. Available resources 

(1) + (2) + (3) + (4) - (6) + (7) $1,389,523,059 $1 ,285,240,907 $1,166,238,095 $1,038,668,405 $896,934,868 $742,054,871 

10. Solvency ratio (9) / (Se) 5.25 4.69 4.14 3.60 3.06 2.50 

AFMEPF0073 

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

Exhibit 3.01 - Certification of critical and declining status - Checklist Item 5 (continued) 

Plan year beginning April 1 2032 2033 

1. Market value of assets (beginning of year) $445,572,827 $276,094,895 

2. Employer contributions 124,777,683 128,210,903 

3. Withdrawal liability payments 74,898 56,898 

4. Court-ordered settlement agreement 0 0 

5. Benefit payments 

a. Current retirees and beneficiaries 122,060,866 115,530,143 

b. Terminated vested participants 43,931,729 45,148,502 

c. Current actives 131,795,465 138,090,135 

d. New entrants 570,823 721,027 

e. Total 298,358,884 299,489,807 

6. Administrative expenses 22,826,969 23,340,576 

7. Investment returns 26,855,340 13,889,309 

8. Market value of assets (end of year) 

(1) + (2) + (3) + (4) - (Se) - (6) + (7) 276,094,895 95,421,622 

9. Available resources 

(1) + (2) + (3) + (4) - (6) + (7) $574,453,779 $394,911,429 

10. Solvency ratio (9) / (Se) 1.93 1.32 

Report of Required Actuarial Information - Application for Proposed Benefit Suspensions 

American Federation of Musicians and Employers' Pension Fund 

2034 

$95,421,622 

131,738,746 

38,898 

0 

108,918,490 

46,425,215 

143,674,050 

898,874 

299,916,629 

23,865,738 

92,063 

(96,491,039) 

$203,425,590 

0.68 

AFMEPF0074 

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. 
CS Milliman 

June 29, 2020 

Internal Revenue Service 

Employee Plans Compliance Unit 

Group 7602 (TEGE:EP:EPCU) 

230 S. Dearborn Street 

Room 1700 - 17th Floor 

Chicago, Illinois 60604 

71 South Wacker Drive 

31st Floor 

Chicago, IL 60606 

USA 

Tel +1 312 726 0677 

Fax +1 312499 5695 

milliman.com 

Re: Pension Protection Act (PPA) Actuarial Certification for Plan Year Beginning April 1, 2020-

American Federation of Musicians & Employers' Pension Fund 

In accordance with IRC Section 432(b)(3)(A), we have prepared and attached an actuarial certification for 

the plan year beginning April 1, 2020 for American Federation of Musicians & Employers' Pension Fund. 

In our opinion, the assumptions used for the actuarial certification are individually reasonable based on the 

experience of the plan and on reasonable expectations of anticipated experience under the plan. The 

projections in this report are dependent on the assumptions used. Differences between our projections and 

actual amounts depend on the extent to which future experience conforms to the assumptions made for 

this analysis. It is certain that actual experience will not conform exactly to the assumptions used in these 

projections. Actual results will differ from projected amounts to the extent that actual experience is better 

or worse than expected. 

On the basis of the foregoing and as a member of the American Academy of Actuaries (AAA) who meets 

the Qualification Standards of the AAA to render the actuarial opinion contained herein, I hereby certify 

that, to the best of my knowledge and belief, this letter is complete and accurate and has been prepared in 

accordance with generally recognized and accepted actuarial principles and practices. 

Kevin M. Campe 

KMC:db 

cc: 

Mr. David Dorsey 

Ms. Maureen B. Kilkelly 

Mr. Zachary N. Leeds, Esq. 

Mr. Robert Projansky, Esq. 

Mr. Scott Price 

Ms. Jani K. Rachelson, Esq. 

M \MUS\ARCHIVE 7 Years\Reports\Funding\2020PYB\Tab3 GovFilings\MUS PPA Certification 2020.docx 

-1-

M I L LI M AN 

AFMEPF0075 
American Federation of Musicians & Employers' Pension Fund 

PPA Actuarial Certification for Plan Year Beginning April 1. 2020 

Funding Status Projection Results 

An accumulated funding deficiency is projected to occur for the current Plan year ending March 31, 2021 . 

The funded percentage as of April 1, 2020 is projected to be 54.8%. 

The Plan fails tests under both IRC Section 432(b)(2)(B) and IRC Section 432(b)(2)(C), used to determine 

whether the Plan is in critical status. 

The ratio of inactive to active participants as of April 1, 2019 is 1.51. 

The Plan is projected to become insolvent during the Plan year ending March 31, 2035. 

PPA Certification 

I hereby certify that the American Federation of Musicians & Employers' Pension Fund is considered "critical 

and declining" under IRC Section 432(b}(6) for the Plan year beginning April 1, 2020, as defined in the 

Pension Protection Act of 2006 as amended by the Multiemployer Pension Reform Act of 2014 ("MPRA"). 

Further, I hereby certify that to the best of my knowledge and belief, the actuarial assumptions employed 

in preparing this certification are individually reasonable and represent my best estimate of future 

experience. Additionally, the "projected industry activity'' assumption, as required under IRC Section 

432(b )(3)(B)(iii), has been based on input provided by the Board of Trustees. 

Scheduled Progress 

The Pension Protection Act (PPA) requires the actuary to certify whether the plan is making scheduled 

progress in meeting the requirements of its Rehabilitation Plan. The Rehabilitation Plan for the American 

Federation of Musicians & Employers' Pension Fund was adopted in April 2010 which reduced certain 

benefits and increased the Plan's contribution rates. The Trustees determined using reasonable actuarial 

assumptions and methods that they were unable to adopt a Rehabilitation Plan that would enable the Plan 

to emerge from critical status by the end of the ten-year Rehabilitation Period on March 31, 2023 which 

began on April 1, 2013. As a result, the Trustees adopted a Rehabilitation Plan that, in their judgment, 

consisted of all reasonable measures to either emerge from critical status by a later date than the ten-year 

period mentioned above or forestall insolvency. The Trustees revised the Rehabilitation Plan effective 

June 27, 2016 such that in their judgment, it consisted of all reasonable measures to forestall insolvency. 

The Rehabilitation Plan contribution schedule has been updated effective June, 2018 to require a 10% 

increase in the rate of contributions with such increases not considered when calculating a pension benefit. 

As required under the PPA, the Trustees have been and will continue to review the Rehabilitation Plan 

annually. Based on implementation of the Rehabilitation Plan and reflecting the Plan's experience through 

March 31, 2020, I hereby certify that the Plan is making scheduled progress as of April 1, 2020 as required 

under IRC Section 432(b)(3)(A)(ii). 

Enrolled Actuary #20-5356 

June 29 2020 

Date 

-2-

M I L LI MAN 

AFMEPF0076 
American Federation of Musicians & Employers' Pension Fund 

PPA Actuarial Certification for Plan Year Beginning April 1. 2020 

Summary of Assumptions/Methods 

Our projections are based on: 

• April 1, 2019 participant data and April 1, 2019 actuarial valuation results, as described in the actuarial 

report for the Plan year ended March 31 , 2020. 

• March 31 , 2020 unaudited assets and on investment performance and the summary of receipts and 

disbursements for the year ended March 31 , 2020 provided by the Fund office. 

• An assumption that the active population will remain stable for each plan year after March 31, 2020. 

• Investment Returns 

o Investment returns after March 31, 2020 are based on the Fund's target asset allocation and 2019 

Horizon 10-year capital market survey assumptions for first 10 years and 2019 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 

2021 

2022 

2023 

2024 

2025 

2026 

2027 

2028 

2029 

2030 and later 

Assumed Investment Return 

-3-

M I LLIMAN 

6.92% 

6.98% 

6.98% 

6.98% 

6.98% 

6.98% 

6.98% 

6.98% 

6.98% 

7.69% 

AFMEPF0077 
American Federation of Musicians & Employers' Pension Fund 

PPA Actuarial Certification for Plan Year Beginning April 1. 2020 

Summary of Assumptions/Methods (continued) 

o Transition to the target asset allocation assumed to be completed in the plan year ending 

March 31, 2022 as shown in table below. 

Asset Class Oct 2020 Oct 2021 

U.S. Equity Large Cap 19.83% 18.74% 

US Equity Small Cap 2.20% 2.08% 

Developed Market ex U.S. Equity 15.40% 14.55% 

Emerging Market Equity 4.89% 4.62% 

Hedge Funds 17.00% 17.00% 

Private Equity 15.75% 15.00% 

Private Credit 9.45% 13.00% 

Private Real Estate 1.70% 3.00% 

US Corp Bonds Core 13.78% 12.00% 

Cash 0.00% 0.00% 

Total 100.00% 100.00% 

10-year return 6.92% 6.98% 

20-year return n/a 7.69% 

• No future asset gains or losses other than the gains or losses related to the asset smoothing method. 

• Contribution Income: 

o Wage-based contributions of $65,373,577 for fiscal year ending March 31 , 2019 and are assumed 

to increase 2.7% per annum. In addition, the 10% increase implemented in June 2018 is expected 

to phase in through different working arrangements according to the following schedule: 

■ through 66% freelance and single engagement contracts in FYE 2020 and 34% in FYE 2021 

• through 26.3% of Broadway Theaters contribution income 

• through 25% of all other contracts over 4 years 

o There is a one-time adjustment to projected contributions for the year ending March 31, 2021 which 

are assumed to be $20,000,000 lower than the amount otherwise projected. 

-4-

M I LLIMAN 

AFMEPF0078 
American Federation of Musicians & Employers' Pension Fund 

PPA Actuarial Certification for Plan Year Beginning April 1, 2020 

Summary of Assumptions/Methods (continued} 

o Non-benefit bearing, non-wage based contributions of $7,432,346 in FYE 2019, increase according 

to the table below and then 3.00% per annum thereafter. 

• $5,719,781 Streaming 

■ $1,712,565 Film Musicians Fund 

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

Streaming Film Musicians Fund 

2020 $6,000,000 6% 

2021 27% 5 

2022 20 5 

2023 16 5 

2024 12 5 

2025 10 4 

2026 8 4 

2027 6 3 

2028 5 3 

2029 4 3 

2030 3 3 

o Future other income, principally withdrawal liability, according to the table below assumes that 

currently withdrawn employers continue to make scheduled quarterly withdrawal liability payments. 

FYE Contributions ($M) 

2020 $0.29 

2021 $0.29 

2022-2037 $0.10 

2038 and later $0.00 

• All other actuarial assumptions, methods and plan provisions being the same as those used to 

determine April 1, 2020 actuarial valuation results, except as follows: 

o The prior year's administrative expenses increased by 2.25% plus an additional $1,000,000 for 

FYE 2020 and increased by 2.25% for each plan year after FYE 2020. Further, additional expenses 

for MPRA suspension are shown in the table below. 

~ fii4#%i·i!Mtiiilil'.j 

2022 1 

-5-

M I LLIMAN 

AFMEPF0079 
American Federation of Musicians & Employers’ Pension Fund

PPA Actuarial Certification for Plan Year Beginning April 1, 2020

Plan Identification

Name: American Federation of Musicians & Employers’ Pension Fund

EIN: 51-6120214

Plan Number: 001

Address: 14 Penn Plaza, 12th Floor

New York, New York 10117-0262

Telephone Number: (800) 833-8065 or (212) 284-1200

AFMEPF0080

-6-

MILLI MAN 
Exhibit 3.02(1) 

Deterministic Projection of Current Plan without Proposed Suspension 

AFMEPF0081
if ijjiii,fi,f Report of Required Actuarial Information Application for Proposed Benefit Suspensions 

Exhibit 3.02(1) - Projection of Current Plan without Proposed Suspension - Checklist Item 6 

The follow ing table shows the projection of the plan-year-by-plan-year market value of assets projected to the year of insolvency for the plan years beginning 

April 1, 2020 through plan year ending March 31 , 2035. T his projection uses the actuarial basis show n in Exhibit 6.03. 

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 $1,626,071,681 $1 ,566,673,266 $1 ,503,861,167 $1,429,824,723 

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 209,550,209 201, 199,602 197,873,422 194,156,433 190, 184,884 186,093,627 

b. Terminated vested participants 9,811 ,261 5,657,743 9,103,508 12,685,153 16,305,295 19,852,072 

c. Current actives 5,886,428 13,282,560 22,186,878 31 ,732,554 42,017,293 53,416,325 

d. New entrants 0 1,375 7,291 24,489 66,904 135,935 

e. Total 225,247,899 220, 141,280 229,171,099 238,598,628 248,574,376 259,497,959 

6. Administrative expenses 21,886,625 25,379,074 23,882,603 23,397,462 23,923,904 24,462,192 

7. Investment returns 346,539,207 111,654,905 107,017,054 102,923,893 98,344,620 92,945,592 

8. Market value of assets (end of year) 

(1) + (2) + (3) + (4) - (Se) - (6) + (7) 1,704,758,864 1,626,071,681 1,566,673,266 1,503,861, 167 1,429,824,723 1,342,514,141 

9. Available resources 

(1) + (2) + (3) + (4) - (6) + (7) $1,930,006,763 $1 ,846,212,962 $1,795,844,365 $1,742,459,795 $1 ,678,399,099 $1,602,012,100 

10. Solvency ratio (9) / (Se) 8.57 8.39 7.84 7.30 6.75 6.17 

Plan year beginning April 1 2026 2027 2028 2029 2030 2031 

1. Market value of assets (beginning of year) $1,342,514,141 $1 ,241,366,954 $1,126,076,965 $997,200,580 $854,944,524 $705,347,291 

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 181,546,217 176,757,573 171,385,634 165,750,647 159,794,726 153,682,430 

b. Terminated vested participants 23,755,481 27,546,099 30,918,840 34,086,691 36,798,357 39,396,220 

c. Current actives 64,422,255 74,973,267 84,938,289 94,120,558 102, 184,893 109,836,929 

d. New entrants 221,201 317,695 458,409 661,045 890,643 1,133,510 

e. Total 269,945,154 279,594,633 287,701,173 294,618,941 299,668,620 304,049,088 

6. Administrative expenses 25,012,592 25,575,375 26,150,821 26,739,214 27,340,847 27,956,016 

7. Investment returns 86,638,443 79,393,921 71,219,926 62,142,226 57,331,976 45,880,704 

8. Market value of assets (end of year) 

(1) + (2) + (3) + (4) - (Se) - (6) + (7) 1,241,366,954 1, 126,076,965 997,200,580 854,944,524 705,347,291 542,507, 130 

9. Available resources 

(1) + (2) + (3) + (4) - (6) + (7) $1,511 ,312,108 $1,405,671,599 $1,284,901,752 $1,149,563,465 $1 ,005,015,911 $846,556,218 

10. Solvency ratio (9) / (Se) 5.60 5.03 4.47 3.90 3.35 2.78 

AFMEPF0082 

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

Exhibit 3.02(1) - Projection of Current Plan without Proposed Suspension - Checklist Item 6 (continued) 

Plan year beginning April 1 2032 2033 

1. Market value of assets (beginning of year) $542,507, 130 $367,416,080 

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 147,270,263 140,764,844 

b. Terminated vested participants 41,355,326 42,868,025 

c. Current actives 116,530,835 123,066,528 

d. New entrants 1,398,011 1,715,630 

e. Total 306,554,435 308,415,028 

6. Administrative expenses 28,585,026 29,228,189 

7. Investment returns 33,493,653 20,201,206 

8. Market value of assets (end of year) 

(1) + (2) + (3) + (4) - (Se) - (6) + (7) 367,416,080 179,888,803 

9. Available resources 

(1) + (2) + (3) + (4) - (6) + (7) $673,970,515 $488,303,831 

10. Solvency ratio (9) / (Se) 2.20 1.58 

Report of Required Actuarial Information - Application for Proposed Benefit Suspensions 

American Federation of Musicians and Employers' Pension Fund 

2034 

$1 79,888,803 

133,313,896 

51,336 

0 

134,006,305 

44,428,329 

128,872,783 

2,112,692 

309,420,109 

29,885,823 

5,997,159 

(20,054,738) 

$289,365,371 

0.94 

AFMEPF0083 

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 3.02(2) 

Deterministic Projection with Proposed Suspension 

AFMEPF0084
if ijjiii,fi,f Report of Required Actuarial Information Application for Proposed Benefit Suspensions 

Exhibit 3.02(2) - Deterministic Projection with Proposed Suspension - Checklist Item 6 

The table shows the projection of the plan-year-by-plan-year market value of assets over the extended projection period for the plan years beginning 

April 1, 2020 through plan year ending March 31, 2052. 

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. 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 346,539,207 111,996,710 109,214,136 108,394,465 107,554,819 106,406,832 

8. Market value of assets (end of year) 

(1) + (2) + (3) + (4) - (Se) - (6) + (7) 1,704,758,864 1,636,446,031 1,622,630,546 1,612,038,340 1,597,506,767 1,577,690,122 

9. Available resources 

(1) + (2) + (3) + (4) - (6) + (7) $1,930,006,763 $1 ,846,554,767 $1,808,415,797 $1,803,887,647 $1 ,795,786,471 $1,783, 155,384 

10. Solvency ratio (9) / (Se) 8.57 8.79 9.73 9.40 9.06 8.68 

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. 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 104,897,304 103,017,777 100,787,420 98,241,276 104,794,583 102,154,156 

8. Market value of assets (end of year) 

(1) + (2) + (3) + (4) - (Se) - (6) + (7) 1,552,365,250 1,521,506,179 1,485,721,586 1,445,445,654 1,410,923,038 1,373,405, 129 

9. Available resources 

(1) + (2) + (3) + (4) - (6) + (7) $1,764,746,949 $1 ,740,293,751 $1,709,898,459 $1,674,183,521 $1 ,642,979,649 $1,608,405,417 

10. Solvency ratio (9) / (Se) 8.31 7.95 7.63 7.32 7.08 6.84 

AFMEPF0085 

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 3.02(2) - Deterministic Projection with Proposed Suspension - Checklist Item 6 (continued) 

Plan year beginning April 1 2032 2033 

1. Market value of assets (beginning of year) $1,373,405, 129 $1 ,334,135,040 

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 99,338,757 96,403,154 

8. Market value of assets (end of year) 

(1) + (2) + (3) + (4) - (5e) - (6) + (7) 1,334,135,040 1,293,344,264 

9. Available resources 

(1) + (2) + (3) + (4) - (6) + (7) $1,570,713,618 $1 ,531,224,739 

10. Solvency ratio (9) / (5e) 6.64 6.44 

Plan year beginning April 1 2038 2039 

1. Market value of assets (beginning of year) $1,125,154,071 $1 ,084,349,257 

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 81,071,839 78,139,892 

8. Market value of assets (end of year) 

(1) + (2) + (3) + (4) - (5e) - (6) + (7) 1,084,349,257 1,045,252,061 

9. Available resources 

(1) + (2) + (3) + (4) - (6) + (7) $1,321,713,446 $1 ,281,200,627 

10. Solvency ratio (9) / (5e) 5.57 5.43 

Report of Required Actuarial Information - Application for Proposed Benefit Suspensions 

American Federation of Musicians and Employers' Pension Fund 

2034 2035 

$1,293,344,264 $1 ,251,579,039 

133,313,896 136,875,350 

51,336 51,336 

0 0 

102,685,873 97,020,410 

33,874,973 34,836,479 

99,946,757 104,625,800 

2,112,692 2,545,867 

238,620,295 239,028,556 

29,885,823 30,558,254 

93,375,662 90,289,991 

1,251,579,039 1,209,208,906 

$1,490,199,335 $1,448,237,462 

6.25 6.06 

2040 2041 

$1,045,252,061 $1 ,008,330,522 

156,166,874 160,340,998 

3,11 0 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 

75,350,068 72,733,282 

1,008,330,522 973,957,687 

$1,242,617,834 $1,206,482,051 

5.30 5.1 9 

2036 2037 

$1 ,209,208,906 $1,166,932,393 

140,532,261 144,287,196 

22,162 12,438 

0 0 

91 ,280,519 85,498,418 

35,531,942 36,031,805 

108,958,515 113,220,429 

2,999,241 3,480,096 

238,770,217 238,230,748 

31,245,815 31,948,846 

87,185,096 84,101,637 

1, 166,932,393 1,125,154,071 

$1 ,405,702,611 $1,363,384,819 

5.89 5.72 

2042 2043 

$973,957,687 $943,054,301 

164,627,062 169,028,080 

0 0 

0 0 

56,983,953 51,592,607 

35,923,472 35,377,416 

130,458,286 132,732,262 

6,792,848 7,600,068 

230, 158,559 227,302,353 

35,708,512 36,511,954 

70,336,623 68,225,939 

943,054,301 916,494,013 

$1 ,173,212,859 $1,143,796,366 

5.10 5.03 

AFMEPF0086 

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 3.02(2) - Deterministic Projection with Proposed Suspension - Checklist Item 6 (continued) 

Plan year beginning April 1 2044 2045 

1. Market value of assets (beginning of year) $916,494,01 3 $895,066,223 

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 66,462,289 65,091,553 

8. Market value of assets (end of year) 

(1) + (2) + (3) + (4) - (5e) - (6) + (7) 895,066,223 879,226,259 

9. Available resources 

(1) + (2) + (3) + (4) - (6) + (7) $1,119,169,974 $1 ,100,171,737 

10. Solvency ratio (9) / (5e) 4.99 4.98 

Plan year beginning April 1 2050 2051 

1. Market value of assets (beginning of year) $888,693,686 $912,932,888 

2. Employer contributions 203,324,651 208,764,009 

3. Withdrawal liability payments 0 0 

4. Court-ordered settlement agreement 0 0 

5. Benefit payments 

a. Current retirees and beneficiaries 20,649,204 17,528,238 

b. Terminated vested participants 27,531,799 25,995,096 

c. Current actives 138,765,286 137,899,421 

d. New entrants 15,540,730 17,015,323 

e. Total 202,487,019 198,438,078 

6. Administrative expenses 42,665,643 43,625,620 

7. Investment returns 66,067,213 68,230,370 

8. Market value of assets (end of year) 

(1) + (2) + (3) + (4) - (5e) - (6) + (7) 912,932,888 947,863,570 

9. Available resources 

(1) + (2) + (3) + (4) - (6) + (7) $1,115,419,908 $1 ,146,301,648 

10. Solvency ratio (9) / (5e) 5.51 5.78 

Report of Required Actuarial Information - Application for Proposed Benefit Suspensions 

American Federation of Musicians and Employers' Pension Fund 

2046 2047 

$879,226,259 $869,968,595 

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 

64,166,548 63,748,605 

869,968,595 867,964,940 

$1,087,312,646 $1,081,651,433 

5.00 5.06 

2052 

$947,863,570 

214,349,378 

0 

0 

14,759,694 

24,396,973 

136,754,270 

18,553,332 

194,464,269 

44,607,196 

71,208,988 

994,350,471 

$1,188,814,740 

6.11 

2048 2049 

$867,964,940 $873,940,960 

192,868,747 198,027,474 

0 0 

0 0 

27,947,215 24,1 24,1 72 

30,390,326 28,968,499 

138,825,355 138,977,057 

12,810,179 14,1 21,600 

209,973,076 206,191,329 

40,808,597 41,726,790 

63,888,945 64,643,372 

873,940,960 888,693,686 

$1 ,083,914,035 $1,094,885,015 

5.16 5.31 

AFMEPF0087 

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. 
AFMEPF0088

71 S. Wacker Drive, 31st Floor 

Chicago, IL 60606 

USA 

Tel +1 312 726 0677 

Fax +1 312 499 5695 

www.milliman.com 

December 30, 2020 

PERSONAL & CONFIDENTIAL 

Board of Trustees of the American Federation of Musicians & Employers’ Pension Fund

14 Penn Plaza, 12th Floor 

New York, New York 10117-0262 

RE: Actuarial Certification for Proposed Benefit Suspensions as of January 1, 2022 for the 

American Federation of Musicians & Employers’ Pension Fund

Dear Members of the Board: 

The report dated December 30, 2020 includes the Actuarial Certification of Plan Solvency and a 

presentation of additional actuarial information required for the application to suspend benefits for the 

American Federation of Musicians and Employers’ Pension Fund (“AFM-EPF” or the “Plan”). Please see 

this report for additional information. 

Actuarial Certification 

The application filed on behalf of the AFM-EPF sets forth the proposed benefit suspension to be effective 

January 1, 2022 which is described in Checklist item 2. 

1. We certify that the proposed suspension is reasonably estimated to enable the Plan to avoid 

insolvency, as required under regulation §1.432(e)(9)-1(d)(5)(ii)(A) based on the following analysis. 

a. The solvency ratio is projected on a deterministic basis to be at least 1.0 for each plan year 

throughout the extended period (see Exhibit 3.02(2)). 

b. The Plan’s solvency ratio and available resources are not projected to decrease at any time

during the last five years of the extended period (see Exhibit 4.02(1)). 

c. The probability the Plan will avoid insolvency throughout the extended period is more than 50 

percent based on stochastic projections reflecting variance in investment return. (see Exhibit 

4.02(2)). 

2. We certify that the proposed suspension does not materially exceed the level that is necessary to avoid 

insolvency, as required under regulation §1.432(e)(9)-1(d)(5)(iii)(A) based on the following analysis. 

a. The Plan would fail one or more of the tests listed in 1. if the dollar amount of the proposed 

benefit suspension for each participant and beneficiary were reduced (but not below zero) by 

the greater of 5% of the individual’s monthly amount proposed to be suspended and 2% of the

individual’s monthly amount without regard to the proposed suspension. Exhibit 4.03(1)

demonstrates that if the suspension is reduced by the aforementioned amounts, it will no longer 

be sufficient to enable the Plan to satisfy the requirement to avoid insolvency under 

Offices in Principal Cities Worldwide 

Milliman 
AFMEPF0089

December 30, 2020 

Page 2 

§1.432(e)(9)-1(d)(5)(i)(A). The projection in Exhibit 4.03(1) does not satisfy the requirement in 

§1.432(e)(9)-1(d)(5)(ii)(3) because the Plan’s funded percentage at the end of the extended

period does not exceed 100% and in at least one of the last five years of the extended period 

the Plan’s available resources are projected to decrease. Therefore, as specified in 

§1.432(e)(9)-1(d)(5)(iii)(A) “an alternative, similar but smaller suspension of benefits would not

be sufficient to enable the Plan to satisfy the requirement to avoid insolvency under paragraph 

(d)(5)(i)(A).”

b. The PBGC did not issue an order partitioning the Plan. 

The proposed suspension satisfies the limitations on aggregate size of suspension set forth in Regulation 

§1.432(e)(9)-1(d)(5). 

In our opinion, each assumption used is reasonable (taking into account the experience of the Plan and 

reasonable expectations). The results in this report were developed using models intended for actuarial 

valuations and experience studies that use standard actuarial techniques. 

Limited Distribution 

Milliman’s work is prepared solely for the internal business use of the Board of Trustees of the American 

Federation of Musicians and Employers’ Pension Fund (the “Plan Sponsor”) and the Plan’s Trustees and

may not be provided to third parties without our prior written consent. Milliman does not intend to benefit or 

create a legal duty to any third party recipient of its work product. Milliman’s consent to release its work

product to any third party may be conditioned on the third party signing a release, subject to the following 

exceptions: 

The Plan Sponsor may provide a copy of Milliman’s work, in its entirety, to the Plan’s professional service 

advisors who are subject to a duty of confidentiality and who agree to not use Milliman’s work for any

purpose other than to benefit the Plan. 

The Plan Sponsor may distribute certain work product that Milliman and the Plan Sponsor mutually agree 

is appropriate as may be required by the Pension Protection Act of 2006 and the Multiemployer Pension 

Reform Act of 2014. 

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 the report, we relied on our April 1, 2020 actuarial valuation, and, without audit, information 

(some oral and some in writing) supplied by the Plan’s administrator, auditor, and investment consultant.

This information includes, but is not limited to, plan documents and provisions, participant data, and 

financial information. In general, the participant data used for purposes of this application is based on the 

data being used for the April 1, 2020 actuarial valuation. Additional individual participant information was 

supplied by the Plan Administrator subsequent to the April 1, 2020 valuation to refine the benefit payment 

projections. 

Milliman 

Milliman 
ll Milliman December 30, 2020 

Page 3 

We found this information to be reasonably consistent and comparable with information used for other 

purposes. The results depend on the integrity of this information. If any of this information is incomplete or 

inaccurate, our results may be different and our calculations may need to be revised. 

Limited Use 

Actuarial computations presented here were prepared to meet the requirement set forth in IRC §432(e)(9) 

(taking into account § 1.432( e )(9)-1 and Revenue Procedure 2017-43). 

Determinations for other purposes may yield significantly different results from those shown in this report. 

Other calculations may be needed for other purposes, such as judging benefit security at termination. 

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 . 

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. 

Actuarial Qualifications 

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 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. 

The undersigned actuaries are members of the American Academy of Actuaries and meet its Qualification 

Standards to render the actuarial opinion contained herein. 

Kevin M. Campe, EA, MAAA 

Principal and Consulting Actuary 

KMC/RAB/TJH/cr1 

Robert A. Behar, FSA, EA, MAAA 

Principal and Consulting Actuary 

Timothy J. Herman, FSA, EA, MAAA 

Principal and Consulting Actuary 

I\CHIC.WIN.fS2.MILLIMAN.COM\PEN001$\MUS\ARCHIVE 7 YEARSISPECIAL PROJECTSIMPRA RESUBMISSION 2020\APPLICATION DEVELOPMENT\AFM-EPF 

ACTUARIAL CERTIFICATION FOR PROPOSED MPRA SUSPENSION.DOCX 

Sem e/ecuonicatly-no hard copy mailed 

AFMEPF0090 

Millirnan 
Exhibit 4.01 

Demonstration that Limitations on Individual Suspensions Are Satisfied 

AFMEPF0091
Application for Approval of Proposed Suspension of Benefits

American Federation of Musicians and Employers' Pension Fund

EIN/PN: 51-6120204/001

Exhibit 4.01 (Checklist Item #8)

Demonstration of Limitations on Individual Suspension

Illustration# 1

Participant Category: Individual currently receiving benefits

Applicable limitation: 110% of PBGC Guarantee-based Limitation

Demographic Information

a. Date of birth October 15, 1949

b. Normal Retirement Date November 1, 2014

c. Proposed Suspension Date January 1, 2022

d. Age in years on January 31, 2022 72 Years & 3 Months

e. Years of vesting service as of January 1, 2022 34.25

f. Participant status on April 1, 2020 Retiree

g. Disabled or Non-Disabled Non-Disabled

h. Current monthly benefit as of January 1, 2022 $927.70

Calculation of 110% of PBGC Guarantee Member's Benefit

i. Monthly benefit for PBGC Guarantee $927.70

j. Monthly accrual rate $27.09

k. PBGC monthly guaranteed accrual rate $23.07

l. PBGC monthly guaranteed benefit $790.15

m. 110% of PBGC guaranteed benefit $869.17

Calculation of monthly benefit under Proposed Benefit Suspensions Member's Benefit

n. Projected monthly accrued benefit as of January 1, 2022 $927.70

o. Proposed monthly benefit after suspension $640.86

p. Proposed monthly benefit, reflecting 110% PBGC limitation $869.17

q. Smaller of 60 and months from January 2022 until age 80 60

r. Age-based limitation applicable percentage 100.00%

s. Proposed monthly benefit, reflecting age-based limitation $869.17

Final Monthly Benefit Under Proposed Suspension $869.17

Summary of Applicable Federal Limitations

Disability Limitation No

110% of PBGC Guarantee-based Limitation Yes

Age-based Limitation No

AFMEPF0092
Application for Approval of Proposed Suspension of Benefits

American Federation of Musicians and Employers' Pension Fund

EIN/PN: 51-6120204/001

Exhibit 4.01 (Checklist Item #8)

Demonstration of Limitations on Individual Suspension

Illustration # 2

Participant Category: Contingent beneficiary of an individual currently receiving benefits

Applicable limitation: 110% of PBGC Guarantee-based Limitation

Demographic Information

a. Date of birth

b. Normal Retirement Date

c. Proposed Suspension Date

d. Age in years on January 31, 2022

e. Years of vesting service as of January 1, 2022

f. Participant status on April 1, 2020

g. Disabled or Non-Disabled

h. Projected monthly accrued benefit as of January 1, 2022

October 15, 1950

November 1, 2015

January 1, 2022

71 Years & 3 Months

32.00

Retiree

Non-Disabled

$1,099.66

Calculation of 110% of PBGC Guarantee Member's Benefit Survivor's Benefit

i. Monthly benefit for PBGC Guarantee

j. Monthly accrual rate

k. PBGC monthly guaranteed accrual rate

l. PBGC monthly guaranteed benefit

m. 110% of PBGC guaranteed benefit

$1,083.41

$33.86

$28.15

$900.80

$990.88

$812.56

$25.39

$21.79

$697.28

$767.01

Calculation of monthly benefit under Proposed Benefit Suspensions

n. Projected monthly accrued benefit as of January 1, 2022

o. Proposed monthly benefit after suspension

p. Proposed monthly benefit, reflecting 110% PBGC limitation

q. Smaller of 60 and months from January 2022 until age 80

r. Age-based limitation applicable percentage

s. Proposed monthly benefit, reflecting age-based limitation

Member's Benefit

$1,099.66

$778.60

$990.88

60

100.00%

$990.88

Survivor's Benefit

$824.75

$583.95

$767.01

60

100.00%

$767.01

Final Monthly Benefit Under Proposed Suspension $990.88 $767.01

Summary of Applicable Federal Limitations

Disability Limitation

110% of PBGC Guarantee-based Limitation

No

Yes

Age-based Limitation No

AFMEPF0093
Application for Approval of Proposed Suspension of Benefits

American Federation of Musicians and Employers' Pension Fund

EIN/PN: 51-6120204/001

Exhibit 4.01 (Checklist Item #8)

Demonstration of Limitations on Individual Suspension

Illustration # 3

Participant Category: Future retiree

Applicable limitation: 110% of PBGC Guarantee-based Limitation

Demographic Information

a. Date of birth June 15, 1965

b. Normal Retirement Date July 1, 2030

c. Proposed Suspension Date January 1, 2022

d. Age in years on January 31, 2022 56 Years & 7 Months

e. Years of vesting service as of January 1, 2022 24.00

f. Participant status on April 1, 2020 Active

g. Disabled or Non-Disabled Non-Disabled

h. Projected monthly accrued benefit as of January 1, 2022 $346.05

Calculation of 110% of PBGC Guarantee Member's Benefit

i. Monthly benefit for PBGC Guarantee $346.05

j. Monthly accrual rate $14.42

k. PBGC monthly guaranteed accrual rate $13.57

l. PBGC monthly guaranteed benefit $325.68

m. 110% of PBGC guaranteed benefit $346.05

Calculation of monthly benefit under Proposed Benefit Suspensions Member's Benefit

n. Projected monthly accrued benefit as of January 1, 2022 $346.05

o. Proposed monthly benefit after suspension $259.51

p. Proposed monthly benefit, reflecting 110% PBGC limitation $346.05

s. Proposed monthly benefit, reflecting age-based limitation $346.05

Final Monthly Benefit Under Proposed Suspension $346.05

Summary of Applicable Federal Limitations

Disability Limitation No

110% of PBGC Guarantee-based Limitation Yes

Age-based Limitation No

AFMEPF0094
Application for Approval of Proposed Suspension of Benefits

American Federation of Musicians and Employers' Pension Fund

EIN/PN: 51-6120204/001

Exhibit 4.01 (Checklist Item #8)

Demonstration of Limitations on Individual Suspension

Illustration # 4

Participant Category: Individual currently receiving disability benefits

Applicable limitation: Disability Limitation

Demographic Information

a. Date of birth June 15, 1956

b. Normal Retirement Date July 1, 2021

c. Proposed Suspension Date January 1, 2022

d. Age in years on January 31, 2022 65 Years & 7 Months

e. Years of vesting service as of January 1, 2022 14.50

f. Participant status on April 1, 2020 Retiree

g. Disabled or Non-Disabled Disabled

h. Projected monthly accrued benefit as of January 1, 2022 $1,624.42

Calculation of 110% of PBGC Guarantee Member's Benefit

i. Monthly benefit for PBGC Guarantee $1,624.42

j. Monthly accrual rate $112.03

k. PBGC monthly guaranteed accrual rate $35.75

l. PBGC monthly guaranteed benefit $518.38

m. 110% of PBGC guaranteed benefit $570.22

Calculation of monthly benefit under Proposed Benefit Suspensions Member's Benefit

n. Projected monthly accrued benefit as of January 1, 2022 $1,624.42

o. Proposed monthly benefit after suspension $1,624.42

p. Proposed monthly benefit, reflecting 110% PBGC limitation $1,624.42

Final Monthly Benefit Under Proposed Suspension $1,624.42

Summary of Applicable Federal Limitations

Disability Limitation Yes

110% of PBGC Guarantee-based Limitation No

Age-based Limitation No

AFMEPF0095
Application for Approval of Proposed Suspension of Benefits

American Federation of Musicians and Employers' Pension Fund

EIN/PN: 51-6120204/001

Exhibit 4.01 (Checklist Item #8)

Demonstration of Federal Limitations on Individual Suspension

Illustration # 5

Participant Category: Contingent beneficiary of an individual currently receiving disability benefits 

Applicable Federal limitation: Disability Limitation

Demographic Information

a. Date of birth

b. Normal Retirement Date

c. Proposed Suspension Date

d. Age in years on January 31, 2022

e. Years of vesting service as of January 1, 2022

f. Participant status on April 1, 2020

g. Disabled or Non-Disabled

h. Current monthly accrued benefit as of January 1, 2022

November 15, 1948

December 1, 2013

January 1, 2022

73 Years & 2 Months

41.75

Retiree

Disabled

$2,194.19

Calculation of 110% of PBGC Guarantee Member's Benefit Survivor's Benefit

i. Monthly benefit for PBGC Guarantee

j. Monthly accrual rate

k. PBGC monthly guaranteed accrual rate

l. PBGC monthly guaranteed benefit

m. 110% of PBGC guaranteed benefit

$2,194.19

$52.56

$35.75

$1,492.56

$1,641.82

$1,097.10

$26.28

$22.46

$937.71

$1,031.48

Calculation of monthly benefit under Proposed Benefit Suspensions

n. Projected monthly accrued benefit as of January 1, 2022

o. Proposed monthly benefit after suspension

p. Proposed monthly benefit, reflecting 110% PBGC limitation

q. Smaller of 60 and months from January 2022 until age 80

r. Age-based limitation applicable percentage

s. Proposed monthly benefit, reflecting age-based limitation

Member's Benefit

$2,194.19

$2,194.19

$2,194.19

60

100.00%

$2,194.19

Survivor's Benefit

$1,097.10

$1,097.10

$1,097.10

60

100.00%

$1,097.10

Final Monthly Benefit Under Proposed Suspension $2,194.19 $1,097.10

Summary of Applicable Limitations

Disability Limitation

110% of PBGC Guarantee-based Limitation

Yes

No

Age-based Limitation No

AFMEPF0096
Application for Approval of Proposed Suspension of Benefits

American Federation of Musicians and Employers' Pension Fund

EIN/PN: 51-6120204/001

Exhibit 4.01 (Checklist Item #8)

Demonstration of Limitations on Individual Suspension

Illustration # 6

Participant Category: Individual currently receiving benefits age 75-79 with a contingent beneficiary under age 75

Applicable limitation: Age-based Limit

Demographic Information

a. Date of birth

b. Normal Retirement Date

c. Proposed Suspension Date

d. Age in years on January 31, 2022

e. Years of vesting service as of January 1, 2022

f. Participant status on April 1, 2020

g. Disabled or Non-Disabled

h. Projected monthly accrued benefit as of January 1, 2022

January 15, 1945

February 1, 2010

January 1, 2022

77 Years & 0 Months

24.50

Retiree

Non-Disabled

$768.09

Calculation of 110% of PBGC Guarantee Member's Benefit Survivor's Benefit

i. Monthly benefit for PBGC Guarantee

j. Monthly accrual rate

k. PBGC monthly guaranteed accrual rate

l. PBGC monthly guaranteed benefit

m. 110% of PBGC guaranteed benefit

$753.03

$30.74

$25.81

$632.35

$695.59

$564.77

$23.05

$20.04

$490.98

$540.08

Calculation of monthly benefit under Proposed Benefit Suspensions

n. Projected monthly accrued benefit as of January 1, 2022

o. Proposed monthly benefit after suspension

p. Proposed monthly benefit, reflecting 110% PBGC limitation

q. Smaller of 60 and months from January 2022 until age 80

r. Age-based limitation applicable percentage

s. Proposed monthly benefit, reflecting age-based limitation

Member's Benefit

$768.09

$530.23

$695.59

36

60.00%

$724.59

Survivor's Benefit

$576.07

$397.67

$540.08

36

60.00%

$554.48

Final Monthly Benefit Under Proposed Suspension $724.59 $554.48

Summary of Applicable Federal Limitations

Disability Limitation

110% of PBGC Guarantee-based Limitation

No

Yes

Age-based Limitation Yes

AFMEPF0097
Application for Approval of Proposed Suspension of Benefits

American Federation of Musicians and Employers' Pension Fund

EIN/PN: 51-6120204/001

Exhibit 4.01 (Checklist Item #8)

Demonstration of Federal Limitations on Individual Suspension

Illustration # 7

Participant Category: Individual currently receiving benefits under age 75 with a contingent beneficiary age 75-79

Applicable Federal limitation: Age-based Limitation

Demographic Information

a. Date of birth

b. Normal Retirement Date

c. Proposed Suspension Date

d. Age in years on January 31, 2022

e. Years of vesting service as of January 1, 2022

f. Participant status on April 1, 2020

g. Disabled or Non-Disabled

h. Projected monthly accrued benefit as of January 1, 2022

November 15, 1948

December 1, 2013

January 1, 2022

73 Years & 2 Months

21.00

Retiree

Non-Disabled

$153.85

Calculation of 110% of PBGC Guarantee Member's Benefit Survivor's Benefit

i. Monthly benefit for PBGC Guarantee

j. Monthly accrual rate

k. PBGC monthly guaranteed accrual rate

l. PBGC monthly guaranteed benefit

m. 110% of PBGC guaranteed benefit

$109.11

$5.20

$5.20

$109.11

$120.12

$81.84

$3.90

$3.90

$81.84

$90.09

Calculation of monthly benefit under Proposed Benefit Suspensions

n. Projected monthly accrued benefit as of January 1, 2022

o. Proposed monthly benefit after suspension

p. Proposed monthly benefit, reflecting 110% PBGC limitation

q. Smaller of 60 and months from January 2022 until age 80

r. Age-based limitation applicable percentage

s. Proposed monthly benefit, reflecting age-based limitation

Member's Benefit

$153.85

$106.21

$120.12

60

100.00%

$120.12

Survivor's Benefit

$115.39

$79.66

$90.09

60

100.00%

$90.09

Final Monthly Benefit Under Proposed Suspension $120.12 $90.09

Summary of Applicable Federal Limitations

Disability Limitation

110% of PBGC Guarantee-based Limitation

No

Yes

Age-based Limitation Yes

AFMEPF0098
Application for Approval of Proposed Suspension of Benefits

American Federation of Musicians and Employers' Pension Fund

EIN/PN: 51-6120204/001

Exhibit 4.01 (Checklist Item #8)

Demonstration of Federal Limitations on Individual Suspension

Illustration # 8

Participant Category: Individual currently receiving benefits over age 80

Applicable Federal limitation: Age-based Limitation

Demographic Information

a. Date of birth October 15, 1939

b. Normal Retirement Date November 1, 2004

c. Proposed Suspension Date January 1, 2022

d. Age in years on January 31, 2022 82 Years & 3 Months

e. Years of vesting service as of January 1, 2022 12.00

f. Participant status on April 1, 2020 Retiree

g. Disabled or Non-Disabled Non-Disabled

h. Projected monthly accrued benefit as of January 1, 2022 $318.94

Calculation of 110% of PBGC Guarantee Member's Benefit

i. Monthly benefit for PBGC Guarantee $176.70

j. Monthly accrual rate $14.73

k. PBGC monthly guaranteed accrual rate $13.80

l. PBGC monthly guaranteed benefit $165.60

m. 110% of PBGC guaranteed benefit $182.16

Calculation of monthly benefit under Proposed Benefit Suspensions Member's Benefit

n. Projected monthly accrued benefit as of January 1, 2022 $318.94

o. Proposed monthly benefit after suspension $220.17

p. Proposed monthly benefit, reflecting 110% PBGC limitation $318.94

q. Smaller of 60 and months from January 2022 until age 80 0

r. Age-based limitation applicable percentage 0.00%

s. Proposed monthly benefit, reflecting age-based limitation $318.94

Final Monthly Benefit Under Proposed Suspension $318.94

Summary of Applicable Federal Limitations

Disability Limitation No

110% of PBGC Guarantee-based Limitation No

Age-based Limitation Yes

AFMEPF0099
Application for Approval of Proposed Suspension of Benefits

American Federation of Musicians and Employers' Pension Fund

EIN/PN: 51-6120204/001

Exhibit 4.01 (Checklist Item #8)

Demonstration of Limitations on Individual Suspension

Illustration # 9

Participant Category: Active age 75-79 with benefits earned only at $1.00 multiplier

Applicable limitation: Age-based Limit

Demographic Information

a. Date of birth February 15, 1946

b. Normal Retirement Date January 1, 2020

c. Proposed Suspension Date January 1, 2022

d. Age in years on January 31, 2022 75 Years & 11 Months

e. Years of vesting service as of January 1, 2022 7.00

f. Participant status on April 1, 2020 Active

g. Disabled or Non-Disabled Non-Disabled

h. Current monthly accrued benefit as of January 1, 2022 $46.71

Calculation of 110% of PBGC Guarantee Member's Benefit

i. Monthly benefit for PBGC Guarantee $45.00

j. Monthly accrual rate $6.43

k. PBGC monthly guaranteed accrual rate $6.43

l. PBGC monthly guaranteed benefit $45.00

m. 110% of PBGC guaranteed benefit $46.71

Calculation of monthly benefit under Proposed Benefit Suspensions Member's Benefit

n. Current monthly benefit $46.71

o. Proposed monthly benefit $46.71

p. Proposed monthly, reflecting 110% PBGC limit $46.71

q. Smaller of 60 and months from January 2022 until age 80 49

r. Age-based limitation applicable percentage 81.67%

s. Proposed monthly benefit, reflecting age-based limitation $46.71

Final Monthly Benefit Under Proposed Suspension $46.71

Summary of Applicable Federal Limitations

Disability Limit No

110% of PBGC Guarantee Limit Yes

Age-based Limit Yes

AFMEPF0100
Application for Approval of Proposed Suspension of Benefits

American Federation of Musicians and Employers' Pension Fund

EIN/PN: 51-6120204/001

Exhibit 4.01 (Checklist Item #8)

Demonstration of Limitations on Individual Suspension

Illustration # 10

Participant Category: Individual currently receiving joint and survivor benefits with both participant and spouse ages 75-79 with 

benefits earned only at multipliers above $1.00

Applicable limitation: Age-based Limitation

Demographic Information

a. Date of birth

b. Normal Retirement Date

c. Proposed Suspension Date

d. Age in years on January 31, 2022

e. Years of vesting service as of January 1, 2022

f. Participant status on April 1, 2020

g. Disabled or Non-Disabled

h. Current monthly accrued benefit as of January 1, 2022

December 15, 1943

January 1, 2009

January 1, 2022

78 Years & 1 Months

27.75

Retiree

Non-Disabled

$470.70

Calculation of 110% of PBGC Guarantee Member's Benefit Survivor's Benefit

i. Monthly benefit for PBGC Guarantee

j. Monthly accrual rate

k. PBGC monthly guaranteed accrual rate

l. PBGC monthly guaranteed benefit

m. 110% of PBGC guaranteed benefit

$470.70

$16.96

$15.47

$429.29

$470.70

$235.35

$8.48

$8.48

$235.32

$235.35

Calculation of monthly benefit under Proposed Benefit Suspensions

n. Projected monthly accrued benefit as of January 1, 2022

o. Proposed monthly benefit after suspension

p. Proposed monthly benefit, reflecting 110% PBGC limitation

q. Smaller of 60 and months from January 2022 until age 80

r. Age-based limitation applicable percentage

s. Proposed monthly benefit, reflecting age-based limitation

Member's Benefit

$470.70

$284.84

$470.70

23

38.33%

$470.70

Survivor's Benefit

$235.35

$142.42

$235.35

23

38.33%

$235.35

Final Monthly Benefit Under Proposed Suspension $470.70 $235.35

Summary of Applicable Federal Limitations

Disability Limitation

110% of PBGC Guarantee-based Limitation

No

Yes

Age-based Limitation Yes

AFMEPF0101
Application for Approval of Proposed Suspension of Benefits

American Federation of Musicians and Employers' Pension Fund

EIN/PN: 51-6120204/001

Exhibit 4.01 (Checklist Item #8)

Demonstration of Federal Limitations on Individual Suspension

Illustration # 11

Participant Category: Future retiree age 75-79 with benefits earned only at multipliers above $1.00

Applicable Federal limitation: Age-based Limitation

Demographic Information

a. Date of birth September 15, 1946

b. Normal Retirement Date October 1, 2011

c. Proposed Suspension Date January 1, 2022

d. Age in years on January 31, 2022 75 Years & 4 Months

e. Years of vesting service as of January 1, 2022 12.00

f. Participant status on April 1, 2020 Terminated Vested

g. Disabled or Non-Disabled Non-Disabled

h. Current monthly accrued benefit as of January 1, 2022 $211.58

Calculation of 110% of PBGC Guarantee Current Benefit

i. Monthly benefit for PBGC Guarantee $116.25

j. Monthly accrual rate $9.69

k. PBGC monthly guaranteed accrual rate $9.69

l. PBGC monthly guaranteed benefit $116.25

m. 110% of PBGC guaranteed benefit $127.88

Calculation of monthly benefit under Proposed Benefit Suspensions Current Benefit

n. Projected monthly accrued benefit as of January 1, 2022 $211.58

o. Proposed monthly benefit after suspension $146.06

p. Proposed monthly benefit, reflecting 110% PBGC limitation $146.06

q. Smaller of 60 and months from January 2022 until age 80 56

r. Age-based limitation applicable percentage 93.33%

s. Proposed monthly benefit, reflecting age-based limitation $150.43

Final Monthly Benefit Under Proposed Suspension $150.43

Summary of Applicable Federal Limitations

Disability Limitation No

110% of PBGC Guarantee-based Limitation Yes

Age-based Limitation Yes

AFMEPF0102
Application for Approval of Proposed Suspension of Benefits

American Federation of Musicians and Employers' Pension Fund

EIN/PN: 51-6120204/001

Exhibit 4.01 (Checklist Item #8)

Demonstration of Federal Limitations on Individual Suspension

Illustration # 12

Participant Category: Individual currently receiving joint and survivor benefits with both participant and spouse ages 75-79 with

benefits earned at $1.00 multiplier and higher multipliers

Applicable Federal limitation: Age-based Limitation

Demographic Information

a. Date of birth

b. Normal Retirement Date

c. Proposed Suspension Date

d. Age in years on January 31, 2022

e. Years of vesting service as of January 1, 2022

f. Participant status on April 1, 2020

g. Disabled or Non-Disabled

h. Projected monthly accrued benefit as of January 1, 2022

March 15, 1946

April 1, 2011

January 1, 2022

75 Years & 10 Months

33.00

Retiree

Non-Disabled

$1,655.95

Calculation of 110% of PBGC Guarantee Member's Benefit Survivor's Benefit

i. Monthly benefit for PBGC Guarantee

j. Monthly accrual rate

k. PBGC monthly guaranteed accrual rate

l. PBGC monthly guaranteed benefit

m. 110% of PBGC guaranteed benefit

$1,031.49

$31.26

$26.20

$864.60

$951.06

$773.62

$23.44

$20.33

$670.89

$737.98

Calculation of monthly benefit under Proposed Benefit Suspensions

n. Projected monthly accrued benefit as of January 1, 2022

o. Proposed monthly benefit after suspension

p. Proposed monthly benefit, reflecting 110% PBGC limitation

q. Smaller of 60 and months from January 2022 until age 80

r. Age-based limitation applicable percentage

s. Proposed monthly benefit, reflecting age-based limitation

Member's Benefit

$1,655.95

$1,149.59

$1,149.59

50

83.33%

$1,234.00

Survivor's Benefit

$1,241.97

$862.20

$862.20

50

83.33%

$925.51

Final Monthly Benefit Under Proposed Suspension $1,234.00 $925.51

Summary of Applicable Federal Limitations

Disability Limitation

110% of PBGC Guarantee-based Limitation

No

No

Age-based Limitation Yes

AFMEPF0103
Application for Approval of Proposed Suspension of Benefits

American Federation of Musicians and Employers' Pension Fund

EIN/PN: 51-6120204/001

Exhibit 4.01 (Checklist Item #8)

Demonstration of Limitations on Individual Suspension

Illustration # 13

Participant Category: Active age 75-79 with benefits earned at $1.00 multiplier and higher multipliers

Applicable limitation: Age-based Limitation

Demographic Information

a. Date of birth March 15, 1944

b. Normal Retirement Date April 1, 2009

c. Proposed Suspension Date January 1, 2022

d. Age in years on January 31, 2022 77 Years & 10 Months

e. Years of vesting service as of January 1, 2022 23.75

f. Participant status on April 1, 2020 Active

g. Disabled or Non-Disabled Non-Disabled 

h. Current monthly benefit as of January 1, 2022 $559.92

Calculation of 110% of PBGC Guarantee Member's Benefit

i. Monthly benefit for PBGC Guarantee $323.65

j. Monthly accrual rate $13.63

k. PBGC monthly guaranteed accrual rate $12.97

l. PBGC monthly guaranteed benefit $308.04

m. 110% of PBGC guaranteed benefit $338.84

Calculation of monthly benefit under Proposed Benefit Suspensions Member's Benefit

n. Projected monthly accrued benefit as of January 1, 2022 $559.92

o. Proposed monthly benefit after suspension $386.57

p. Proposed monthly benefit, reflecting 110% PBGC limitation $386.57

q. Smaller of 60 and months from January 2022 until age 80 26

r. Age-based limitation applicable percentage 43.33%

s. Proposed monthly benefit, reflecting age-based limitation $484.81

Final Monthly Benefit Under Proposed Suspension $484.81

Summary of Applicable Federal Limitations

Disability Limitation No

110% of PBGC Guarantee-based Limitation No

Age-based Limitation Yes

AFMEPF0104
Application for Approval of Proposed Suspension of Benefits

American Federation of Musicians and Employers' Pension Fund

EIN/PN: 51-6120204/001

Exhibit 4.01 (Checklist Item #8)

Demonstration of Federal Limitations on Individual Suspension

Illustration # 14

Participant Category: Individual currently receiving joint and survivor benefits with both participant and spouse ages 75-79 with 

pre-2004 Pension Effective Date with full early retirement subsidy

Applicable Federal limitation: Age-based Limitation

Demographic Information

a. Date of birth

b. Normal Retirement Date

c. Proposed Suspension Date

d. Age in years on January 31, 2022

e. Years of vesting service as of January 1, 2022

f. Participant status on April 1, 2020

g. Disabled or Non-Disabled

h. Projected monthly accrued benefit as of January 1, 2022

December 15, 1944

January 1, 2010

January 1, 2022

77 Years & 1 Months

19.00

Retiree

Non-Disabled

$432.62

Calculation of 110% of PBGC Guarantee Member's Benefit Survivor's Benefit

i. Monthly benefit for PBGC Guarantee

j. Monthly accrual rate

k. PBGC monthly guaranteed accrual rate

l. PBGC monthly guaranteed benefit

m. 110% of PBGC guaranteed benefit

$432.62

$22.77

$19.83

$376.77

$414.45

$216.31

$11.38

$11.29

$214.51

$216.31

Calculation of monthly benefit under Proposed Benefit Suspensions

n. Projected monthly accrued benefit as of January 1, 2022

o. Proposed monthly benefit after suspension

p. Proposed monthly benefit, reflecting 110% PBGC limitation

q. Smaller of 60 and months from January 2022 until age 80

r. Age-based limitation applicable percentage

s. Proposed monthly benefit, reflecting age-based limitation

Member's Benefit

$432.62

$259.57

$414.45

35

58.33%

$422.02

Survivor's Benefit

$216.31

$129.79

$216.31

35

58.33%

$216.31

Final Monthly Benefit Under Proposed Suspension $422.02 $216.31

Summary of Applicable Federal Limitations

Disability Limitation

110% of PBGC Guarantee-based Limitation

No

Yes

Age-based Limitation Yes

AFMEPF0105
Application for Approval of Proposed Suspension of Benefits

American Federation of Musicians and Employers' Pension Fund

EIN/PN: 51-6120204/001

Exhibit 4.01 (Checklist Item #8)

Demonstration of Federal Limitations on Individual Suspension

Illustration # 15

Participant Category: Individual currently receiving joint and survivor benefits with both participant and spouse ages 75-79 with 

Pension Effective Date between 2004 and 5/2010 with partial early retirement subsidy

Applicable Federal limitation: Age-based Limitation

Demographic Information

a. Date of birth

b. Normal Retirement Date

c. Proposed Suspension Date

d. Age in years on January 31, 2022

e. Years of vesting service as of January 1, 2022

f. Participant status on April 1, 2020

g. Disabled or Non-Disabled

h. Projected monthly accrued benefit as of January 1, 2022

December 15, 1942

January 1, 2008

January 1, 2022

79 Years & 1 Months

34.25

Retiree

Non-Disabled

$741.31

Calculation of 110% of PBGC Guarantee Member's Benefit Survivor's Benefit

i. Monthly benefit for PBGC Guarantee

j. Monthly accrual rate

k. PBGC monthly guaranteed accrual rate

l. PBGC monthly guaranteed benefit

m. 110% of PBGC guaranteed benefit

$741.31

$21.64

$18.98

$650.07

$715.08

$370.66

$10.82

$10.82

$370.59

$370.66

Calculation of monthly benefit under Proposed Benefit Suspensions

n. Projected monthly accrued benefit as of January 1, 2022

o. Proposed monthly benefit after suspension

p. Proposed monthly benefit, reflecting 110% PBGC limitation

q. Smaller of 60 and months from January 2022 until age 80

r. Age-based limitation applicable percentage

s. Proposed monthly benefit, reflecting age-based limitation

Member's Benefit

$741.31

$444.79

$715.08

11

18.33%

$736.50

Survivor's Benefit

$370.66

$222.40

$370.66

11

18.33%

$370.66

Final Monthly Benefit Under Proposed Suspension $736.50 $370.66

Summary of Applicable Federal Limitations

Disability Limitation

110% of PBGC Guarantee-based Limitation

No

Yes

Age-based Limitation Yes

AFMEPF0106
Application for Approval of Proposed Suspension of Benefits

American Federation of Musicians and Employers' Pension Fund

EIN/PN: 51-6120204/001

Exhibit 4.01 (Checklist Item #8)

Demonstration of Limitations on Individual Suspension

Illustration #16

Participant Category: Individual currently receiving joint and survivor benefits with both participant and spouse ages 75-79 with in-pay

re-retirement benefit

Applicable limitation: Age-based Limitation

Demographic Information

a. Date of birth

b. Normal Retirement Date

c. Proposed Suspension Date

d. Age on January 31, 2022

e. Years of vesting service as of January 1, 2022

f. Participant status on April 1, 2020

g. Disabled or Non-Disabled

h. Projected monthly benefit as of January 1, 2022

February 15, 1945

March 1, 2010

January 1, 2022

76 Years & 11 Months

32.00

Retiree

Non-Disabled

$940.93

Calculation of 110% of PBGC Guarantee Member's Benefit Survivor's Benefit

i. Monthly benefit for PBGC Guarantee

j. Monthly accrual rate

k. PBGC monthly guaranteed accrual rate

l. PBGC monthly guaranteed benefit

m. 110% of PBGC guaranteed benefit

$940.93

$29.40

$24.80

$793.60

$872.96

$486.48

$15.20

$14.15

$452.80

$486.48

Calculation of monthly benefit under Proposed Benefit Suspensions

n. Projected monthly accrued benefit as of January 1, 2022

o. Proposed monthly benefit after suspension

p. Proposed monthly benefit, reflecting 110% PBGC limitation

q. Smaller of 60 and months from January 2022 until age 80

r. Age-based limitation applicable percentage

s. Proposed monthly benefit, reflecting age-based limitation

Member's Benefit

$940.93

$564.56

$872.96

37

61.67%

$899.01

Survivor's Benefit

$486.48

$298.30

$486.48

37

61.67%

$486.48

Final Monthly Benefit Under Proposed Suspension $899.01 $486.48

Summary of Applicable Suspension Limitations

Disability Limitation

110% of PBGC Guarantee Limitation

No

Yes

Age-based Limitation Yes

AFMEPF0107
Application for Approval of Proposed Suspension of Benefits

American Federation of Musicians and Employers' Pension Fund

EIN/PN: 51-6120204/001

Exhibit 4.01 (Checklist Item #8)

Demonstration of Limitations on Individual Suspension

Illustration #17

Participant Category: Individual currently receiving joint and survivor benefits with both participant and spouse ages 75-79 with in-pay

re-determination benefit

Applicable limitation: Age-based Limitation

Demographic Information

a. Date of birth

b. Normal Retirement Date

c. Proposed Suspension Date

d. Age on January 31, 2022

e. Years of vesting service as of January 1, 2022

f. Participant status on April 1, 2020

g. Disabled or Non-Disabled

h. Projected monthly benefit as of January 1, 2022

November 15, 1944

December 1, 2009

January 1, 2022

77 Years & 2 Months

45.25

Retiree

Non-Disabled

$5,243.65

Calculation of 110% of PBGC Guarantee Member's Benefit Survivor's Benefit

i. Monthly benefit for PBGC Guarantee

j. Monthly accrual rate

k. PBGC monthly guaranteed accrual rate

l. PBGC monthly guaranteed benefit

m. 110% of PBGC guaranteed benefit

$5,243.65

$115.88

$35.75

$1,617.69

$1,779.46

$2,621.84

$57.94

$35.75

$1,617.69

$1,779.46

Calculation of monthly benefit under Proposed Benefit Suspensions

n. Projected monthly accrued benefit as of January 1, 2022

o. Proposed monthly benefit after suspension

p. Proposed monthly benefit, reflecting 110% PBGC limitation

q. Smaller of 60 and months from January 2022 until age 80

r. Age-based limitation applicable percentage

s. Proposed monthly benefit, reflecting age-based limitation

Member's Benefit

$5,243.65

$3,168.55

$3,168.55

34

56.67%

$4,067.69

Survivor's Benefit

$2,621.84

$1,584.29

$1,779.46

34

56.67%

$2,144.46

Final Monthly Benefit Under Proposed Suspension $4,067.69 $2,144.46

Summary of Applicable Suspension Limitations

Disability Limitation

110% of PBGC Guarantee Limitation

No

No

Age-based Limitation Yes

AFMEPF0108
Application for Approval of Proposed Suspension of Benefits

American Federation of Musicians and Employers' Pension Fund

EIN/PN: 51-6120204/001

Exhibit 4.01 (Checklist Item #8)

Demonstration of Limitations on Individual Suspension

Illustration #18

Participant Category: Individual currently receiving joint and survivor benefits with both participant and spouse ages 75-79 over age 65

at Initial Pension Effective Date with contributions after age 65

Applicable limitation: Age-based Limitation

Demographic Information

a. Date of birth

b. Normal Retirement Date

c. Proposed Suspension Date

d. Age on January 31, 2022

e. Years of vesting service as of January 1, 2022

f. Participant status on April 1, 2020

g. Disabled or Non-Disabled

h. Projected monthly benefit as of January 1, 2022

September 15, 1944

October 1, 2009

January 1, 2022

77 Years & 4 Months

25.50

Retiree

Non-Disabled

$309.31

Calculation of 110% of PBGC Guarantee Member's Benefit Survivor's Benefit

i. Monthly benefit for PBGC Guarantee

j. Monthly accrual rate

k. PBGC monthly guaranteed accrual rate

l. PBGC monthly guaranteed benefit

m. 110% of PBGC guaranteed benefit

$169.95

$6.66

$6.66

$169.83

$186.81

$127.47

$5.00

$5.00

$127.47

$140.25

Calculation of monthly benefit under Proposed Benefit Suspensions

n. Projected monthly accrued benefit as of January 1, 2022

o. Proposed monthly benefit after suspension

p. Proposed monthly benefit, reflecting 110% PBGC limitation

q. Smaller of 60 and months from January 2022 until age 80

r. Age-based limitation applicable percentage

s. Proposed monthly benefit, reflecting age-based limitation

Member's Benefit

$309.31

$214.04

$214.04

32

53.33%

$258.50

Survivor's Benefit

$231.99

$160.53

$160.53

32

53.33%

$193.88

Final Monthly Benefit Under Proposed Suspension $258.50 $193.88

Summary of Applicable Suspension Limitations

Disability Limitation

110% of PBGC Guarantee Limitation

No

No

Age-based Limitation Yes

AFMEPF0109
Application for Approval of Proposed Suspension of Benefits

American Federation of Musicians and Employers' Pension Fund

EIN/PN: 51-6120204/001

Exhibit 4.01 (Checklist Item #8)

Demonstration of Limitations on Individual Suspension

Illustration # 19

Participant Category: Active age 75-79 who will be over age 65 at Initial Pension Effective Date with contributions

after age 65

Applicable limitation: 110% of PBGC Guarantee-based Limitation

Demographic Information

a. Date of birth March 15, 1944

b. Normal Retirement Date April 1, 2009

c. Proposed Suspension Date January 1, 2022

d. Age in years on January 31, 2022 77 Years & 10 Months

e. Years of vesting service as of January 1, 2022 23.75

f. Participant status on April 1, 2020 Active

g. Disabled or Non-Disabled Non-Disabled 

h. Current monthly benefit as of January 1, 2022 $559.92

Calculation of 110% of PBGC Guarantee Member's Benefit

i. Monthly benefit for PBGC Guarantee $323.65

j. Monthly accrual rate $13.63

k. PBGC monthly guaranteed accrual rate $12.97

l. PBGC monthly guaranteed benefit $308.04

m. 110% of PBGC guaranteed benefit $338.84

Calculation of monthly benefit under Proposed Benefit Suspensions Member's Benefit

n. Projected monthly accrued benefit as of January 1, 2022 $559.92

o. Proposed monthly benefit after suspension $386.57

p. Proposed monthly benefit, reflecting 110% PBGC limitation $386.57

q. Smaller of 60 and months from January 2022 until age 80 26

r. Age-based limitation applicable percentage 43.33%

s. Proposed monthly benefit, reflecting age-based limitation $484.81

Final Monthly Benefit Under Proposed Suspension $484.81

Summary of Applicable Federal Limitations

Disability Limitation No

110% of PBGC Guarantee-based Limitation Yes

Age-based Limitation Yes

AFMEPF0110
Application for Approval of Proposed Suspension of Benefits

American Federation of Musicians and Employers' Pension Fund

EIN/PN: 51-6120204/001

Exhibit 4.01 (Checklist Item #8)

Demonstration of Limitations on Individual Suspension

Illustration #20

Participant Category: Individual currently receiving joint and survivor benefits with participant age 75-79 affected by MPRA plan

maximum

Applicable limitation: Age-based Limitation

Demographic Information

a. Date of birth

b. Normal Retirement Date

c. Proposed Suspension Date

d. Age on January 31, 2022

e. Years of vesting service as of January 1, 2022

f. Participant status on April 1, 2020

g. Disabled or Non-Disabled

h. Projected monthly benefit as of January 1, 2022

November 15, 1945

December 1, 2010

January 1, 2022

76 Years & 2 Months

50.50

Retiree

Non-Disabled

$25,952.89

Calculation of 110% of PBGC Guarantee Member's Benefit Survivor's Benefit

i. Monthly benefit for PBGC Guarantee

j. Monthly accrual rate

k. PBGC monthly guaranteed accrual rate

l. PBGC monthly guaranteed benefit

m. 110% of PBGC guaranteed benefit

$15,001.67

$297.06

$35.75

$1,805.38

$1,986.17

$7,500.84

$148.53

$35.75

$1,805.38

$1,986.17

Calculation of monthly benefit under Proposed Benefit Suspensions

n. Projected monthly accrued benefit as of January 1, 2022

o. Proposed monthly benefit after suspension

p. Proposed monthly benefit, reflecting 110% PBGC limitation

q. Smaller of 60 and months from January 2022 until age 80

r. Age-based limitation applicable percentage

s. Proposed monthly benefit, reflecting age-based limitation

Member's Benefit

$25,952.89

$19,191.39

$19,191.39

46

76.67%

$20,768.85

Survivor's Benefit

$12,976.45

$9,595.69

$9,595.69

46

76.67%

$10,384.42

Final Monthly Benefit Under Proposed Suspension $20,768.85 $10,384.42

Summary of Applicable Suspension Limitations

Disability Limitation

110% of PBGC Guarantee Limitation

No

No

Age-based Limitation Yes

AFMEPF0111
Application for Approval of Proposed Suspension of Benefits

American Federation of Musicians and Employers' Pension Fund

EIN/PN: 51-6120204/001

Exhibit 4.01 (Checklist Item #8)

Demonstration of Limitations on Individual Suspension

Illustration #21

Participant Category: Individual currently receiving joint and survivor benefits with both participant and spouse ages 75-79 with premerger AFM-EPF Staff Plan benefit with 7% increase

Applicable limitation: Age-based Limitation

Demographic Information

a. Date of birth

b. Normal Retirement Date

c. Proposed Suspension Date

d. Age on January 31, 2022

e. Years of vesting service as of January 1, 2022

f. Participant status on April 1, 2020

g. Disabled or Non-Disabled

h. Projected monthly benefit as of January 1, 2022

June 15, 1945

July 1, 2010

January 1, 2022

76 Years & 7 Months

7.00

Retiree

Non-Disabled

$926.00

Calculation of 110% of PBGC Guarantee Member's Benefit Survivor's Benefit

i. Monthly benefit for PBGC Guarantee

j. Monthly accrual rate

k. PBGC monthly guaranteed accrual rate

l. PBGC monthly guaranteed benefit

m. 110% of PBGC guaranteed benefit

$589.76

$84.25

$35.75

$250.25

$275.28

$294.89

$42.13

$34.35

$240.45

$264.50

Calculation of monthly benefit under Proposed Benefit Suspensions

n. Projected monthly accrued benefit as of January 1, 2022

o. Proposed monthly benefit after suspension

p. Proposed monthly benefit, reflecting 110% PBGC limitation

q. Smaller of 60 and months from January 2022 until age 80

r. Age-based limitation applicable percentage

s. Proposed monthly benefit, reflecting age-based limitation

Member's Benefit

$926.00

$648.85

$648.85

41

68.33%

$736.62

Survivor's Benefit

$463.01

$324.43

$324.43

41

68.33%

$368.32

Final Monthly Benefit Under Proposed Suspension $736.62 $368.32

Summary of Applicable Suspension Limitations

Disability Limitation

110% of PBGC Guarantee Limitation

No

No

Age-based Limitation Yes

AFMEPF0112
Application for Approval of Proposed Suspension of Benefits

American Federation of Musicians and Employers' Pension Fund

EIN/PN: 51-6120204/001

Exhibit 4.01 (Checklist Item #8)

Demonstration of Limitations on Individual Suspension

Illustration #22

Participant Category: Individual currently receiving benefits age 75-79 with pre-merger AFM Retirement Plan 

benefit affected by prospective elimination of COLA

Applicable limitation: Age-based Limitation

Demographic Information

a. Date of birth November 15, 1946

b. Normal Retirement Date December 1, 2011

c. Proposed Suspension Date January 1, 2022

d. Age on January 31, 2022 75 Years & 2 Months

e. Years of vesting service as of January 1, 2022 49.25

f. Participant status on April 1, 2020 Retiree

g. Disabled or Non-Disabled Non-Disabled

h. Projected monthly benefit as of January 1, 2022 $4,518.38

Calculation of 110% of PBGC Guarantee Member's Benefit

i. Monthly benefit for PBGC Guarantee $4,403.62

j. Monthly accrual rate $89.41

k. PBGC monthly guaranteed accrual rate $35.75

l. PBGC monthly guaranteed benefit $1,760.69

m. 110% of PBGC guaranteed benefit $1,936.76

Calculation of monthly benefit under Proposed Benefit Suspensions Member's Benefit

n. Projected monthly accrued benefit as of January 1, 2022 $4,518.38

o. Proposed monthly benefit after suspension $3,561.49

p. Proposed monthly benefit, reflecting 110% PBGC limitation $3,561.49

q. Smaller of 60 and months from January 2022 until age 80 58

r. Age-based limitation applicable percentage 96.67%

s. Proposed monthly benefit, reflecting age-based limitation $3,593.35

Final Monthly Benefit Under Proposed Suspension $3,593.35

Summary of Applicable Suspension Limitations

Disability Limitation No

110% of PBGC Guarantee Limitation No

Age-based Limitation Yes

AFMEPF0113
Application for Approval of Proposed Suspension of Benefits

American Federation of Musicians and Employers' Pension Fund

EIN/PN: 51-6120204/001

Exhibit 4.01 (Checklist Item #8)

Demonstration of Limitations on Individual Suspension

Illustration #23

Participant Category: Individual currently receiving joint and survivor benefits with both participant and spouse ages 75-79 with

participant who received RAB as lump sum with Plan monthly benefit

Applicable limitation: Age-based Limitation

Demographic Information

a. Date of birth

b. Normal Retirement Date

c. Proposed Suspension Date

d. Age on January 31, 2022

e. Years of vesting service as of January 1, 2022

f. Participant status on April 1, 2020

g. Disabled or Non-Disabled

h. Projected monthly benefit as of January 1, 2022

November 15, 1944

December 1, 2009

January 1, 2022

77 Years & 2 Months

15.50

Retiree

Non-Disabled

$286.68

Calculation of 110% of PBGC Guarantee Member's Benefit Survivor's Benefit

i. Monthly benefit for PBGC Guarantee

j. Monthly accrual rate

k. PBGC monthly guaranteed accrual rate

l. PBGC monthly guaranteed benefit

m. 110% of PBGC guaranteed benefit

$273.03

$17.61

$15.96

$247.38

$272.12

$136.51

$8.81

$8.81

$136.51

$143.34

Calculation of monthly benefit under Proposed Benefit Suspensions

n. Projected monthly accrued benefit as of January 1, 2022

o. Proposed monthly benefit after suspension

p. Proposed monthly benefit, reflecting 110% PBGC limitation

q. Smaller of 60 and months from January 2022 until age 80

r. Age-based limitation applicable percentage

s. Proposed monthly benefit, reflecting age-based limitation

Member's Benefit

$286.68

$210.03

$272.12

34

56.67%

$278.43

Survivor's Benefit

$143.34

$105.02

$143.34

34

56.67%

$143.34

Final Monthly Benefit Under Proposed Suspension $278.43 $143.34

Summary of Applicable Suspension Limitations

Disability Limitation

110% of PBGC Guarantee Limitation

No

Yes

Age-based Limitation Yes

AFMEPF0114
Exhibit 4.02(1) 

Deterministic Projection that Proposed Suspension Is Reasonably Estimated to Avoid 

Insolvency 

AFMEPF0115
if ijjiii,fi,f Report of Required Actuarial Information Application for Proposed Benefit Suspensions 

Exhibit 4.02(1) - Deterministic Projection of Solvency Ratio with Proposed Suspension - Checklist item 9 

The table shows the projection of the plan-year-by-plan-year available resources and solvency ratio over the extended projection period for the plan years 

beginning April 1, 2020 through plan year ending March 31, 2052. 

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. 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 346,539,207 111,996,710 109,214,136 108,394,465 107,554,819 106,406,832 

8. Market value of assets (end of year) 

(1) + (2) + (3) + (4) - (Se) - (6) + (7) 1,704,758,864 1,636,446,031 1,622,630,546 1,612,038,340 1,597,506,767 1,577,690,122 

9. Available resources 

(1) + (2) + (3) + (4) - (6) + (7) $1,930,006,763 $1 ,846,554,767 $1,808,415,797 $1,803,887,647 $1 ,795,786,471 $1,783, 155,384 

10. Solvency ratio (9) / (Se) 8.57 8.79 9.73 9.40 9.06 8.68 

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. 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 104,897,304 103,017,777 100,787,420 98,241,276 104,794,583 102,154,156 

8. Market value of assets (end of year) 

(1) + (2) + (3) + (4) - (Se) - (6) + (7) 1,552,365,250 1,521,506,179 1,485,721,586 1,445,445,654 1,410,923,038 1,373,405, 129 

9. Available resources 

(1) + (2) + (3) + (4) - (6) + (7) $1,764,746,949 $1 ,740,293,751 $1,709,898,459 $1,674,183,521 $1 ,642,979,649 $1,608,405,417 

10. Solvency ratio (9) / (Se) 8.31 7.95 7.63 7.32 7.08 6.84 

AFMEPF0116 

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 4.02(1) - Deterministic Projection of Solvency Ratio with Proposed Suspension - Checklist item 9 (continued) 

Plan year beginning April 1 2032 2033 

1. Market value of assets (beginning of year) $1,373,405, 129 $1 ,334,135,040 

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 99,338,757 96,403,154 

8. Market value of assets (end of year) 

(1) + (2) + (3) + (4) - (5e) - (6) + (7) 1,334,135,040 1,293,344,264 

9. Available resources 

(1) + (2) + (3) + (4) - (6) + (7) $1,570,713,618 $1 ,531,224,739 

10. Solvency ratio (9) / (5e) 6.64 6.44 

Plan year beginning April 1 2038 2039 

1. Market value of assets (beginning of year) $1,125,154,071 $1 ,084,349,257 

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 81,071,839 78,139,892 

8. Market value of assets (end of year) 

(1) + (2) + (3) + (4) - (5e) - (6) + (7) 1,084,349,257 1,045,252,061 

9. Available resources 

(1) + (2) + (3) + (4) - (6) + (7) $1,321,713,446 $1 ,281,200,627 

10. Solvency ratio (9) / (5e) 5.57 5.43 

Report of Required Actuarial Information - Application for Proposed Benefit Suspensions 

American Federation of Musicians and Employers' Pension Fund 

2034 2035 2036 2037 

$1,293,344,264 $1 ,251,579,039 $1 ,209,208,906 $1,166,932,393 

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 

93,375,662 90,289,991 87,185,096 84,101,637 

1,251,579,039 1,209,208,906 1, 166,932,393 1,125,154,071 

$1,490,199,335 $1,448,237,462 $1 ,405,702,611 $1,363,384,819 

6.25 6.06 5.89 5.72 

2040 2041 2042 2043 

$1,045,252,061 $1 ,008,330,522 $973,957,687 $943,054,301 

156,166,874 160,340,998 164,627,062 169,028,080 

3,11 0 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 

75,350,068 72,733,282 70,336,623 68,225,939 

1,008,330,522 973,957,687 943,054,301 916,494,013 

$1,242,617,834 $1,206,482,051 $1 ,173,212,859 $1,143,796,366 

5.30 5.1 9 5.10 5.03 

AFMEPF0117 

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 4.02(1) - Deterministic Projection of Solvency Ratio with Proposed Suspension - Checklist item 9 (continued) 

Plan year beginning April 1 2044 2045 

1. Market value of assets (beginning of year) $916,494,01 3 $895,066,223 

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 66,462,289 65,091,553 

8. Market value of assets (end of year) 

(1) + (2) + (3) + (4) - (5e) - (6) + (7) 895,066,223 879,226,259 

9. Available resources 

(1) + (2) + (3) + (4) - (6) + (7) $1,119,169,974 $1 ,100,171,737 

10. Solvency ratio (9) / (5e) 4.99 4.98 

Plan year beginning April 1 2050 2051 

1. Market value of assets (beginning of year) $888,693,686 $912,932,888 

2. Employer contributions 203,324,651 208,764,009 

3. Withdrawal liability payments 0 0 

4. Court-ordered settlement agreement 0 0 

5. Benefit payments 

a. Current retirees and beneficiaries 20,649,204 17,528,238 

b. Terminated vested participants 27,531,799 25,995,096 

c. Current actives 138,765,286 137,899,421 

d. New entrants 15,540,730 17,015,323 

e. Total 202,487,019 198,438,078 

6. Administrative expenses 42,665,643 43,625,620 

7. Investment returns 66,067,213 68,230,370 

8. Market value of assets (end of year) 

(1) + (2) + (3) + (4) - (5e) - (6) + (7) 912,932,888 947,863,570 

9. Available resources 

(1) + (2) + (3) + (4) - (6) + (7) $1,115,419,908 $1 ,146,301,648 

10. Solvency ratio (9) / (5e) 5.51 5.78 

Report of Required Actuarial Information - Application for Proposed Benefit Suspensions 

American Federation of Musicians and Employers' Pension Fund 

2046 2047 2048 2049 

$879,226,259 $869,968,595 $867,964,940 $873,940,960 

182,952,218 187,844,840 192,868,747 198,027,474 

0 0 0 0 

0 0 0 0 

36,581,135 32,107,033 27,947,215 24,1 24,1 72 

32,784,293 31,647,875 30,390,326 28,968,499 

137,410,855 138,276,677 138,825,355 138,977,057 

10,567,767 11 ,654,908 12,810,179 14,1 21,600 

217,344,051 213,686,493 209,973,076 206,191,329 

39,032,379 39,910,608 40,808,597 41,726,790 

64,166,548 63,748,605 63,888,945 64,643,372 

869,968,595 867,964,940 873,940,960 888,693,686 

$1,087,312,646 $1,081,651,433 $1 ,083,914,035 $1,094,885,015 

5.00 5.06 5.16 5.31 

2052 

$947,863,570 

214,349,378 

0 

0 

14,759,694 

24,396,973 

136,754,270 

18,553,332 

194,464,269 

44,607,196 

71,208,988 

994,350,471 

$1,188,814,740 

6.11 

AFMEPF0118 

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 4.02(2) 

Stochastic Projection that Proposed Suspension Is Reasonably Estimated to Avoid 

Insolvency 

AFMEPF0119
If WM,fi•I Report of Required Actuarial Information Application for Proposed Benefit Suspensions 

Exhibit 4.02(2) - Stochastic Projection with Proposed Suspension - Checklist item 1 O 

The chart shows the stochastic projection results over the extended projection period for the plan years beginning April 1, 2020 through plan year ending March 

31, 2052 under the proposed suspension. The stochastic modeling shows the plan is projected to remain solvent in more than 50% of the 10,000 scenarios 

after the proposed suspension. The actual percentage for the plan year ending March 31 , 2052 is 51.9%. 

100% 

75% 

50% 

25% 

0% 

2021 2026 2031 2036 

Report of Required Actuarial Information - Application for Proposed Benefit Suspensions 

American Federation of Musicians and Employers' Pension Fund 

2041 2046 2051 

AFMEPF0120 

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 4.03(1) 

Deterministic Demonstration that Proposed Suspension Is Reasonably Estimated Not to 

Materially Exceed the Level Necessary to Avoid Insolvency 

AFMEPF0121
if ijjiii,fi,f Report of Required Actuarial Information Application for Proposed Benefit Suspensions 

Exhibit 4.03(1) - Deterministic Projection Demonstrating Proposed Suspension Does Not Materially Exceed the Level that is 

Necessary to Avoid Insolvency - Checklist Item 11 

The table shows the projection of the plan-year-by-plan-year market value of assets over the extended projection period for the plan years beginning April 1, 

2020 through plan year ending March 31, 2052. 

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 $1,633,579,565 $1 ,621 ,854,993 $1 ,613,594,314 $1,601,704,397 

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 209,550,209 195,284,906 168,480,760 164,693,121 160,665,060 156,384,744 

b. Terminated vested participants 9,811 ,261 6,430,466 4,580,353 7,332,698 10,1 54,444 12,995,475 

c. Current actives 5,886,428 11,164,013 10,502,722 17,492,314 24,942,951 32,977,269 

d. New entrants 0 1,375 7,291 24,489 66,904 135,935 

e. Total 225,247,899 212,880,760 183,571,127 189,542,621 195,829,360 202,493,423 

6. Administrative expenses 21,886,625 25,379,074 23,882,603 23,397,462 23,923,904 24,462,192 

7. Investment returns 346,539,207 111,902,268 109,090,925 108,419,307 107,746,130 106,798,977 

8. Market value of assets (end of year) 

(1) + (2) + (3) + (4) - (Se) - (6) + (7) 1,704,758,864 1,633,579,565 1,621,854,993 1,613,594,314 1,601,704,397 1,585,251,735 

9. Available resources 

(1) + (2) + (3) + (4) - (6) + (7) $1,930,006,763 $1 ,846,460,325 $1,805,426,120 $1,803,136,936 $1 ,797,533,756 $1,787,745,158 

10. Solvency ratio (9) / (Se) 8.57 8.67 9.84 9.51 9.18 8.83 

Plan year beginning April 1 2026 2027 2028 2029 2030 2031 

1. Market value of assets (beginning of year) $1,585,251,735 $1 ,562,998,558 $1,534,660,245 $1 ,500,269,442 $1,460,389,651 $1,424,929,258 

2. Employer contributions 107,065,476 110,379,459 11 3,649,042 11 6,853,234 119,973,618 123,177,599 

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 152,095,744 147,537,244 142,877,644 137,860,094 132,659,596 127,310,798 

b. Terminated vested participants 15,762,938 18,773,941 21,682,862 24,278,924 26,705,613 28,797,801 

c. Current actives 41,838,079 50,433,597 58,691,634 66,529,664 73,801,057 80,246,275 

d. New entrants 221,201 317,695 458,409 661 ,045 890,643 1,133,510 

e. Total 209,917,962 217,062,476 223,710,549 229,329,727 234,056,909 237,488,384 

6. Administrative expenses 25,012,592 25,575,375 26,150,821 26,739,214 27,340,847 27,956,016 

7. Investment returns 105,505,262 103,813,439 101,714,885 99,229,278 105,857,1 05 103,127,093 

8. Market value of assets (end of year) 

(1) + (2) + (3) + (4) - (Se) - (6) + (7) 1,562,998,558 1,534,660,245 1,500,269,442 1,460,389,651 1,424,929,258 1,385,896, 190 

9. Available resources 

(1) + (2) + (3) + (4) - (6) + (7) $1,772,916,521 $1 ,751 ,722,721 $1,723,979,991 $1,689,719,379 $1 ,658,986,168 $1,623,384,574 

10. Solvency ratio (9) / (Se) 8.45 8.07 7.71 7.37 7.09 6.84 

AFMEPF0122 

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 4.03(1) - Deterministic Projection Demonstrating Proposed Suspension Does Not Materially Exceed the Level that is 

Necessary to Avoid Insolvency - Checklist Item 11 (continued) 

Plan year beginning April 1 2032 2033 

1. Market value of assets (beginning of year) $1,385,896, 190 $1 ,343,473,034 

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 121,919,408 116,340,295 

b. Terminated vested participants 30,794,061 32,288,117 

c. Current actives 86,422,974 91 ,864,552 

d. New entrants 1,398,011 1,715,630 

e. Total 240,534,454 242,208,594 

6. Administrative expenses 28,585,026 29,228,189 

7. Investment returns 100,141,566 96,952,110 

8. Market value of assets (end of year) 

(1) + (2) + (3) + (4) - (Se) - (6) + (7) 1,343,473,034 1,298,903,095 

9. Available resources 

(1) + (2) + (3) + (4) - (6) + (7) $1,584,007,488 $1 ,541,111,689 

10. Solvency ratio (9) / (Se) 6.59 6.36 

Plan year beginning April 1 2038 2039 

1. Market value of assets (beginning of year) $1,106,454,164 $1 ,057,360,590 

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 87,548,11 1 81 ,622,566 

b. Terminated vested participants 36,867,515 37,199,004 

c. Current actives 115,553,801 119,675,767 

d. New entrants 4,013,241 4,641,740 

e. Total 243,982,670 243,139,076 

6. Administrative expenses 32,667,695 33,402,718 

7. Investment returns 79,401,560 75,817,472 

8. Market value of assets (end of year) 

(1) + (2) + (3) + (4) - (Se) - (6) + (7) 1,057,360,590 1,008,750,464 

9. Available resources 

(1) + (2) + (3) + (4) - (6) + (7) $1,301,343,259 $1 ,251,889,540 

10. Solvency ratio (9) / (Se) 5.33 5.15 

Report of Required Actuarial Information - Application for Proposed Benefit Suspensions 

American Federation of Musicians and Employers' Pension Fund 

2034 2035 2036 2037 

$1,298,903,095 $1 ,252,384,011 $1 ,204,514,278 $1,155,624,667 

133,313,896 136,875,350 140,532,261 144,287,196 

51,336 51,336 22,162 12,438 

0 0 0 0 

110,780,760 105,075,162 99,302,317 93,449,053 

33,469,391 34,659,333 35,644,602 36,355,597 

97,247,933 102,108,821 106,854,638 111 ,242,476 

2,112,692 2,545,867 2,999,241 3,480,096 

243,610,776 244,389,182 244,800,797 244,527,221 

29,885,823 30,558,254 31,245,815 31,948,846 

93,612,283 90,151,017 86,602,578 83,005,930 

1,252,384,011 1,204,514,278 1,155,624,667 1,106,454,164 

$1,495,994,787 $1,448,903,460 $1 ,400,425,464 $1,350,981,385 

6.14 5.93 5.72 5.52 

2040 2041 2042 2043 

$1,008,750,464 $961,378,194 $915,735,155 $872, 166,536 

156,166,874 160,340,998 164,627,062 169,028,080 

3,110 0 0 0 

0 0 0 0 

75,716,617 69,848,240 64,075,842 58,387,668 

37,284,934 37,299,032 37,146,631 36,756,465 

123,357,378 126,756,657 130,081,233 132,900,510 

5,325,058 6,040,414 6,792,848 7,600,068 

241,683,987 239,944,343 238,096,553 235,644,711 

34,154,279 34,922,751 35,708,512 36,511,954 

72,296,013 68,883,056 65,609,385 62,519,773 

961,378,1 94 915,735,155 872, 166,536 831,557,724 

$1,203,062,181 $1,155,679,498 $1 ,110,263,089 $1,067,202,435 

4.98 4.82 4.66 4.53 

AFMEPF0123 

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 4.03(1) - Deterministic Projection Demonstrating Proposed Suspension Does Not Materially Exceed the Level that is 

Necessary to Avoid Insolvency - Checklist Item 11 (continued) 

Plan year beginning April 1 2044 2045 

1. Market value of assets (beginning of year) $831,557,724 $794,697,089 

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 52,864,977 47,501,302 

b. Terminated vested participants 36,197,794 35,421,567 

c. Current actives 135,160,450 137,002,751 

d. New entrants 8,526,766 9,526,618 

e. Total 232,749,987 229,452,239 

6. Administrative expenses 37,333,473 38,173,476 

7. Investment returns 59,675.680 57.135.714 

8. Market value of assets (end of year) 

(1) + (2) + (3) + (4) - (Se) - (6) + (7) 794,697,089 762,394,525 

9. Available resources 

(1) + (2) + (3) + (4) - (6) + (7) $1,027,447,077 $991,846,764 

10. Solvency ratio (9) / (Se) 4.41 4.32 

Plan year beginning April 1 2050 2051 

1. Market value of assets (beginning of year) $691,519,874 $691,947,765 

2. Employer contributions 203,324,651 208,764,009 

3. Withdrawal liability payments 0 0 

4. Court-ordered settlement agreement 0 0 

5. Benefit payments 

a. Current retirees and beneficiaries 24,708,850 21 ,146,217 

b. Terminated vested participants 29,637,622 28,166,686 

c. Current actives 141,089,105 140,789,862 

d. New entrants 15,540,730 17,015,323 

e. Total 210,976,308 207,118,088 

6. Administrative expenses 42,665,643 43,625,620 

7. Investment returns 50,745.191 51,089,182 

8. Market value of assets (end of year) 

(1) + (2) + (3) + (4) - (Se) - (6) + (7) 691,947,765 701,057,249 

9. Available resources 

(1) + (2) + (3) + (4) - (6) + (7) $902,924,073 $908, 175,337 

10. Solvency ratio (9) / (Se) 4.28 4.38 

Report of Required Actuarial Information - Application for Proposed Benefit Suspensions 

American Federation of Musicians and Employers' Pension Fund 

2046 2047 2048 2049 

$762,394,525 $735,106,504 $713,793,179 $699,067,205 

182,952,218 187,844,840 192,868,747 198,027,474 

0 0 0 0 

0 0 0 0 

42,359,367 37,480,414 32,893,500 28,628,549 

34,584,287 33,544,139 32,380,796 31,093,261 

138,643,003 139,727,950 140,535,155 141,016,299 

10,567,767 11 ,654,908 12,810,179 14,1 21,600 

226, 154,423 222,407,41 1 218,619,629 214,859,709 

39,032,379 39,910,608 40,808,597 41,726,790 

54,946.564 53.159.853 51,833.505 51,011 .694 

735,106,504 713,793,179 699,067,205 691,519,874 

$961,260,928 $936,200,590 $917,686,834 $906,379,583 

4.25 4.21 4.20 4.22 

2052 

$701,057,249 

214,349,378 

0 

0 

17,946,830 

26,593,353 

139,828,109 

18,553,332 

202,921,624 

44,607,196 

52,111 .125 

719,988,932 

$922,910,556 

4.55 

AFMEPF0124 

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 4.03(2) 

Stochastic Demonstration that Proposed Suspension Is Reasonably Estimated Not to 

Materially Exceed the Level Necessary to Avoid Insolvency 

AFMEPF0125
If WM,fi•I Report of Required Actuarial Information Application for Proposed Benefit Suspensions 

Exhibit 4.03(2) - Stochastic Projection Demonstrating Proposed Suspension Does Not Materially Exceed the Level that is 

Necessary to Avoid Insolvency - Checklist Item 11 

The chart shows the stochastic projection results over the extended projection period for the plan years beginning April 1, 2020 through plan year ending March 

31, 2052 if the dollar amount of the proposed benefit suspension for each participant and beneficiary were reduced (but not below zero) by the greater of 5% of 

the individual's monthly amount proposed to be suspended and 2% of the individual's monthly amount without regard to the proposed suspension. 

The stochastic modeling shows the plan is projected to remain solvent in less than 50% of the 10,000 scenarios if the dollar amount of the proposed benefit 

suspension for each participant and beneficiary were reduced as described above. The actual percentage for the plan year ending March 31 , 2052 is 49.6%. 

25% 

70]1 ]0]6 1031 7.036 

Report of Required Actuarial Information - Application for Proposed Benefit Suspensions 

American Federation of Musicians and Employers' Pension Fund 

]041 7046 'JOS 1 

AFMEPF0126 

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 4.04 

Distribution of Proposed Suspension for Plan 

AFMEPF0127
Exhibit 4.04 - Distribution of Proposed Suspension for Plan 

Count 

Term Alternate 

% Reduction Active Retirees Disabled Beneficiary Vested Payee Total 

No Change 12,910 7,091 142 1,721 6,388 102 28,354 

0%-9% 3,21 1 2,856 33 221 3,059 86 9,466 

10%-19% 1,478 1,354 - 92 1,237 48 4,209 

20%-29% 2,653 1,651 - 81 1,347 70 5,802 

30%-39% 150 1,179 - 115 1,744 95 3,283 

Exactly40% - 388 - 14 - 12 414 

Count 7 492 7 428 33 523 7 387 ill 23174 Reduced 

Total 20,402 14,519 175 2,244 13,775 413 51,528 

Average Monthly Benefit 

• Before $742.78 $1,095.43 $1 ,650.57 $349.95 $358.90 $1,240.08 $726.08 

• After $607.39 $892.91 $1 ,647.86 $319.49 $289.36 $973.81 $594.05 

Aggregate present value of the reduction in benefits for all individuals $662,159,000 

AFMEPF0128 
Exhibit 4.04 - Distribution of Proposed Suspension for Category A 

Category A - 30.9% reduction for multipliers > $1.00 

Table A1 - Benefits earned only at $1.00 multiplier 

Count 

o/o Term 

Reduction Active Retirees Disabled Beneficiary Vested 

No Change 7,898 6 - - 358 

0%-9% - 5 - 1 -

10%-19% - 1 - - -

20%-29% - - - - -

30%-39% - - - - -

Exactly - - - - - 40% 

Count §. 1 Reduced - - -

Total 7,898 12 - 1 358 

Average Monthly Benefit 

• Before $91 .20 $266.90 - $174.50 $85.76 

• After $91 .20 $250.95 - $166.67 $85.76 

Alternate 

Payee 

1 

1 

-

-

-

-

1 

2 

$106.52 

$100.31 

Aggregate present value of the reduction in benefits for all individuals $2,161,000 

Total 

8,263 

7 

1 

-

-

-

.§. 

8,271 

$91.24 

$91.22 

AFMEPF0129 
Exhibit 4.04 - Distribution of Proposed Suspension for Category A 

Category A - 30.9% reduction for multipliers > $1.00 

Table A2 - Benefits earned only at multipliers above $1.00 

Count 

o/o Term 

Reduction Active Retirees Disabled Beneficiary Vested 

No Change 11 4,361 95 1,394 2,313 

0%-9% 3 1,133 9 145 1,316 

10%-19% - 454 - 66 581 

20%-29% - 328 - 49 481 

30%-39% - 447 - 87 1,131 

Exactly - 59 - 7 - 40% 

Count l 2421 .2 354 3 509 Reduced 

Total 14 6,782 104 1,748 5,822 

Average Monthly Benefit 

• Before $104.32 $429.86 $1,031.99 $262.02 $274.78 

• After $101 .72 $385.27 $1,031.27 $245.23 $219.84 

Alternate 

Payee 

69 

48 

25 

15 

74 

5 

167 

236 

$897.12 

$708.47 

Aggregate present value of the reduction in benefits for all individuals $67,245,000 

Total 

8,243 

2,654 

1,126 

873 

1,739 

71 

6463 

14,706 

$353.91 

$307.70 

AFMEPF0130 
Exhibit 4.04 - Distribution of Proposed Suspension for Category A 

Category A - 30.9% reduction for multipliers > $1.00 

Table A3 - Benefits earned at $1.00 multiplier and higher multipliers 

Count 

o/o Term 

Reduction Active Retirees Disabled Beneficiary Vested 

No Change 5,001 2,724 47 327 3,717 

0%-9% 3,208 1,718 24 75 1,743 

10%-19% 1,478 899 - 26 656 

20%-29% 2,653 1,323 - 32 866 

30%-39% 150 732 - 28 613 

Exactly - 329 - 7 - 40% 

Count 7 489 5 001 24 168 3 878 Reduced 

Total 12,490 7,725 71 495 7,595 

Average Monthly Benefit 

• Before $1,155.51 $1,680.74 $2,556.65 $660.80 $436.25 

• After $934.37 $1,337.92 $2,551.03 $582.02 $352.20 

Alternate 

Payee 

32 

37 

23 

55 

21 

7 

143 

175 

$1 ,715.53 

$1 ,341.62 

Aggregate present value of the reduction in benefits for all individuals $592,753,000 

Total 

11,848 

6,805 

3,082 

4,929 

1,544 

343 

16 703 

28,551 

$1,106.22 

$890.31 

AFMEPF0131 
Exhibit 4.04 - Distribution of Proposed Suspension for Category B 

Category B - Eliminate early retirement subsidy 

Table B1 - Retirees with pre-2004 Pension Effective Date with full early retirement subsidy 

Count 

Alternate 

o/o Reduction Retirees Disabled Beneficiary Payee Total 

No Change 212 - 128 2 342 

0%-9% 182 - 34 3 219 

10%-19% 42 - 6 2 50 

20%-29% 30 - 3 2 35 

30%-39% 17 - 2 1 20 

Exactly 40% 17 - 3 - 20 

Count 288 48 ~ 344 Reduced -

Total 500 - 176 10 686 

Average Monthly Benefit 

• Before $1,343.79 - $479.28 $2,453.44 $1 ,136.02 

• After $1,129.13 - $427.16 $2,221.90 $963.56 

Aggregate present value of the reduction in benefits for all individuals $9,254,000 

AFMEPF0132 
Exhibit 4.04 - Distribution of Proposed Suspension for Category B 

Category B - Eliminate early retirement subsidy 

Table B2 - Retirees with Pension Effective Date between 2004 and 5/2010 with partial early 

retirement subsidy 

Count 

o/o Alternate 

Reduction Retirees Disabled Beneficiary Payee Total 

No Change 681 - 62 4 747 

0%-9% 475 - 27 7 509 

10%-19% 109 - 3 9 121 

20%-29% 97 - 2 2 101 

30%-39% 99 - 2 4 105 

Exactly 40% 244 - 7 9 260 

Count 1.024 41 .ll 1.096 Reduced -

Total 1,705 - 103 35 1,843 

Average Monthly Benefit 

• Before $1 ,446.40 - $721 .23 $1 ,005.60 $1 ,394.48 

• After $1 ,056.17 - $588.28 $734.55 $1 ,021.96 

Aggregate present value of the reduction in benefits for all individuals $65,501 ,000 

AFMEPF0133 
Exhibit 4.04 - Distribution of Proposed Suspension for Category C 

Category C - Revise Calculation Methodology for Re-retirement 

Table C1 - Participants 65+ at 1/1/2022 with in-pay re-retirement benefit 

Count 

Alternate 

o/o Reduction Retirees Disabled Beneficiary Payee 

No Change 287 9 94 -

0%-9% 387 31 31 1 

10%-19% 108 - 3 -

20%-29% 88 - 3 -

30%-39% 109 - 4 1 

Exactly 40% 226 - 3 5 

Count 918 31 44 z Reduced 

Total 1,205 40 138 7 

Average Monthly Benefit 

• Before $2,325.73 $2,719.54 $654.71 $1,870.29 

• After $1,698.79 $2,708.93 $567.00 $1,250.54 

Total 

390 

450 

111 

91 

114 

234 

11000 

1,390 

$2,165.22 

$1,610.79 

Aggregate present value of the reduction in benefits for all individuals $73,909,000 

AFMEPF0134 
Exhibit 4.04 - Distribution of Proposed Suspension for Category C 

Category C - Revise Calculation Methodology for Re-retirement 

Table C2 - Participants < 65 at 1/1/2022 with future re-retirement benefit 

Count 

% Alternate 

Reduction Retirees Payee Total 

No Change 31 - 31 

0%-9% 40 - 40 

10%-19% 17 - 17 

20%-29% 11 - 11 

30%-39% 11 - 11 

Exactly40% 83 1 84 

Count 162 1 163 Reduced 

Total 193 1 194 

Average Monthly Benefit 

• Before $2,515.60 $1 ,443.37 $2,510.07 

• After $1 ,642.81 $866.03 $1 ,638.81 

Aggregate present value of the reduction in benefits for all individuals $21,682,000 

AFMEPF0135 
Exhibit 4.04 - Distribution of Proposed Suspension for Category D 

Category D - Revise Calculation Methodology for Re-determination 

Table D - Participants 65+ at 1/1/2022 with in-pay re-determination benefit 

Count 

Alternate 

o/o Reduction Retirees Disabled Beneficiary Payee 

No Change 582 2 106 -

0%-9% 950 19 44 1 

10%-19% 462 - 15 -

20%-29% 580 - 10 -

30%-39% 374 - 22 1 

Exactly 40% 146 - 5 -

Count 2,512 12 96 .£ Reduced 

Total 3,094 21 202 2 

Average Monthly Benefit 

• Before $2,045.21 $3,679.12 $646.00 $557.21 

• After $1,560.64 $3,664.35 $548.73 $419.41 

Total 

690 

1,014 

477 

590 

397 

151 

2,629 

3,319 

$1 ,969.30 

$1 ,51 1.62 

Aggregate present value of the reduction in benefits for all individuals $157,186,000 

AFMEPF0136 
Exhibit 4.04 - Distribution of Proposed Suspension for Category E 

Category E- Modify $195,000 Plan Maximum Benefit 

Table E - Participants affected by MPRA Plan maximum 

Count 

Alternate 

o/o Reduction Active Retirees Disabled Payee 

No Change - - 1 1 

0%-9% - - - -

10%-1 9% 2 4 - -

20%-29% 2 3 - -

30%-39% - 5 - 1 

Exactly 40% - 3 - -

Count .i 1.§ 1 Reduced -

Total 4 15 1 2 

Average Monthly Benefit 

• Before $16,895.11 $16,874.28 $14,535.58 $9,737.24 

• After $13,402.91 $12,148.45 $14,535.58 $8,557.60 

Total 

2 

-

6 

5 

5 

3 

12 

21 

$16,122.94 

$12,158.60 

Aggregate present value of the reduction in benefits for all individuals $8,238,000 

AFMEPF0137 
Exhibit 4.04 - Distribution of Proposed Suspension for Category F 

Category F - Late Retirement with Contributions 

Table F - Participants retired after age 65 with contributions after age 65 

Count 

o/o Term 

Reduction Active Retirees Disabled Beneficiary Vested 

No Change 387 266 1 36 36 

0%-9% 273 560 1 44 29 

10%-19% 363 511 - 35 78 

20%-29% 716 656 - 26 221 

30%-39% 68 288 - 52 174 

Exactly 40% - 1 - 4 -

Count 1,420 2,016 1 ill 502 Reduced 

Total 1,807 2,282 2 197 538 

Average Monthly Benefit 

• Before $1,340.86 $1,264.61 $4,234.56 $458.03 $375.20 

• After $1,026.01 $987.87 $4,212.23 $382.15 $273.47 

Alternate 

Payee 

2 

8 

6 

10 

7 

-

31 

33 

$1,436.57 

$1,094.73 

Aggregate present value of the reduction in benefits for all individuals $136,622,000 

Total 

728 

915 

993 

1,629 

589 

5 

4131 

4,859 

$1,162.83 

$899.36 

AFMEPF0138 
Exhibit 4.04 - Distribution of Proposed Suspension for Category 

Category G - Participants with pre-merger benefits 

Table G - AFM-EPF Staff Plan participants with 7% increase and AFM Retirement Plan participants 

affected by COLA 

Count 

Term Alternate 

o/o Reduction Active Retirees Disabled Beneficiary Vested Payee Total 

No Change - 8 - 2 3 - 13 

0%-9% - 8 - - 7 - 15 

10%-19% 12 7 - - 4 - 23 

20%-29% 8 11 - - 4 - 23 

30%-39% - 2 - - - - 2 

Exactly 40% - - - - - - -

Count 20 28 15 63 Reduced - - -

Total 20 36 - 2 18 - 76 

Average Monthly Benefit 

• Before $3,438.08 $1,981.46 - $483.84 $796.39 - $2,044.69 

• After $2,777.20 $1,652.75 - $483.84 $659.50 - $1,682.66 

Aggregate present value of the reduction in benefits for all individuals $2,978,000 

AFMEPF0139 
Exhibit 4.04 - Distribution of Proposed Suspension for Category H 

Category H - Retirement Account Balance (RAB) 

Table H - Participants with RAB benefit who received RAB as lump sum with AFM-EPF monthly 

benefit 

Count 

Term Alternate 

o/o Reduction Active Retirees Disabled Beneficiary Vested Payee Total 

No Change - 81 3 23 - - 107 

0%-9% - 42 3 7 - - 52 

10%-19% - 5 - 2 - 1 8 

20%-29% - 3 - 3 - - 6 

30%-39% - 1 - 8 - - 9 

Exactly 40% - 1 - 1 - - 2 

Count 52 3 21 1 77 Reduced - -

Total - 133 6 44 - 1 184 

Average Monthly Benefit 

• Before - $972.89 $1 ,779.07 $262.09 - $629.37 $827.34 

• After - $870.19 $1 ,767.15 $228.87 - $524.47 $744.20 

Aggregate present value of the reduction in benefits for all individuals $1 ,220,000 

AFMEPF0140 
Exhibit 4.05(1)A 

Individual Notices 

AFMEPF0141
NOTICE OF A PROPOSED REDUCTION OF YOUR PENSION BENEFIT 

On December 30, 2020, the Board of Trustees of the American Federation of Musicians and Employers’ Pension Fund 

(“AFM-EPF” or the “Plan”) submitted an application to the U.S. Treasury Department for approval to reduce benefits 

under the Plan. This type of benefit reduction is allowed by the Federal law called the Multiemployer Pension Reform Act 

of 2014 (“MPRA”). 

You are getting this notice because you have a pension benefit under the Plan. The enclosed personalized estimate 

describes the proposed reduction of your monthly benefit.

1 This notice will also answer the following questions for 

you– 

1. Why is the Board of Trustees proposing to reduce benefits? 

2. What will happen if the Plan runs out of money? 

3. How did the Board of Trustees decide whose benefits to reduce and by how much? 

4. What is the proposed reduction in benefits? 

5. What comes next? 

1. Why is the Board of Trustees proposing to reduce benefits? 

The Plan’s actuary estimated that, unless benefits are reduced, the Plan will not have enough money to pay benefits in the 

plan year April 1, 2034 - March 31, 2035. This estimate is based on how much money the actuary expects the Plan to 

receive and to pay out each year. The Plan’s actuary estimated that, with the reduction of benefits that the Board of 

Trustees has proposed, the Plan should not run out of money. 

2. What will happen if the Plan runs out of money?

If the Plan does not have enough money to pay benefits, then only the amount guaranteed by the Pension Benefit 

Guaranty Corporation (“PBGC”) will be paid. You can find the amount of your benefit that is guaranteed by the PBGC on 

the enclosed personalized benefit estimate, “How Your Monthly Payments Would Be Affected.” 

Note: Absent a change in the law, the PBGC currently projects its multiemployer program will become insolvent by the 

end of its 2026 fiscal year. If the PBGC were to become insolvent, it would not be able to pay the guaranteed benefit. In 

that case, your benefit could be much less than even the current PBGC guaranteed amount. 

3. How did the Board of Trustees decide whose benefits to reduce and by

how much?

Under Federal law, the Board of Trustees must apply the following rules to the proposed reduction— 

• The total reduction in everybody’s benefits must be estimated to be large enough to keep the Plan from running out of 

money but not larger than needed to do that. 

• Your monthly benefit and the benefit of your beneficiary cannot be reduced below 110% of the amount guaranteed by 

the PBGC. 

• Disability benefits (as defined under the Plan) cannot be reduced. 

• The benefits of people who are at least 80 years old on January 31, 2022 and their beneficiaries cannot be reduced. 

• The benefits of people who are at least 75 years old on January 31, 2022 and their beneficiaries are partially protected, 

and the closer the person is to age 80 the less the benefits can be reduced. 

• The reduction of benefits must be spread fairly among the people who have a pension benefit under the Plan. 

AFMEPF0142

1 A version of this notice that does not include the estimate of the effect on your benefit is being sent to unions that represent Plan 

participants and to all contributing employers. 

1 
In deciding whether the proposed reduction is spread fairly, the Board of Trustees took into account the following: 

• Extent to which a 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. 

4. What is the proposed reduction in benefits? 

The Board of Trustees proposes the following reduction of benefits to take effect January 1, 2022. 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. 

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

What is an early retirement subsidy? was earlier than 2004 and were under age 65 received this subsidy on 

the full amount of their benefit. For a benefit paid before age 65 to be 

“actuarially equivalent” in value to the Pre-June 1, 2010: For those whose Initial Pension Effective Date 

benefit that would be payable at age 65, it was January 1, 2004 through May 1, 2010, the subsidized pre-65 needs to be reduced to account for the fact multipliers applied only to the portion of their contributions earned that the benefit will be paid earlier and likely through December 31, 2003. for a longer period of time. An actuarially 

June 1, 2010 and later: For Pension Effective Dates on or after equivalent benefit is one that reduces the age 

June 1, 2010, the multipliers used to calculate pre-65 benefits have 65 benefit by enough to make the pre-65 

not included any subsidy no matter when the contributions were benefit and the normal retirement age 65 

earned. benefit actuarially equal in value. 

Participants whose Initial Pension Effective Date for an early When a pre-65 benefit is not reduced enough 

retirement pension began on or after June 1, 2010 will not be subject to make it actuarially equivalent, it is 

to an adjustment in the subsidy since it was already removed. considered a subsidized early retirement 

benefit. As part of this benefit reduction, participants whose Initial Pension 

Effective Date for an early retirement pension was before 

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. 

2 

AFMEPF0143
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). 

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 

AFMEPF0144

that time. 

3 
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 Retirement 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 

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

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 Initial Pension Effective Date before age 65 to be actuarially equivalent to the age-65 

benefit and reduced for the joint and survivor form 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 to age 67 or the benefit using all contributions through age 67. 

4 

AFMEPF0145
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 Initial Pension Effective Date, or 

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

Effective Date. 

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

On December 31, 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 after December 31, 1999 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 the 40% maximum 

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

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

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. 

* * * * * 

The proposed reduction is expected to be permanent. 

This benefit reduction is expected to stabilize the Plan and keep it from running 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. 

5. What comes next? 

Approval or denial of the application by the Treasury Department

The Treasury Department will review the application to see whether it meets all of the legal requirements under Federal 

law. If the application meets all of those requirements, the Treasury Department is required to approve the application. If 

the application does not meet the legal requirements, the Treasury Department will deny the application. The Treasury 

Department will have until August 12, 2021 to make a decision. 

5 

AFMEPF0146
You can get information from the Treasury Department

More information about the proposed benefit reduction and a copy of the application will be available 

at www.treasury.gov/mpra. 

The application will be available on that website within 30 days after the Treasury Department receives it. The application 

includes more information about the proposed reduction, including details about: 1) the Plan actuary’s certification that 

the Plan will run out of money (that is, that the Plan is in “critical and declining status”); 2) how the proposed reduction 

would satisfy the requirement that it be large enough so that the Plan is estimated not to run out of money, while not being 

larger than needed; and 3) the sensitivity of these estimates to the assumptions used. 

The application describes the steps the Board of Trustees has already taken to keep the Plan from running out of money 

and why the Board of Trustees believes that a benefit reduction is the only remaining option to keep the Plan from running 

out of money. In addition, the application explains why the Board of Trustees believes that the proposed reduction is 

spread fairly among the people who have a pension benefit under the Plan. 

The Treasury Department website will also provide updated information on the application, such as whether the 

application has been withdrawn. 

For further information and assistance, you can also write to the Treasury Department at the following address: 

Department of the Treasury 

Attn: MPRA Office, Room 1224 

1500 Pennsylvania Avenue, NW 

Washington, DC 20220 

You can comment on the application to reduce benefits

You will be able to submit a comment on the application by going to www.treasury.gov/mpra. Comments may also be 

mailed to the Treasury Department, at the address listed above. All interested parties can make comments, and the 

comments will be publicly available. 

Retiree representative

If a plan has 10,000 or more participants, the Board of Trustees must select a retiree representative to advocate for the 

interests of retirees, beneficiaries, and deferred vested participants as part of this process. A plan is required to pay the 

reasonable expenses of the retiree representative. 

On February 12, 2019, the Board of Trustees selected Brad Eggen to be the Retiree Representative. He is a retiree 

currently receiving benefits under the Plan and is not a member of the Board of Trustees. Participants and beneficiaries 

may contact Mr. Eggen at 833-361-6129 or at the following address: 

AFM-EPF Retiree Representative 

PO Box 2145 

Minneapolis, MN 55402 

https://afmretireerep.org 

Email: contact@afmretireerep.org 

Vote on the proposed benefit reduction

If the application for the proposed reduction of benefits is approved by the U.S. Treasury Department, then you will have 

the opportunity to vote on the proposed reduction. Unless a majority of all participants and beneficiaries of the Plan vote 

to reject the reduction, the U.S. Treasury Department must allow the reduction of benefits to take effect. This means that 

not voting counts the same as a vote to approve the reduction. 

6 

AFMEPF0147
Your right to see Plan documents

You may want to review Plan documents to help you understand your rights and the proposed reduction to your benefit. 

The Plan administrator must respond to your request for the following documents within 30 days: 

• The Plan document (including any amendments adopted to reflect an authorized reduction of benefits), trust 

agreement, and other documents governing the Plan (such as collective bargaining agreements). 

• The Plan’s most recent summary plan description (SPD or plan brochure) and any summary of material modifications. 

• The Plan’s Form 5500 annual reports, including the accountant’s report and audited financial statements, filed with 

the U.S. Department of Labor during the last six years. 

• The annual funding notices furnished by the Plan during the last six years. 

• Actuarial reports, including reports prepared in anticipation of the benefit reduction, furnished to the Plan within the 

last six years. 

• The Plan’s current rehabilitation plan, including contribution schedules, and, if the proposed benefit reduction goes 

into effect, annual plan-sponsor determinations that all reasonable measures to avoid running out of money continue 

to be taken and that the Plan would run out of money if there was no benefit reduction. 

• Any quarterly, semi-annual, or annual financial reports prepared for the Plan by an investment manager, fiduciary, or 

other advisor and furnished to the Plan within the last six years. 

The Plan administrator may charge you the cost per page to the Plan for the cheapest way of copying documents, but 

cannot charge more than 25 cents per page. The Plan’s Form 5500 Annual Return/Report of Employee Benefit Plan is 

also available free of charge at www.dol.gov/ebsa/5500main.html. Some of the documents also may be available for 

examination, without charge, at the Plan administrator’s office, your worksite or union hall. 

Your right to challenge incorrect calculations

If you think the Plan miscalculated the reduction to your benefit, then you have the right to submit a claim to the Plan to 

have the calculation corrected. The Plan’s SPD tells you how to submit a claim. The SPD also describes your right to have 

a court review the Plan’s final decision on your claim. 

If you believe the information used to calculate the enclosed estimate is wrong, please call the Pension Fund Help Line 

at 212-284-1311. Representatives are available to answer your questions about the benefit reduction Monday – Friday, 

8:00 a.m. – 4:00 p.m. ET with extended hours from 8:00 a.m. to 7:00 p.m. ET through January 22, 2021. 

Or, you can submit your question using the “Contact Us” form at www.afm-epf.org. 

7 

AFMEPF0148
Exhibit 4.05(1)B 

Sample Individual Estimates 

AFMEPF0149
HOW YOUR MONTHLY PAYMENTS WOULD BE AFFECTED

This estimate of the effect of the proposed reduction

of benefits has been prepared for: #1

Important Information Enclosed

Please review all information in this packet:

● This benefit estimate ― personalized statement Benefit Estimate #1 showing how your benefit would change if the 

proposed reduction is approved.

● “Saving the Plan” newsletter ― overview of

what’s happening and why.

● Notice of proposed reduction of your

pension benefits ― official notice of the Plan’s

application to reduce benefits, including important

information about your rights.

������������������as of January 1, 2022

This personal estimate shows how your benefit would change IF the proposed reduction, described in the enclosed notice, is 

approved. Nothing is happening to your benefit right now. If approved, the reduction would take effect on January 1, 2022.

Unreduced

Your projected monthly benefit 

as of January 1, 2022

without proposed reduction:

$927.70 

Reduced

Your projected monthly benefit 

as of January 1, 2022

with proposed reduction:

$869.17 

The PBGC provides a backstop when 

a plan can no longer pay benefits. Your 

estimated PBGC-guaranteed monthly 

benefit is:

$790.15 

However, if the PBGC becomes insolvent, Under the proposed reduction your monthly benefit is projected to be reduced to your PBGC guaranteed benefit could be 

$869.17 beginning on January 1, 2022.1

much less. 1

These numbers are just estimates based on the data and assumptions listed on the next page.

This is an estimate of the effect the proposed reduction would have on your benefit 

under the Plan. It is not a final benefit calculation. This estimate was prepared assuming that the proposed benefit reduction starts on 

January 1, 2022. If the benefit reduction starts later, the effect of the proposed reduction on your benefit might be different. 

The proposed reduction is expected to be permanent.

Office Use: 

#1 | AM

12/15/2020_US_4p-1_3-9 

AFMEPF0150

r 
DD DD DD DD DD DD D MD DD DD D 

As described in the enclosed notice, there are several components of the benefit reduction. For example, the one that applies to 

the most individuals is the 30.9% reduction of benefit multipliers higher than $1.00. This does not mean that your total benefit 

is reduced by 30.9%. This patt of the reduction applies only to benefits earned through December 31, 2009. So, the larger the 

portion of your benefit that was earned after that date, the smaller the impact of the 30.9% reduction on your total benefit. 

However, it's important to keep in mind that while some patticipants would be impacted by only one or two components of the 

benefit reduction, others would be affected by several. With respect to your benefit, the proposed reduction would: 

• Reduce the benefit multipliers* used to calculate benefits for Benefit Contributions earned through December 31, 2009 

(when the age-65 multiplier was higher than $1.00) by 30.9%. 

• Ensure that your benefit reduction is no more than the Multiemployer Pension Reform Act (MPRA) allows. 

*Benefit multiplier: The dollar amount by which each $100 of contributions is multiplied to determine the amount of your monthly 

pension benefit. It varies with your age at your Pension Effective Date and the year in which the contributions were earned. 

Data and Assumptions 

All estimates shown in this statement are the "gross" amount and do not reflect tax withholding or any other deductions. The 

benefit you receive beginning January 1, 2022 will be based on the assumptions and projections shown in this estimate and 

may need to be adjusted later once the final data is collected. 

This estimate is based on the following information from Plan records: 

• Your status as of April 1, 2020 is retired participant. 

• You have 34.25 yeat-s of vesting service and pension credit under the Plan as of December 31, 2019. 

• Your date of birth is October 7, 1949. 

• Your initial Pension Effective Date is November 1, 2014. 

• The portion of your benefit that is based on disability is $0.00. 

• Your Benefit Contributions* as of December 31, 2019 for each Benefit Period: 

Benefit Period 

A 11111959 - 12/31/2003 

B 11112004 - 3/31/2007 

C 4/1/2007 - 4/30/2009 

D 5/1/2009 - 12/31/2009 

E 11112010 - 12/31/2019 

Benefit Contributions* 

$17,281.25 

$3,367.82 

$94.98 

$32.16 

$65.23 

•Benefit Contributions are the contributions made to the Plan on your behalf by your employer(s) based on your 

Covered Earnings that are used to calculate your benefit See your Annual Covered Earnings Report for details. Your Annual Covered Earnings Reports are available on the Fund's website (www.afm-epf.org) if you are registered, 

or by written request using the "Contact Us" link on the website. 

Pension ID Number I Page 2 

AFMEPF0151 
Data and Assumptions (continued from the previous page)

This estimate is based on the following assumptions and projections:

● Your Benefit Contributions and vesting service listed on the previous page will not change.

● You will be 72 years and 3 months as of January 31, 2022.

● Your projected PBGC-guaranteed benefit assumes no changes to applicable law.

������������

If the Plan does not have enough money to pay benefits, your monthly benefit would be no larger than the amount guaranteed by 

the PBGC. The amount of your monthly benefit guaranteed by the PBGC is estimated to be $790.15 as of January 1, 2022.

Absent a change in the law, the PBGC currently projects its multiemployer program will become insolvent by the end of its 2026 

fiscal year. If the PBGC were to become insolvent it would not be able to pay the full guaranteed benefit. In that case, your benefit 

could be much less than even the current PBGC guaranteed amount.

Questions?

Visit www.afm-epf.org and click on the “Stay Informed” tab.

Call the Pension Fund Help Line at 212-284-1311. Representatives are available Monday – Friday, 8:00 a.m. to 4:00 p.m. ET

with extended hours from 8:00 a.m. to 7:00 p.m. ET through January 22, 2021. Or submit your question using the “Contact Us” 

form at www.afm-epf.org.

Pension ID Number | Page 3

AFMEPF0152
Page intentionally left blank.

Pension ID Number | Page 4

AFMEPF0153
HOW YOUR MONTHLY PAYMENTS WOULD BE AFFECTED

This estimate of the effect of the proposed reduction

of benefits has been prepared for: #2

Important Information Enclosed

Please review all information in this packet:

● This benefit estimate ― personalized statement Benefit estimate #2 showing that your benefit would NOT change if 

the proposed reduction is approved.

● “Saving the Plan” newsletter ― overview of

what’s happening and why.

● Notice of proposed reduction ― official notice

of the Plan’s application to reduce benefits,

including important information about your rights.

Under the Proposal, Y������������������

Your monthly benefit as of January 1, 2022 would NOT change under the proposed reduction because your projected benefit is less 

than 110% of the amount guaranteed by the PBGC.

Before

Your projected monthly benefit 

as of January 1, 2022:

$111.46 

After

Your projected monthly benefit 

as of January 1, 2022:

$111.46 

The PBGC provides a backstop when 

a plan can no longer pay benefits. Your 

estimated PBGC‐guaranteed monthly 

benefit is:

$111.46 

However, if the PBGC becomes insolvent, 

This is an estimate of the effect the proposed reduction would have on your benefit your PBGC guaranteed benefit could be 

under the Plan. It is not a final benefit calculation. This estimate was prepared assuming much less.

that the proposed benefit reduction starts on January 1, 2022. 

Office Use: 

#2 | AY

AFMEPF0154

12/15/2020_US_2p-5_16648-1295 
Data and Assumptions 

All estimates shown in this statement are the "gross" amount and do not reflect tax withholding or any other deductions. The 

benefit you receive beginning Janua1y 1, 2022 will be based on the assumptions and projections shown in this estimate and 

may need to be adj usted later once the final data is collected. 

This estimate is based on the following information from Plan records: 

• Your status as of April 1, 2020 is beneficia1y in pay status. 

• According to Plan records, you are the beneficia1y for the benefit earned by the participant. Your date of birth and age as of 

January 31, 2022 are listed below; othe1wise, "you" and "yom~' in this estimate refers to the participant. 

• You have 15.25 years of vesting service and pension credit under the Plan as of December 31, 2019. 

• Your date ofbi1th is July 17, 1959. 

• Your initial Pension Effective Date is November 1, 2011 . 

• The po1tion of your benefit that is based on disability is $0.00. 

• Your Benefit Contributions* as of December 31, 2019 for each Benefit Period: 

Benefit Period Benefit Contributions* 

A 11111959 - 12/31/2003 

B 11112004 - 3/31/2007 

C 4/1/2007 - 4/30/2009 

D 51112009 - 12/31/2009 

E 11112010 - 12/31/2019 

$14,312.29 

$0.00 

$0.00 

$0.00 

$0.00 

•Benefit Contributions are the contributions made to the Plan on your behalf by your employer(s) based on your 

Covered Earnings that are used to calculate your benefit See your Annual Covered Earnings Report for details. 

Your Annual Covered Earnings Reports are available on the Fund's website (www.afm-epf.org) if you are registered, or by written request using the "Contact Us" link on the webstte. 

This estimate is based on the following assumptions and projections: 

• Your Benefit Contributions and vesting service listed above will not change. 

• You will be 62 years and 6 months as of Januaiy 31, 2022. 

• Your projected PBGC-guai·anteed benefit assumes no changes to applicable law. 

□□□□□□□□□□□□ 

If the Plan does not have enough money to pay benefits, your monthly benefit would be no larger than the amount guaranteed 

by the PBGC. The amount of your monthly benefit guaranteed by the PBGC is estimated to be $111.46 as of January 1, 2022. 

Absent a change in the law, the PBGC cm1·ently projects its multiemployer program will become insolvent by the end of its 

2026 fiscal year. If the PBGC were to become insolvent it would not be able to pay the full guaranteed benefit. In that case, 

your benefit could be much less than even the cuffent PBGC guai·anteed amount. 

Questions? 

Visit www.afm-epf.org and click on the "Stay Info1med" tab. 

Call the Pension Fund Help Line at 212-284-1311. Representatives are available Monday - Friday, 8:00 a.m. to 4:00 p.m. ET 

with extended hours from 8:00 a.m. to 7:00 p .m. ET through Janua1y 22, 2021. Or submit your question using the "Contact Us" 

form at www.afm-epf.org. 

AFMEPF0155 

Pension ID Number I Page 2 
HOW YOUR MONTHLY PAYMENTS WOULD BE AFFECTED 

This estimate of the effect of the proposed reduction 

of benefits has been prepared for: #3 

Benefit Estimate #3 

Important Information Enclosed 

Please review all information in this packet: 

• This benefit estimate - personalized statement 

showing that your benefit would NOT change if 

the proposed reduction is approved. 

• "Saving the Plan" newslette1· - overview of 

what's happening and why. 

• Notice of proposed reduction - official notice 

of the Plan's application to reduce benefits, 

including important infonnation about your rights. 

Under the Proposal, YD □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ 

Your monthly benefit as of January 1, 2022 would NOT change under the proposed reduction because your projected benefit is less 

than 110% of the amount guaranteed by the PBGC. If you earn Benefit Contributions after your Pension Effective Date, any 

Re-retirement and/or Re-detennination benefits you accrne will be subject to the revised calculation methods that are part of the 

proposed benefit reduction. 

r 

Before 

Your projected age-65 monthly benefit: 

$346.05 

... 

After 

Your projected age-65 monthly benefit: 

$346.05 

Regular Pension Benefits earned at the cmrent $1.00 multiplier, including those earned 

after the benefit reduction takes effect, would not be reduced under the proposed benefit 

reduction. If you continue to work in covered employment, you will continue to eam 

benefits under the Plan. 

The PBGC provides a backstop when 

a plan can no longer pay benefits. Your 

estimated PBGC-guaranteed monthly 

benefit is: 

$325.68 

However, if the PBGC be.comes insolvent, 

your PBGC guaranteed benefit could be 

much less. 

This is an estimate of the effect the proposed reduction would have on your benefit under the Plan. It is not a final benefit calculation. 

This estimate was prepared assU1IDng that the proposed benefit reduction struts on January 1, 2022. 

Office Use: 

#3 I AY AFMEPF0156 

12/15/2020_US_2p-1_ 158-315 
Data and Assumptions 

This estimate is based on the following information from Plan records: 

• Your status as of April 1, 2020 is active participant. 

• You have 22 years of vesting service and pension credit under the Plan as of December 31, 2019. 

• Your date ofbi1th is June 23, 1965. 

• Your nomial retirement date is July 1, 2030. 

• The po1tion of your benefit that is based on disability is $0.00. 

• You received Benefit Contributions* totaling $820.14 in 2019. 

• Your Benefit Contributions* as of December 31, 2019 for each Benefit Period: 

Benefit Period 

A 11111959 - 12/31/2003 

B 11112004 - 3/31/2007 

C 4/1/2007 - 4/30/2009 

D 51112009 - 12/31/2009 

E 11112010 - 12/31/2019 

Benefit Contributions* 

$3,247.00 

$2,314.58 

$1,543.76 

$78.98 

$5,750.80 

•Benefit Contributions are the contributions made to the Plan on your behalf by your employer(s) based on your 

Covered Earnings that are used to calculate your benefit See your Annual Covered Earnings Report for details. 

Your Annual Covered Earnings Reports are available on the Fund's website (www.afm-epf.org) if you are registered, or by written request using the "Contact Us" link on the webstte. 

This estimate is based on the following assumptions and projections: 

• You will have 24 years of vesting service and pension credit in the Plan as of December 31, 2021. 

• You will be 56 years and 7 months as ofJanuaiy 31, 2022. 

• Due to the COVID-19 pandemic, your Benefit Contributions in 2020 and 2021 are assumed to be half of the amount that 

you received in 2019, plus a 2.25% annual increase. 

• Your projected PBGC-guai·anteed benefit assumes no changes to applicable law. 

Please note: The data and assumptions listed above are used only for the pmpose of providing you with an estimate. The 

COVID- 19 pandemic and its impact on our industry have made the setting of short-tenn assumptions to reflect individual 

circumstances challenging. 

PBGC Guaranteed Benefits 

If the Plan does not have enough money to pay benefits, your monthly benefit would be no larger than the amount guaranteed by 

the PBGC. The amount of your monthly benefit guaranteed by the PBGC is estimated to be $325.68 as of January 1, 2022. 

Absent a change in the law, the PBGC cmTently projects its multiemployer program will become insolvent by the end of its 2026 

fiscal year. If the PBGC were to become insolvent it would not be able to pay the full guai·anteed benefit. In that case, your benefit 

could be much less than even the cm1·ent PBGC guaranteed amount. 

Questions? 

Visit www.afm-epf.org and click on the "Stay Info1med" tab. 

Call the Pension Fund Help Line at 212-284-1311. Representatives are available Monday - Friday, 8:00 a.m. to 4:00 p.m. ET 

with extended hours from 8:00 a.m. to 7:00 p.m. ET through Janua1y 22, 2021. Or submit your question using the "Contact Us" 

form at www.afm-epf.org. 

AFMEPF0157 

Pension ID Number I Page 2 
HOW YOUR MONTHLY PAYMENTS WOULD BE AFFECTED

This estimate of the effect of the proposed reduction

of benefits has been prepared for: #4

Important Information Enclosed

Please review all information in this packet:

● This benefit estimate ― personalized statement Benefit Estimate #4 showing that your benefit would NOT change if 

the proposed reduction is approved.

● “Saving the Plan” newsletter ― overview of

what’s happening and why.

● Notice of proposed reduction ― official notice

of the Plan’s application to reduce benefits,

including important information about your rights.

Under the Proposal, Y������������������

The disability portion of your monthly benefit would NOT change under the proposed reduction because you are receiving a 

Disability Pension Benefit.

Before

Your projected monthly benefit 

as of January 1, 2022:

$1,624.42

After

Your projected monthly benefit 

as of January 1, 2022:

$1,624.42

The PBGC provides a backstop when 

a plan can no longer pay benefits. Your 

estimated PBGC‐guaranteed monthly 

benefit is:

$518.38

However, if the PBGC becomes insolvent, 

This is an estimate of the effect the proposed reduction would have on your benefit your PBGC guaranteed benefit could be 

under the Plan. It is not a final benefit calculation. This estimate was prepared assuming much less.

that the proposed benefit reduction starts on January 1, 2022. 

�������

#4 | X

AFMEPF0158

12/15/2020_US_2p-1_435-869 
Data and Assumptions 

All estimates shown in this statement are the "gross" amount and do not reflect tax withholding or any other deductions. The 

benefit you receive beginning Janua1y 1, 2022 will be based on the assumptions and projections shown in this estimate and 

may need to be adjusted later once the final data is collected. 

This estimate is based on the following information from Plan records: 

• Your status as of April 1, 2020 is retired participant. 

• You have 14.5 years of vesting service and pension credit under the Plan as of December 31, 2019. 

• Your date ofbi1th is June 10, 1956. 

• Your initial Pension Effective Date is November 1, 1999. 

• The po1tion of your benefit that is based on disability is $ 1,624.42. 

• Your Benefit Contributions* as of December 31, 2019 for each Benefit Period: 

Benefit Period Benefit Contributions* 

A 11111959 - 12/31/2003 

B 11112004 - 3/31/2007 

C 4/1/2007 - 4/30/2009 

D 51112009 - 12/31/2009 

E 11112010 - 12/31/2019 

$34,898.98 

$0.00 

$0.00 

$0.00 

$0.00 

•Benefit Contributions are the contributions made to the Plan on your behalf by your employer(s) based on your 

Covered Earnings that are used to calculate your benefit See your Annual Covered Earnings Report for details. 

Your Annual Covered Earnings Reports are available on the Fund's website (www.afm-epf.org) if you are registered, or by written request using the "Contact Us" link on the webstte. 

This estimate is based on the following assumptions and projections: 

• Your Benefit Contributions and vesting service listed above will not change. 

• You will be 65 years and 7 months as ofJanuaiy 31, 2022. 

• Your projected PBGC-guai·anteed benefit assumes no changes to applicable law. 

□□□□□□□□□□□□ 

If the Plan does not have enough money to pay benefits, your monthly benefit would be no larger than the amount guaranteed 

by the PBGC. The amount of your monthly benefit guaranteed by the PBGC is estimated to be $518.38 as of January 1, 2022. 

Absent a change in the law, the PBGC cuffently projects its multiemployer program will become insolvent by the end of its 

2026 fiscal year. If the PBGC were to become insolvent it would not be able to pay the full guaranteed benefit. In that case, 

your benefit could be much less than even the cuffent PBGC guai·anteed amount. 

Questions? 

Visit www.afm-epf.org and click on the "Stay Info1med" tab. 

Call the Pension Fund Help Line at 212-284-1311. Representatives are available Monday- Friday, 8:00 a.m. to 4:00 p.m. ET 

with extended hours from 8:00 a.m. to 7:00 p.m. ET through Janua1y 22, 2021. Or submit your question using the "Contact Us" 

form at www.afm-epf.org. 

AFMEPF0159 

Pension ID Number I Page 2 
HOW YOUR MONTHLY PAYMENTS WOULD BE AFFECTED

This estimate of the effect of the proposed reduction

of benefits has been prepared for: #5

Important Information Enclosed

Please review all information in this packet:

● This benefit estimate ― personalized statement Benefit estimate #5 showing how your benefit would change if the 

proposed reduction is approved.

● “Saving the Plan” newsletter ― overview of

what’s happening and why.

● Notice of proposed reduction of your

pension benefits ― official notice of the Plan’s

application to reduce benefits, including important

information about your rights.

������������������as of January 1, 2022

This personal estimate shows how your benefit would change IF the proposed reduction, described in the enclosed notice, is 

approved. Nothing is happening to your benefit right now. If approved, the reduction would take effect on January 1, 2022.

Unreduced

Your projected monthly benefit 

as of January 1, 2022

without proposed reduction:

$967.50 

Reduced

Your projected monthly benefit 

as of January 1, 2022

with proposed reduction:

$892.72 

The PBGC provides a backstop when 

a plan can no longer pay benefits. Your 

estimated PBGC-guaranteed monthly 

benefit is:

$811.56

However, if the PBGC becomes insolvent, Under the proposed reduction your monthly benefit is projected to be reduced to your PBGC guaranteed benefit could be 

$892.72 beginning on January 1, 2022.1

much less. 1

These numbers are just estimates based on the data and assumptions listed on the next page.

This is an estimate of the effect the proposed reduction would have on your benefit 

under the Plan. It is not a final benefit calculation. This estimate was prepared assuming that the proposed benefit reduction starts on 

January 1, 2022. If the benefit reduction starts later, the effect of the proposed reduction on your benefit might be different. 

The proposed reduction is expected to be permanent.

Office Use: 

#5 | AM

AFMEPF0160

12/15/2020_US_4p-9_16387-1545 

r 
DD DD DD DD DD DD D MD DD DD D 

As described in the enclosed notice, there are several components of the benefit reduction. For example, the one that applies to 

the most individuals is the 30.9% reduction of benefit multipliers higher than $1.00. This does not mean that your total benefit 

is reduced by 30.9%. This patt of the reduction applies only to benefits earned through December 31, 2009. So, the larger the 

portion of your benefit that was earned after that date, the smaller the impact of the 30.9% reduction on your total benefit. 

However, it's important to keep in mind that while some patticipants would be impacted by only one or two components of the 

benefit reduction, others would be affected by several. With respect to your benefit, the proposed reduction would: 

• Reduce the benefit multipliers* used to calculate benefits for Benefit Contributions earned through December 31, 2009 

(when the age-65 multiplier was higher than $1.00) by 30.9%. 

• Ensure that your benefit reduction is no more than the Multiemployer Pension Reform Act (MPRA) allows. 

*Benefit multiplier: The dollar amount by which each $100 of contributions is multiplied to determine the amount of your monthly 

pension benefit. It varies with your age at your Pension Effective Date and the year in which the contributions were earned. 

Data and Assumptions 

All estimates shown in this statement are the "gross" amount and do not reflect tax withholding or any other deductions. The 

benefit you receive beginning January 1, 2022 will be based on the assumptions and projections shown in this estimate and 

may need to be adjusted later once the final data is collected. 

This estimate is based on the following information from Plan records: 

• Your status as of April 1, 2020 is beneficiary in pay status. 

• According to Plan records, you ai·e the beneficiary for the benefit earned by the participant. Your date of birth and age as of 

January 31, 2022 are listed below; otherwise, "you" and "youi~' in this estimate refers to the participant. 

• You have 31.25 yeat-s of vesting service and pension credit under the Plan as of December 31, 2019. 

• Your date of birth is August 19, 1948. 

• Your initial Pension Effective Date is June 1, 1994. 

• The portion of your benefit that is based on disability is $0.00. 

• Your Benefit Contributions* as of December 31, 2019 for each Benefit Period: 

Benefit Period 

A 11111959 - 12/31/2003 

B 11112004 - 3/31/2007 

C 4/1/2007 - 4/30/2009 

D 5/1/2009 - 12/31/2009 

E 11112010 - 12/31/2019 

Benefit Contributions* 

$56,824.74 

$0.00 

$0.00 

$0.00 

$0.00 

•Benefit Contributions are the contributions made to the Plan on your behalf by your employer(s) based on your 

Covered Earnings that are used to calculate your benefit See your Annual Covered Earnings Report for details. Your Annual Covered Earnings Reports are available on the Fund's website (www.afm-epf.org) if you are registered, 

or by written request using the "Contact Us" link on the website. 

Pension ID Number I Page 2 

AFMEPF0161 
Data and Assumptions (continued from the previous page)

This estimate is based on the following assumptions and projections:

● Your Benefit Contributions and vesting service listed on the previous page will not change.

● You will be 73 years and 5 months as of January 31, 2022.

● Your projected PBGC-guaranteed benefit assumes no changes to applicable law.

������������

If the Plan does not have enough money to pay benefits, your monthly benefit would be no larger than the amount guaranteed by 

the PBGC. The amount of your monthly benefit guaranteed by the PBGC is estimated to be $811.56 as of January 1, 2022.

Absent a change in the law, the PBGC currently projects its multiemployer program will become insolvent by the end of its 2026 

fiscal year. If the PBGC were to become insolvent it would not be able to pay the full guaranteed benefit. In that case, your benefit 

could be much less than even the current PBGC guaranteed amount.

Questions?

Visit www.afm-epf.org and click on the “Stay Informed” tab.

Call the Pension Fund Help Line at 212-284-1311. Representatives are available Monday – Friday, 8:00 a.m. to 4:00 p.m. ET

with extended hours from 8:00 a.m. to 7:00 p.m. ET through January 22, 2021. Or submit your question using the “Contact Us” 

form at www.afm-epf.org.

Pension ID Number | Page 3

AFMEPF0162
Page intentionally left blank.

Pension ID Number | Page 4

AFMEPF0163
HOW YOUR MONTHLY PAYMENTS WOULD BE AFFECTED 

This estimate of the effect of the proposed reduction 

of benefits has been prepared for: #6 

Benefit Estimate #6 

Important Information Enclosed 

Please review all information in this packet: 

• This benefit estimate - personalized statement 

showing how your benefit would change if the 

proposed reduction is approved. 

• "Saving the Plan" newslette1· - overview of 

what's happening and why. 

• Notice of proposed reduction of your 

pension benefits - official notice of the Plan's 

application to reduce benefits, including important 

information about your rights. 

□ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ as of January 1, 2022 

This personal estimate shows how your benefit would change IF the proposed reduction, described in the enclosed notice, is 

approved. Not/ting is happening to your benefit right now. If approved, the reduction would take effect on January 1, 2022. 

r 

Unreduced 

Your projected monthly benefit 

as of Janua1y 1, 2022 

without proposed reduction: 

$768.09 

Reduced 

Your projected monthly benefit 

as of January 1, 2022 

with proposed reduction: 

$724.59 

Under the proposed reduction your monthly benefit is projected to be reduced to 

$724.59 beginning on January 1, 2022. 1 

•These numbers are just estimates based on the data and assumptions listed on the next page. 

This is an estimate of the effect the proposed reduction would have on your benefit 

The PBGC provides a backstop when 

a plan can no longer pay benefits. Your 

estimated PBGC-guaranteed monthly 

benefit is: 

$632.35 

However, if the PBGC becomes insolvent, 

your PBGC guaranteed benefit could be 

much less. 

under the Plan. It is not a final benefit calculation. This estimate was prepared assuming that the proposed benefit reduction starts on 

January 1, 2022. If the benefit reduction starts later, the effect of the proposed reduction on your benefit might be different. 

The proposed reduction is expected to be permanent. 

Office Use: 

#6 I AM AFMEPF0164 

12/15/2020_US_ 4p-2_252S.2097 
DD DD DD DD DD DD D MD DD DD D 

As described in the enclosed notice, there are several components of the benefit reduction. For example, the one that applies to 

the most individuals is the 30.9% reduction of benefit multipliers higher than $1.00. This does not mean that your total benefit 

is reduced by 30.9%. This patt of the reduction applies only to benefits earned through December 31, 2009. So, the larger the 

portion of your benefit that was earned after that date, the smaller the impact of the 30.9% reduction on your total benefit. 

However, it's important to keep in mind that while some patticipants would be impacted by only one or two components of the 

benefit reduction, others would be affected by several. With respect to your benefit, the proposed reduction would: 

• Reduce the benefit multipliers* used to calculate benefits for Benefit Contributions earned through December 31, 2009 

(when the age-65 multiplier was higher than $1.00) by 30.9%. 

• Ensure that your benefit reduction is no more than the Multiemployer Pension Reform Act (MPRA) allows. 

• Reduce your benefit by a smaller amount than benefits are being reduced for similarly situated younger participants 

because you will be between 75 and 80 as of January 31, 2022. 

*Benefit multiplier: The dollar amount by which each $100 of contributions is multiplied to determine the amount of your monthly 

pension benefit. It varies with your age at your Pension Effective Date and the year in which the contributions were earned. 

Data and Assumptions 

All estimates shown in this statement are the "gross" amount and do not reflect tax withholding or any other deductions. The 

benefit you receive beginning January 1, 2022 will be based on the assumptions and projections shown in this estimate and 

may need to be adjusted later once the final data is collected. 

This estimate is based on the following information from Plan records: 

• Your status as of April 1, 2020 is retired participant. 

• You have 24.5 years of vesting service and pension credit under the Plan as of December 31, 2019. 

• Your date of birth is January 11, 1945. 

• Your initial Pension Effective Date is April 1, 2010. You were 65 when your benefits began. 

• The portion of your benefit that is based on disability is $0.00. 

• Your Benefit Contributions* as of December 31, 2019 for each Benefit Period: 

Benefit Period 

A 11111959 - 12/31/2003 

B 11112004 - 3/31/2007 

C 4/1/2007 - 4/30/2009 

D 5/1/2009 - 12/31/2009 

E 11112010 - 12/31/2019 

Benefit Contributions* 

$18,740.32 

$12.26 

$0.00 

$0.49 

$1.25 

•Benefit Contributions are the contributions made to the Plan on your behalf by your employer(s) based on your 

Covered Earnings that are used to calculate your benefit See your Annual Covered Earnings Report for details. Your Annual Covered Earnings Reports are available on the Fund's website (www.afm-epf.org) if you are registered, 

or by written request using the "Contact Us" link on the website. 

Pension ID Number I Page 2 

AFMEPF0165 
Data and Assumptions (continued from the previous page)

This estimate is based on the following assumptions and projections:

● Your Benefit Contributions and vesting service listed on the previous page will not change.

● You will be 77 years and 0 months as of January 31, 2022.

● Your projected PBGC-guaranteed benefit assumes no changes to applicable law.

������������

If the Plan does not have enough money to pay benefits, your monthly benefit would be no larger than the amount guaranteed by 

the PBGC. The amount of your monthly benefit guaranteed by the PBGC is estimated to be $632.35 as of January 1, 2022.

Absent a change in the law, the PBGC currently projects its multiemployer program will become insolvent by the end of its 2026 

fiscal year. If the PBGC were to become insolvent it would not be able to pay the full guaranteed benefit. In that case, your benefit 

could be much less than even the current PBGC guaranteed amount.

Questions?

Visit www.afm-epf.org and click on the “Stay Informed” tab.

Call the Pension Fund Help Line at 212-284-1311. Representatives are available Monday – Friday, 8:00 a.m. to 4:00 p.m. ET

with extended hours from 8:00 a.m. to 7:00 p.m. ET through January 22, 2021. Or submit your question using the “Contact Us” 

form at www.afm-epf.org.

Pension ID Number | Page 3

AFMEPF0166
Page intentionally left blank.

Pension ID Number | Page 4

AFMEPF0167
HOW YOUR MONTHLY PAYMENTS WOULD BE AFFECTED 

This estimate of the effect of the proposed reduction 

of benefits has been prepared for: #7 

Benefit Estimate #7 

Important Information Enclosed 

Please review all information in this packet: 

• This benefit estimate - personalized statement 

showing how your benefit would change if the 

proposed reduction is approved. 

• "Saving the Plan" newslette1· - overview of 

what's happening and why. 

• Notice of proposed reduction of your 

pension benefits - official notice of the Plan's 

application to reduce benefits, including important 

information about your rights. 

□ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ as of January 1, 2022 

This personal estimate shows how your benefit would change IF the proposed reduction, described in the enclosed notice, is 

approved. Not/ting is happening to your benefit right now. If approved, the reduction would take effect on January 1, 2022. 

r 

Unreduced 

Your projected monthly benefit 

as of Janua1y 1, 2022 

without proposed reduction: 

$153.85 

Reduced 

Your projected monthly benefit 

as of January 1, 2022 

with proposed reduction: 

$120.12 

Under the proposed reduction your monthly benefit is projected to be reduced to 

$120.12 beginning on January 1, 2022. 1 

•These numbers are just estimates based on the data and assumptions listed on the next page. 

This is an estimate of the effect the proposed reduction would have on your benefit 

The PBGC provides a backstop when 

a plan can no longer pay benefits. Your 

estimated PBGC-guaranteed monthly 

benefit is: 

$109.11 

However, if the PBGC becomes insolvent, 

your PBGC guaranteed benefit could be 

much less. 

under the Plan. It is not a final benefit calculation. This estimate was prepared assuming that the proposed benefit reduction starts on 

January 1, 2022. If the benefit reduction starts later, the effect of the proposed reduction on your benefit might be different. 

The proposed reduction is expected to be permanent. 

Office Use: 

#71 AM AFMEPF0168 

12/15/2020_US_ 4p-1_550-2197 
DD DD DD DD DD DD D MD DD DD D 

As described in the enclosed notice, there are several components of the benefit reduction. For example, the one that applies to 

the most individuals is the 30.9% reduction of benefit multipliers higher than $1.00. This does not mean that your total benefit 

is reduced by 30.9%. This patt of the reduction applies only to benefits earned through December 31, 2009. So, the larger the 

portion of your benefit that was earned after that date, the smaller the impact of the 30.9% reduction on your total benefit. 

However, it's important to keep in mind that while some patticipants would be impacted by only one or two components of the 

benefit reduction, others would be affected by several. With respect to your benefit, the proposed reduction would: 

• Reduce the benefit multipliers* used to calculate benefits for Benefit Contributions earned through December 31, 2009 

(when the age-65 multiplier was higher than $1.00) by 30.9%. 

• Ensure that your benefit reduction is no more than the Multiemployer Pension Reform Act (MPRA) allows. 

*Benefit multiplier: The dollar amount by which each $100 of contributions is multiplied to determine the amount of your monthly 

pension benefit. It varies with your age at your Pension Effective Date and the year in which the contributions were earned. 

Data and Assumptions 

All estimates shown in this statement are the "gross" amount and do not reflect tax withholding or any other deductions. The 

benefit you receive beginning January 1, 2022 will be based on the assumptions and projections shown in this estimate and 

may need to be adjusted later once the final data is collected. 

This estimate is based on the following information from Plan records: 

• Your status as of April 1, 2020 is retired participant. 

• You have 21 years of vesting service and pension credit under the Plan as of December 31, 2019. 

• Your date of birth is November 30, 1948. 

• Your initial Pension Effective Date is November 1, 2017. You were 68 when your benefits began. 

• The portion of your benefit that is based on disability is $0.00. 

• Your Benefit Contributions* as of December 31, 2019 for each Benefit Period: 

Benefit Period 

A 11111959 - 12/31/2003 

B 11112004 - 3/31/2007 

C 4/1/2007 - 4/30/2009 

D 5/1/2009 - 12/31/2009 

E 11112010 - 12/31/2019 

Benefit Contributions* 

$2,410.69 

$228.00 

$21.45 

$0.00 

$0.00 

•Benefit Contributions are the contributions made to the Plan on your behalf by your employer(s) based on your 

Covered Earnings that are used to calculate your benefit See your Annual Covered Earnings Report for details. Your Annual Covered Earnings Reports are available on the Fund's website (www.afm-epf.org) if you are registered, 

or by written request using the "Contact Us" link on the website. 

Pension ID Number I Page 2 

AFMEPF0169 
Data and Assumptions (continued from the previous page)

This estimate is based on the following assumptions and projections:

● Your Benefit Contributions and vesting service listed on the previous page will not change.

● You will be 73 years and 2 months as of January 31, 2022.

● Your projected PBGC-guaranteed benefit assumes no changes to applicable law.

PBGC Guaranteed Bene��

If the Plan does not have enough money to pay benefits, your monthly benefit would be no larger than the amount guaranteed by 

the PBGC. The amount of your monthly benefit guaranteed by the PBGC is estimated to be $109.11 as of January 1, 2022.

Absent a change in the law, the PBGC currently projects its multiemployer program will become insolvent by the end of its 2026 

fiscal year. If the PBGC were to become insolvent it would not be able to pay the full guaranteed benefit. In that case, your benefit 

could be much less than even the current PBGC guaranteed amount.

Questions?

Visit www.afm-epf.org and click on the “Stay Informed” tab.

Call the Pension Fund Help Line at 212-284-1311. Representatives are available Monday – Friday, 8:00 a.m. to 4:00 p.m. ET

with extended hours from 8:00 a.m. to 7:00 p.m. ET through January 22, 2021. Or submit your question using the “Contact Us” 

form at www.afm-epf.org.

Pension ID Number | Page 3

AFMEPF0170
Page intentionally left blank.

Pension ID Number | Page 4

AFMEPF0171
HOW YOUR MONTHLY PAYMENTS WOULD BE AFFECTED

This estimate of the effect of the proposed reduction

of benefits has been prepared for: #8

Important Information Enclosed

Please review all information in this packet:

● This benefit estimate ― personalized statement Benefit Estimate #8 showing that your benefit would NOT change if 

the proposed reduction is approved.

● “Saving the Plan” newsletter ― overview of

what’s happening and why.

● Notice of proposed reduction ― official notice

of the Plan’s application to reduce benefits,

including important information about your rights.

Under the Proposal, Y������������������

Your monthly benefit would NOT change under the proposed reduction because you will be at least age 80 as of January 31, 2022.

Before

Your projected monthly benefit 

as of January 1, 2022:

$318.94

After

Your projected monthly benefit 

as of January 1, 2022:

$318.94

The PBGC provides a backstop when 

a plan can no longer pay benefits. Your 

estimated PBGC-guaranteed monthly 

benefit is:

$165.60

However, if the PBGC becomes insolvent, 

This is an estimate of the effect the proposed reduction would have on your benefit your PBGC guaranteed benefit could be 

under the Plan. It is not a final benefit calculation. This estimate was prepared assuming much less.

that the proposed benefit reduction starts on January 1, 2022. 

�������

#8 | W

AFMEPF0172

12/15/2020_US_2p-1_203-405 
Data and Assumptions

All estimates shown in this statement are the “gross” amount and do not reflect tax withholding or any other deductions. The 

benefit you receive beginning January 1, 2022 will be based on the assumptions and projections shown in this estimate and 

may need to be adjusted later once the final data is collected.

This estimate is based on the following information from Plan records:

● Your status as of April 1, 2020 is retired participant.

● You have 12 years of vesting service and pension credit under the Plan as of December 31, 2019.

● Your date of birth is October 4, 1939.

● The portion of your benefit that is based on disability is $0.00.

This estimate is based on the following assumptions and projections:

● Your Benefit Contributions and vesting service listed above will not change.

● You will be 82 years and 3 months as of January 31, 2022.

● Your projected PBGC-guaranteed benefit assumes no changes to applicable law.

������������

If the Plan does not have enough money to pay benefits, your monthly benefit would be no larger than the amount guaranteed 

by the PBGC. The amount of your monthly benefit guaranteed by the PBGC is estimated to be $165.60 as of January 1, 2022.

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

2026 fiscal year. If the PBGC were to become insolvent it would not be able to pay the full guaranteed benefit. In that case, 

your benefit could be much less than even the current PBGC guaranteed amount.

Questions?

Visit www.afm-epf.org and click on the “Stay Informed” tab.

Call the Pension Fund Help Line at 212-284-1311. Representatives are available Monday – Friday, 8:00 a.m. to 4:00 p.m. ET

with extended hours from 8:00 a.m. to 7:00 p.m. ET through January 22, 2021. Or submit your question using the “Contact Us” 

form at www.afm-epf.org.

Pension ID Number | Page 2

AFMEPF0173
HOW YOUR MONTHLY PAYMENTS WOULD BE AFFECTED

This estimate of the effect of the proposed reduction

of benefits has been prepared for: #9

Important Information Enclosed

Please review all information in this packet:

● This benefit estimate ― personalized statement Benefit Estimate #9 showing that your benefit would NOT change if 

the proposed reduction is approved.

● “Saving the Plan” newsletter ― overview of

what’s happening and why.

● Notice of proposed reduction ― official notice

of the Plan’s application to reduce benefits,

including important information about your rights.

Under the Proposal, Y������������������

Your monthly “Regular Pension Benefit” would NOT change under the proposed reduction because all of your Benefit Contributions 

have been earned at the $1.00 benefit multiplier. Your Regular Pension Benefit is the portion of your benefit earned before your initial 

Pension Effective Date. If you earn Benefit Contributions after your Pension Effective Date, any Re‐retirement and/or 

Re‐determination benefits you accrue will be subject to the revised calculation methods that are part of the proposed benefit reduction.

Before

Your projected monthly benefit 

as of January 1, 2022:

$46.71

After

Your projected monthly benefit 

as of January 1, 2022:

$46.71

The PBGC provides a backstop when 

a plan can no longer pay benefits. Your 

estimated PBGC‐guaranteed monthly 

benefit is:

$45.00

However, if the PBGC becomes insolvent, 

Regular Pension Benefits earned at the current $1.00 multiplier, including those earned your PBGC guaranteed benefit could be 

after the benefit reduction takes effect, would not be reduced under the proposed benefit much less.

reduction. If you continue to work in covered employment, you will continue to earn 

benefits under the Plan. 

This is an estimate of the effect the proposed reduction would have on your benefit under the Plan. It is not a final benefit calculation. 

This estimate was prepared assuming that the proposed benefit reduction starts on January 1, 2022. 

Office Use: 

#9 | EY

AFMEPF0174

MultiStmt_12-15-2020_US_2p_294-587 

Statement 1/2

r 
Data and Assumptions 

This estimate is based on the following information from Plan records: 

• Your status as of April 1, 2020 is active participant. 

• You have 5 years of vesting service and pension credit under the Plan as of December 31, 2019. 

• Your date ofbi1th is Febma1y 1, 1946. 

• Your nomial retirement date is Janua1y 1, 2020. 

• The po1tion of your benefit that is based on disability is $0.00. 

• You received Benefit Contributions* totaling $637.21 in 2019. 

• Your Benefit Contributions* as of December 31, 2019 for each Benefit Period: 

Benefit Period 

A 11111959 - 12/31/2003 

B 11112004 - 3/31/2007 

C 4/1/2007 - 4/30/2009 

D 51112009 - 12/31/2009 

E 11112010 - 12/31/2019 

Benefit Contributions* 

$0.00 

$0.00 

$0.00 

$0.00 

$4,499.38 

•Benefit Contributions are the contributions made to the Plan on your behalf by your employer(s) based on your 

Covered Earnings that are used to calculate your benefit See your Annual Covered Earnings Report for details. 

Your Annual Covered Earnings Reports are available on the Fund's website (www.afm-epf.org) if you are registered, or by written request using the "Contact Us" link on the webstte. 

This estimate is based on the following assumptions and projections: 

• You will have 7 years of vesting service and pension credit in the Plan as of December 31, 2021. 

• You will be 75 years and 11 months as of Janua1y 31, 2022. 

• Due to the COVID-19 pandemic, your Benefit Contributions in 2020 and 2021 are assumed to be half of the amount that 

you received in 2019, plus a 2.25% annual increase. 

• Your projected PBGC-guaranteed benefit assumes no changes to applicable law. 

Please note: The data and assumptions listed above are used only for the pmpose of providing you with an estimate. The 

COVID- 19 pandemic and its impact on our industry have made the setting of short-tenn assumptions to reflect individual 

circumstances challenging. 

□□□□□□□□□□□□ 

If the Plan does not have enough money to pay benefits, yolll' monthly benefit would be no larger than the amount guaranteed 

by the PBGC. The amount of your monthly benefit guaranteed by the PBGC is estimated to be $45.00 as of January 1, 2022. 

Absent a change in the law, the PBGC cm1·ently projects its multiemployer program will become insolvent by the end of its 

2026 fiscal year. If the PBGC were to become insolvent it would not be able to pay the full guaranteed benefit. In that case, 

your benefit could be much less than even the cuffent PBGC guaranteed amount. 

Questions? 

Visit www.afm-epf.org and click on the "Stay Info1med" tab. 

Call the Pension Fund Help Line at 212-284-1311. Representatives are available Monday - Friday, 8:00 a.m. to 4:00 p.m. ET 

with extended hours from 8:00 a.m. to 7:00 p.m. ET through Janua1y 22, 2021. Or submit your question using the "Contact Us" 

form at www.afm-epf.org. 

AFMEPF0175 

Pension ID Number I Page 2 
HOW YOUR MONTHLY PAYMENTS WOULD BE AFFECTED 

This estimate of the effect of the proposed reduction 

of benefits has been prepared for: #10 

Benefit Estimate #10 

Important Information Enclosed 

Please review all information in this packet: 

• This benefit estimate - personalized statement 

showing that your benefit would NOT change if 

the proposed reduction is approved. 

• "Saving the Plan" newslette1· - overview of 

what's happening and why. 

• Notice of proposed reduction - official notice 

of the Plan's application to reduce benefits, 

including important infonnation about your rights. 

Under the Proposal, YD □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ 

Your monthly benefit as of January 1, 2022 would NOT change under the proposed reduction because your projected benefit is less 

than 110% of the amount guaranteed by the PBGC. If you earn Benefit Contributions after your Pension Effective Date, any 

Re-retirement and/or Re-detennination benefits you accrne will be subject to the revised calculation methods that are part of the 

proposed benefit reduction. 

r 

Before 

Your projected monthly benefit 

as of January 1, 2022: 

$470.70 

... 

After 

Yow- projected monthly benefit 

as of January 1, 2022: 

$470.70 

This is an estimate of the effect the proposed reduction would have on your benefit 

under the Plan. It is not a final benefit calculation. This estimate was prepared assuming 

that the proposed benefit reduction starts on January 1, 2022. 

The PBGC provides a backstop when 

a plan can no longer pay benefits. Your 

estimated PBGC-guaranteed monthly 

benefit is: 

$429.29 

However, if the PBGC be.comes insolvent, 

your PBGC guaranteed benefit could be 

much less. 

Office Use: 

#10 I ABY AFMEPF0176 

12/15/2020_US_2p· 1_9-17 
Data and Assumptions 

All estimates shown in this statement are the "gross" amount and do not reflect tax withholding or any other deductions. The 

benefit you receive beginning Janua1y 1, 2022 will be based on the assumptions and projections shown in this estimate and 

may need to be adjusted later once the final data is collected. 

This estimate is based on the following information from Plan records: 

• Your status as of April 1, 2020 is retired participant. 

• You have 27.75 years of vesting service and pension credit under the Plan as of December 31, 2019. 

• Your date ofbi1th is December 30, 1943. 

• Your initial Pension Effective Date is June 1, 2007. 

• The po1tion of your benefit that is based on disability is $0.00. 

• Your Benefit Contributions* as of December 31, 2019 for each Benefit Period: 

Benefit Period Benefit Contributions* 

A 11111959 - 12/31/2003 

B 11112004 - 3/31/2007 

C 4/1/2007 - 4/30/2009 

D 51112009 - 12/31/2009 

E 11112010 - 12/31/2019 

$11,803.16 

$0.00 

$0.00 

$0.00 

$0.00 

•Benefit Contributions are the contributions made to the Plan on your behalf by your employer(s) based on your 

Covered Earnings that are used to calculate your benefit See your Annual Covered Earnings Report for details. 

Your Annual Covered Earnings Reports are available on the Fund's website (www.afm-epf.org) if you are registered, or by written request using the "Contact Us" link on the webstte. 

This estimate is based on the following assumptions and projections: 

• Your Benefit Contributions and vesting service listed above will not change. 

• You will be 78 years and 1 month as of Janua1y 31, 2022. 

• Your projected PBGC-guaranteed benefit assumes no changes to applicable law. 

□□□□□□□□□□□□ 

If the Plan does not have enough money to pay benefits, your monthly benefit would be no larger than the amount guaranteed 

by the PBGC. The amount of your monthly benefit guaranteed by the PBGC is estimated to be $429.29 as of January 1, 2022. 

Absent a change in the law, the PBGC cuffently projects its multiemployer program will become insolvent by the end of its 

2026 fiscal year. If the PBGC were to become insolvent it would not be able to pay the full guaranteed benefit. In that case, 

your benefit could be much less than even the cuffent PBGC guaranteed amount. 

Questions? 

Visit www.afm-epf.org and click on the "Stay Info1med" tab. 

Call the Pension Fund Help Line at 212-284-1311. Representatives are available Monday- Friday, 8:00 a.m. to 4:00 p.m. ET 

with extended hours from 8:00 a.m. to 7:00 p.m. ET through Janua1y 22, 2021. Or submit your question using the "Contact Us" 

form at www.afm-epf.org. 

AFMEPF0177 

Pension ID Number I Page 2 
HOW YOUR MONTHLY PAYMENTS WOULD BE AFFECTED

This estimate of the effect of the proposed reduction

of benefits has been prepared for: #11

Important Information Enclosed

Please review all information in this packet:

● This benefit estimate ― personalized statement Benefit Estimate #11 showing how your benefit would change if the 

proposed reduction is approved.

● “Saving the Plan” newsletter ― overview of

what’s happening and why.

● Notice of proposed reduction of your

pension benefits ― official notice of the Plan’s

application to reduce benefits, including important

information about your rights.

������������������

This personal estimate shows how your benefit would change IF the proposed reduction, described in the enclosed notice, is 

approved. Nothing is happening to your benefit right now. If approved, the reduction would take effect on January 1, 2022.

Unreduced

Your projected monthly benefit 

as of January 1, 2022

without proposed reduction:

$211.58 

Reduced

Your projected monthly benefit 

as of January 1, 2022

with proposed reduction:

$150.43 

The PBGC provides a backstop when 

a plan can no longer pay benefits. Your 

estimated PBGC-guaranteed monthly 

benefit is:

$116.25 

However, if the PBGC becomes insolvent, 

Your benefit without the proposed reduction as of January 1, 2022 in the form of a 

Single Life Benefit is projected to be $211.58. Under the proposed reduction, your 

your PBGC guaranteed benefit could be 

much less.

monthly benefit in the same form would be reduced to $150.43.1 

1

These amounts will be different if you take your benefit in a different form. For example, if you elect a 50% 

Joint and Survivor Benefit, your reduced monthly benefit will be $137.94 (assuming the difference in age between you and your spouse is 3 years).

This is an estimate of the effect the proposed reduction would have on your benefit under the Plan. It is not a final benefit calculation. 

This estimate was prepared assuming that the proposed benefit reduction starts on January 1, 2022. If the benefit reduction starts later, 

the effect of the proposed reduction on your benefit might be different. 

The proposed reduction is expected to be permanent.

Office Use: 

#11 | AM

BA_12/15/2020_1895_940 

AFMEPF0178

r 
DD DD DD DD DD DD D MD DD DD D 

As described in the enclosed notice, there are several components of the benefit reduction. For example, the one that applies to 

the most individuals is the 30.9% reduction of benefit multipliers higher than $1.00. This does not mean that your total benefit 

is reduced by 30.9%. This patt of the reduction applies only to benefits earned through December 31, 2009. So, the larger the 

portion of your benefit that was earned after that date, the smaller the impact of the 30.9% reduction on your total benefit. 

However, it's important to keep in mind that while some patticipants would be impacted by only one or two components of the 

benefit reduction, others would be affected by several. With respect to your benefit, the proposed reduction would: 

• Reduce the benefit multipliers* used to calculate benefits for Benefit Contributions earned through December 31, 2009 

(when the age-65 multiplier was higher than $1.00) by 30.9%. 

• Ensure that your benefit reduction is no more than the Multiemployer Pension Reform Act (MPRA) allows. 

• Reduce your benefit by a smaller amount than benefits are being reduced for similarly situated younger participants 

because you will be between 75 and 80 as of January 31, 2022. 

*Benefit multiplier: The dollar amount by which each $100 of contributions is multiplied to determine the amount of your monthly 

pension benefit. It varies with your age at your Pension Effective Date and the year in which the contributions were earned. 

Data and Assumptions 

This estimate is based on the following information from Plan records: 

• Your status as of April 1, 2020 is defe1Ted vested participant. 

• You have 12 years of vesting service and pension credit under the Plan as of December 31, 2019. 

• Your date of birth is September 23, 1946. 

• Your n01mal retirement date is October 1, 2011. 

• The portion of your benefit that is based on disability is $0.00. 

• Your Benefit Contributions* as of December 31, 2019 for each Benefit Period: 

Benefit Period 

A 11111959 - 12/31/2003 

B 11112004 - 3/31/2007 

C 4/1/2007 - 4/30/2009 

D 5/1/2009 - 12/31/2009 

E 11112010 - 12/31/2019 

Benefit Contributions* 

$2,524.11 

$0.00 

$0.00 

$0.00 

$0.00 

•Benefit Contributions are the contributions made to the Plan on your behalf by your employer(s) based on your 

Covered Earnings that are used to calculate your benefit See your Annual Covered Earnings Report for details. Your Annual Covered Earnings Reports are available on the Fund's website (www.afm-epf.org) if you are registered, 

or by written request using the "Contact Us" link on the website. 

Pension ID Number I Page 2 

AFMEPF0179 
Data and Assumptions (continued from the previous page)

This estimate is based on the following assumptions and projections:

● Your Benefit Contributions and vesting service listed on the previous page will not change.

● You will be 75 years and 4 months as of January 31, 2022.

● Your projected PBGC-guaranteed benefit assumes no changes to applicable law.

������������

If the Plan does not have enough money to pay benefits, your monthly benefit would be no larger than the amount guaranteed by 

the PBGC. The amount of your monthly benefit guaranteed by the PBGC is estimated to be $116.25 as of January 1, 2022.

Absent a change in the law, the PBGC currently projects its multiemployer program will become insolvent by the end of its 2026 

fiscal year. If the PBGC were to become insolvent it would not be able to pay the full guaranteed benefit. In that case, your benefit 

could be much less than even the current PBGC guaranteed amount.

Questions?

Visit www.afm-epf.org and click on the “Stay Informed” tab.

Call the Pension Fund Help Line at 212-284-1311. Representatives are available Monday – Friday, 8:00 a.m. to 4:00 p.m. ET

with extended hours from 8:00 a.m. to 7:00 p.m. ET through January 22, 2021. Or submit your question using the “Contact Us” 

form at www.afm-epf.org.

Pension ID Number | Page 3

AFMEPF0180
Page intentionally left blank.

Pension ID Number | Page 4

AFMEPF0181
HOW YOUR MONTHLY PAYMENTS WOULD BE AFFECTED 

This estimate of the effect of the proposed reduction 

of benefits has been prepared for: #12 

Benefit Estimate #12 

Important Information Enclosed 

Please review all information in this packet: 

• This benefit estimate - personalized statement 

showing how your benefit would change if the 

proposed reduction is approved. 

• "Saving the Plan" newslette1· - overview of 

what's happening and why. 

• Notice of proposed reduction of your 

pension benefits - official notice of the Plan's 

application to reduce benefits, including important 

information about your rights. 

□ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ as of January 1, 2022 

This personal estimate shows how your benefit would change IF the proposed reduction, described in the enclosed notice, is 

approved. Not/ting is happening to your benefit right now. If approved, the reduction would take effect on January 1, 2022. 

r 

Unreduced 

Your projected monthly benefit 

as of Janua1y 1, 2022 

without proposed reduction: 

$1,655.95 

Reduced 

Your projected monthly benefit 

as of January 1, 2022 

with proposed reduction: 

$1,234.00 

Under the proposed reduction your monthly benefit is projected to be reduced to 

$1,234.00 beginning on January 1, 2022. 1 

•These numbers are just estimates based on the data and assumptions listed on the next page. 

This is an estimate of the effect the proposed reduction would have on your benefit 

The PBGC provides a backstop when 

a plan can no longer pay benefits. Your 

estimated PBGC-guaranteed monthly 

benefit is: 

$864.60 

However, if the PBGC becomes insolvent, 

your PBGC guaranteed benefit could be 

much less. 

under the Plan. It is not a final benefit calculation. This estimate was prepared assuming that the proposed benefit reduction starts on 

January 1, 2022. If the benefit reduction starts later, the effect of the proposed reduction on your benefit might be different. 

The proposed reduction is expected to be permanent. 

Office Use: 

#121 ADEM AFMEPF0182 

12/15/2020_US_ 4p-1_253-1009 
DD DD DD DD DD DD D MD DD DD D 

As described in the enclosed notice, there are several components of the benefit reduction. For example, the one that applies to 

the most individuals is the 30.9% reduction of benefit multipliers higher than $1.00. This does not mean that your total benefit 

is reduced by 30.9%. This patt of the reduction applies only to benefits earned through December 31, 2009. So, the larger the 

portion of your benefit that was earned after that date, the smaller the impact of the 30.9% reduction on your total benefit. 

However, it's important to keep in mind that while some patticipants would be impacted by only one or two components of the 

benefit reduction, others would be affected by several. With respect to your benefit, the proposed reduction would: 

• Reduce the benefit multipliers* used to calculate benefits for Benefit Contributions earned through December 31, 2009 

(when the age-65 multiplier was higher than $1.00) by 30.9%. 

• Because you started your benefit later than age 65, your initial pension benefit will be recalculated as the greater of: 

- Your benefit calculated using your total Benefit Contributions as of July 1, 2016, or 

- Your benefit calculated using your Benefit Contributions to age 65, with an actuarial increase to July 1, 2016. 

• Recalculate your re-determination benefit. 

• Ensure that your benefit reduction is no more than the Multiemployer Pension Reform Act (MPRA) allows. 

• Reduce your benefit by a smaller amount than benefits are being reduced for similarly situated younger participants 

because you will be between 75 and 80 as of January 31, 2022. 

*Benefit multiplier: The dollar amount by which each $100 of contributions is multiplied to determine the amount of your monthly 

pension benefit. It varies with your age at your Pension Effective Date and the year in which the contributions were earned. 

Data and Assumptions 

All estimates shown in this statement are the "gross" amount and do not reflect tax withholding or any other deductions. The 

benefit you receive beginning January 1, 2022 will be based on the assumptions and projections shown in this estimate and 

may need to be adjusted later once the final data is collected. 

This estimate is based on the following information from Plan records: 

• Your status as of April 1, 2020 is retired participant. 

• You have 31 years of vesting service and pension credit under the Plan as of December 31, 2019. 

• Your date of birth is March 15, 1946. 

• Your initial Pension Effective Date is July 1, 2016. You were 70 when your benefits began. 

• The portion of your benefit that is based on disability is $0.00. 

• You received Benefit Contributions* totaling $17.98 in 2019. 

• Your Benefit Contributions* as of December 31, 2019 for each Benefit Period: 

Benefit Period 

A 11111959 - 12/31/2003 

B 11112004 - 3/31/2007 

C 4/1/2007 - 4/30/2009 

D 5/1/2009 - 12/31/2009 

E 11112010 - 12/31/2019 

Benefit Contributions* 

$16,272.24 

$5,153.59 

$4,990.70 

$786.73 

$13,369.22 

•Benefit Contributions are the contributions made to the Plan on your behalf by your employer(s) based on your 

Covered Earnings that are used to calculate your benefit See your Annual Covered Earnings Report for details. Your Annual Covered Earnings Reports are available on the Fund's website (www.afm-epf.org) if you are registered, 

or by written request using the "Contact Us" link on the website. 

Pension ID Number I Page 2 

AFMEPF0183 
Data and Assumptions (continued from the previous page)

This estimate is based on the following assumptions and projections:

● You will have 33 years of vesting service and pension credit in the Plan as of December 31, 2021.

● You will be 75 years and 10 months as of January 31, 2022.

● Due to the COVID-19 pandemic, your Benefit Contributions in 2020 and 2021 are assumed to be half of the amount that you

received in 2019, plus a 2.25% annual increase.

● Your projected PBGC-guaranteed benefit assumes no changes to applicable law.

Please note: The data and assumptions listed above are used only for the purpose of providing you with an estimate. The 

COVID-19 pandemic and its impact on our industry have made the setting of short-term assumptions to reflect individual 

circumstances challenging.

������������

If the Plan does not have enough money to pay benefits, your monthly benefit would be no larger than the amount guaranteed by 

the PBGC. The amount of your monthly benefit guaranteed by the PBGC is estimated to be $864.60 as of January 1, 2022.

Absent a change in the law, the PBGC currently projects its multiemployer program will become insolvent by the end of its 2026 

fiscal year. If the PBGC were to become insolvent it would not be able to pay the full guaranteed benefit. In that case, your benefit 

could be much less than even the current PBGC guaranteed amount.

Questions?

Visit www.afm-epf.org and click on the “Stay Informed” tab.

Call the Pension Fund Help Line at 212-284-1311. Representatives are available Monday – Friday, 8:00 a.m. to 4:00 p.m. ET

with extended hours from 8:00 a.m. to 7:00 p.m. ET through January 22, 2021. Or submit your question using the “Contact Us” 

form at www.afm-epf.org.

Pension ID Number | Page 3

AFMEPF0184
Page intentionally left blank.

Pension ID Number | Page 4

AFMEPF0185
HOW YOUR MONTHLY PAYMENTS WOULD BE AFFECTED 

This estimate of the effect of the proposed reduction 

of benefits has been prepared for: #13 

Benefit Estimate #13 

Important Information Enclosed 

Please review all information in this packet: 

• This benefit estimate - personalized statement 

showing how your benefit would change if the 

proposed reduction is approved. 

• "Saving the Plan" newslette1· - overview of 

what's happening and why. 

• Notice of proposed reduction of your 

pension benefits - official notice of the Plan's 

application to reduce benefits, including important 

information about your rights. 

□□□□□□□□□□□□□□□□□□ 

This personal estimate shows how your benefit would change IF the proposed reduction, described in the enclosed notice, is 

approved. Not/ting is happening to your benefit right now. If approved, the reduction would take effect on January 1, 2022. 

r 

Unreduced 

Your projected monthly benefit 

as of Janua1y 1, 2022 

without proposed reduction: 

$559.92 

Reduced 

Your projected monthly benefit 

as of January 1, 2022 

with proposed reduction: 

$484.81 

Your benefit without the proposed reduction as of January 1, 2022 in the form of a 

Single Life Benefit is projected to be $559.92. Under the proposed reduction, your 

monthly benefit in the same form would be reduced to $484.81.1 

'These amounts will be different if you take your benefit in a different form. For example, if you elect a 50% 

The PBGC provides a backstop when 

a plan can no longer pay benefits. Your 

estimated PBGC-guaranteed monthly 

benefit is: 

$308.04 

However, if the PBGC becomes insolvent, 

your PBGC guaranteed benefit could be 

much less. 

Joint and Survivor Benefit, your reduced monthly benefit will be $444.57 (assuming the difference in age between you and your spouse is 3 years). 

Regular Pension Benefits earned at the cmrent $1.00 multiplier, including those earned after the benefit reduction takes effect, would 

not be reduced under the proposed benefit reduction. If you continue to work in covered employment, you will continue to earn 

benefits under the Plan. 

This is an estimate of the effect the proposed reduction would have on your benefit under the Plan. It is not a final benefit calculation. 

This estimate was prepared assUllling that the proposed benefit reduction starts on January 1, 2022. If the benefit reduction starts later, 

the effect of the proposed reduction on your benefit might be different. 

The proposed reduction is expected to be permanent. Office Use: 

#131 AEM AFMEPF0186 

12/15/2020_US_ 4p-8_ 15754-7013 
DD DD DD DD DD DD D MD DD DD D 

As described in the enclosed notice, there are several components of the benefit reduction. For example, the one that applies to 

the most individuals is the 30.9% reduction of benefit multipliers higher than $1.00. This does not mean that your total benefit 

is reduced by 30.9%. This patt of the reduction applies only to benefits earned through December 31, 2009. So, the larger the 

portion of your benefit that was earned after that date, the smaller the impact of the 30.9% reduction on your total benefit. 

However, it's important to keep in mind that while some patticipants would be impacted by only one or two components of the 

benefit reduction, others would be affected by several. With respect to your benefit, the proposed reduction would: 

• Reduce the benefit multipliers* used to calculate benefits for Benefit Contributions earned through December 31, 2009 

(when the age-65 multiplier was higher than $1.00) by 30.9%. 

• If you start your benefit later than age 65, your initial pension benefit will be recalculated as the greater of: 

- Your benefit calculated using your total Benefit Contributions as of your pension effective date, or 

- Your benefit calculated using your Benefit Contributions to age 65, with an actuarial increase to your 

pension effective date. 

• Ensure that your benefit reduction is no more than the Multiemployer Pension Reform Act (MPRA) allows. 

• Reduce your benefit by a smaller amount than benefits are being reduced for similarly situated younger participants 

because you will be between 75 and 80 as of January 31, 2022. 

*Benefit multiplier: The dollar amount by which each $100 of contributions is multiplied to determine the amount of your monthly 

pension benefit. It varies with your age at your Pension Effective Date and the year in which the contributions were earned. 

Data and Assumptions 

This estimate is based on the following information from Plan records: 

• Your status as of April 1, 2020 is active participant. 

• You have 21.75 years of vesting service and pension credit under the Plan as of December 31, 2019. 

• Your date of birth is March 15, 1944. 

• Your n01mal retirement date is April 1, 2009. 

• The portion of your benefit that is based on disability is $0.00. 

• You received Benefit Contributions* totaling $88.23 in 2019. 

• Your Benefit Contributions* as of December 31, 2019 for each Benefit Period: 

Benefit Period 

A 11111959 - 12/31/2003 

B 11112004 - 3/31/2007 

C 4/1/2007 - 4/30/2009 

D 51112009 - 12/31/2009 

E 11112010 - 12/31/2019 

Benefit Contributions* 

$6,562.94 

$219.94 

$344.89 

$50.36 

$1,032.72 

•Benefit Contributions are the contributions made to the Plan on your behalf by your employer(s) based on your 

Covered Earnings that are used to calculate your benefit See your Annual Covered Earnings Report for details. 

Your Annual Covered Earnings Reports are available on the Fund's website (www.afm-epf.org) if you are registered, or by written request using the "Contact Us" link on the webstte. 

Pension ID Number I Page 2 

AFMEPF0187 
Data and Assumptions (continued from the previous page)

This estimate is based on the following assumptions and projections:

● You will have 23.75 years of vesting service and pension credit in the Plan as of December 31, 2021.

● You will be 77 years and 10 months as of January 31, 2022.

● Due to the COVID-19 pandemic, your Benefit Contributions in 2020 and 2021 are assumed to be half of the amount that you

received in 2019, plus a 2.25% annual increase.

● Your projected PBGC-guaranteed benefit assumes no changes to applicable law.

Please note: The data and assumptions listed above are used only for the purpose of providing you with an estimate. The 

COVID-19 pandemic and its impact on our industry have made the setting of short-term assumptions to reflect individual 

circumstances challenging.

PBGC Guaranteed Bene��

If the Plan does not have enough money to pay benefits, your monthly benefit would be no larger than the amount guaranteed by 

the PBGC. The amount of your monthly benefit guaranteed by the PBGC is estimated to be $308.04 as of January 1, 2022.

Absent a change in the law, the PBGC currently projects its multiemployer program will become insolvent by the end of its 2026 

fiscal year. If the PBGC were to become insolvent it would not be able to pay the full guaranteed benefit. In that case, your benefit 

could be much less than even the current PBGC guaranteed amount.

Questions?

Visit www.afm-epf.org and click on the “Stay Informed” tab.

Call the Pension Fund Help Line at 212-284-1311. Representatives are available Monday – Friday, 8:00 a.m. to 4:00 p.m. ET

with extended hours from 8:00 a.m. to 7:00 p.m. ET through January 22, 2021. Or submit your question using the “Contact Us” 

form at www.afm-epf.org.

Pension ID Number | Page 3

AFMEPF0188
Page intentionally left blank.

Pension ID Number | Page 4

AFMEPF0189
HOW YOUR MONTHLY PAYMENTS WOULD BE AFFECTED 

This estimate of the effect of the proposed reduction 

of benefits has been prepared for: #14 

Benefit Estimate #14 

Important Information Enclosed 

Please review all information in this packet: 

• This benefit estimate - personalized statement 

showing how your benefit would change if the 

proposed reduction is approved. 

• "Saving the Plan" newslette1· - overview of 

what's happening and why. 

• Notice of proposed reduction of your 

pension benefits - official notice of the Plan's 

application to reduce benefits, including important 

information about your rights. 

□ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ as of January 1, 2022 

This personal estimate shows how your benefit would change IF the proposed reduction, described in the enclosed notice, is 

approved. Not/ting is happening to your benefit right now. If approved, the reduction would take effect on January 1, 2022. 

r 

Unreduced 

Your projected monthly benefit 

as of Janua1y 1, 2022 

without proposed reduction: 

$432.62 

Reduced 

Your projected monthly benefit 

as of January 1, 2022 

with proposed reduction: 

$422.02 

Under the proposed reduction your monthly benefit is projected to be reduced to 

$422.02 beginning on January 1, 2022. 1 

•These numbers are just estimates based on the data and assumptions listed on the next page. 

This is an estimate of the effect the proposed reduction would have on your benefit 

The PBGC provides a backstop when 

a plan can no longer pay benefits. Your 

estimated PBGC-guaranteed monthly 

benefit is: 

$376.77 

However, if the PBGC becomes insolvent, 

your PBGC guaranteed benefit could be 

much less. 

under the Plan. It is not a final benefit calculation. This estimate was prepared assuming that the proposed benefit reduction starts on 

January 1, 2022. If the benefit reduction starts later, the effect of the proposed reduction on your benefit might be different. 

The proposed reduction is expected to be permanent. 

Office Use: 

#141 ABJM AFMEPF0190 

12/15/2020_US_ 4p-8_ 141~9 
DD DD DD DD DD DD D MD DD DD D 

As described in the enclosed notice, there are several components of the benefit reduction. For example, the one that applies to 

the most individuals is the 30.9% reduction of benefit multipliers higher than $1.00. This does not mean that your total benefit 

is reduced by 30.9%. This patt of the reduction applies only to benefits earned through December 31, 2009. So, the larger the 

portion of your benefit that was earned after that date, the smaller the impact of the 30.9% reduction on your total benefit. 

However, it's important to keep in mind that while some patticipants would be impacted by only one or two components of the 

benefit reduction, others would be affected by several. With respect to your benefit, the proposed reduction would: 

• Reduce the benefit multipliers* used to calculate benefits for Benefit Contributions earned through December 31, 2009 

(when the age-65 multiplier was higher than $1.00) by 30.9%. 

• Remove the early retirement benefit subsidy that was included for benefits earned through December 31, 2003. 

• Limit the total reduction of your benefit to a maximum of 40%. 

• Ensure that your benefit reduction is no more than the Multiemployer Pension Reform Act (MPRA) allows. 

• Reduce your benefit by a smaller amount than benefits are being reduced for similarly situated younger participants 

because you will be between 75 and 80 as of January 31, 2022. 

*Benefit multiplier: The dollar amount by which each $100 of contributions is multiplied to determine the amount of your monthly 

pension benefit. It varies with your age at your Pension Effective Date and the year in which the contributions were earned. 

Data and Assumptions 

All estimates shown in this statement are the "gross" amount and do not reflect tax withholding or any other deductions. The 

benefit you receive beginning January 1, 2022 will be based on the assumptions and projections shown in this estimate and 

may need to be adjusted later once the final data is collected. 

This estimate is based on the following information from Plan records: 

• Your status as of April 1, 2020 is retired participant. 

• You have 19 years of vesting service and pension credit under the Plan as of December 31, 2019. 

• Your date of birth is December 26, 1944. 

• Your initial Pension Effective Date is March 1, 2000. 

• The portion of your benefit that is based on disability is $0.00. 

• Your Benefit Contributions* as of December 31, 2019 for each Benefit Period: 

Benefit Period 

A 11111959 - 12/31/2003 

B 11112004 - 3/31/2007 

C 4/1/2007 - 4/30/2009 

D 5/1/2009 - 12/31/2009 

E 11112010 - 12/31/2019 

Benefit Contributions* 

$19,751.25 

$0.00 

$0.00 

$0.00 

$0.00 

•Benefit Contributions are the contributions made to the Plan on your behalf by your employer(s) based on your 

Covered Earnings that are used to calculate your benefit See your Annual Covered Earnings Report for details. Your Annual Covered Earnings Reports are available on the Fund's website (www.afm-epf.org) if you are registered, 

or by written request using the "Contact Us" link on the website. 

Pension ID Number I Page 2 

AFMEPF0191 
Data and Assumptions (continued from the previous page)

This estimate is based on the following assumptions and projections:

● Your Benefit Contributions and vesting service listed on the previous page will not change.

● You will be 77 years and 1 month as of January 31, 2022.

● Your projected PBGC-guaranteed benefit assumes no changes to applicable law.

������������

If the Plan does not have enough money to pay benefits, your monthly benefit would be no larger than the amount guaranteed by 

the PBGC. The amount of your monthly benefit guaranteed by the PBGC is estimated to be $376.77 as of January 1, 2022.

Absent a change in the law, the PBGC currently projects its multiemployer program will become insolvent by the end of its 2026 

fiscal year. If the PBGC were to become insolvent it would not be able to pay the full guaranteed benefit. In that case, your benefit 

could be much less than even the current PBGC guaranteed amount.

Questions?

Visit www.afm-epf.org and click on the “Stay Informed” tab.

Call the Pension Fund Help Line at 212-284-1311. Representatives are available Monday – Friday, 8:00 a.m. to 4:00 p.m. ET

with extended hours from 8:00 a.m. to 7:00 p.m. ET through January 22, 2021. Or submit your question using the “Contact Us” 

form at www.afm-epf.org.

Pension ID Number | Page 3

AFMEPF0192
Page intentionally left blank.

Pension ID Number | Page 4

AFMEPF0193
HOW YOUR MONTHLY PAYMENTS WOULD BE AFFECTED 

This estimate of the effect of the proposed reduction 

of benefits has been prepared for: #15 

Benefit Estimate # I 5 

Important Information Enclosed 

Please review all information in this packet: 

• This benefit estimate - personalized statement 

showing how your benefit would change if the 

proposed reduction is approved. 

• "Saving the Plan" newslette1· - overview of 

what's happening and why. 

• Notice of proposed reduction of your 

pension benefits - official notice of the Plan's 

application to reduce benefits, including important 

information about your rights. 

□ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ as of January 1, 2022 

This personal estimate shows how your benefit would change IF the proposed reduction, described in the enclosed notice, is 

approved. Not/ting is happening to your benefit right now. If approved, the reduction would take effect on January 1, 2022. 

r 

Unreduced 

Your projected monthly benefit 

as of Janua1y 1, 2022 

without proposed reduction: 

$741.31 

Reduced 

Your projected monthly benefit 

as of January 1, 2022 

with proposed reduction: 

$736.50 

Under the proposed reduction your monthly benefit is projected to be reduced to 

$736.50 beginning on January 1, 2022. 1 

•These numbers are just estimates based on the data and assumptions listed on the next page. 

This is an estimate of the effect the proposed reduction would have on your benefit 

The PBGC provides a backstop when 

a plan can no longer pay benefits. Your 

estimated PBGC-guaranteed monthly 

benefit is: 

$650.07 

However, if the PBGC becomes insolvent, 

your PBGC guaranteed benefit could be 

much less. 

under the Plan. It is not a final benefit calculation. This estimate was prepared assuming that the proposed benefit reduction starts on 

January 1, 2022. If the benefit reduction starts later, the effect of the proposed reduction on your benefit might be different. 

The proposed reduction is expected to be permanent. 

Office Use: 

#151 ABJM AFMEPF0194 

12/15/2020_US_ 4p-1_321-1281 
DD DD DD DD DD DD D MD DD DD D 

As described in the enclosed notice, there are several components of the benefit reduction. For example, the one that applies to 

the most individuals is the 30.9% reduction of benefit multipliers higher than $1.00. This does not mean that your total benefit 

is reduced by 30.9%. This patt of the reduction applies only to benefits earned through December 31, 2009. So, the larger the 

portion of your benefit that was earned after that date, the smaller the impact of the 30.9% reduction on your total benefit. 

However, it's important to keep in mind that while some patticipants would be impacted by only one or two components of the 

benefit reduction, others would be affected by several. With respect to your benefit, the proposed reduction would: 

• Reduce the benefit multipliers* used to calculate benefits for Benefit Contributions earned through December 31, 2009 

(when the age-65 multiplier was higher than $1.00) by 30.9%. 

• Remove the early retirement benefit subsidy that was included for benefits earned through December 31, 2003. 

• Limit the total reduction of your benefit to a maximum of 40%. 

• Ensure that your benefit reduction is no more than the Multiemployer Pension Reform Act (MPRA) allows. 

• Reduce your benefit by a smaller amount than benefits are being reduced for similarly situated younger participants 

because you will be between 75 and 80 as of January 31, 2022. 

*Benefit multiplier: The dollar amount by which each $100 of contributions is multiplied to determine the amount of your monthly 

pension benefit. It varies with your age at your Pension Effective Date and the year in which the contributions were earned. 

Data and Assumptions 

All estimates shown in this statement are the "gross" amount and do not reflect tax withholding or any other deductions. The 

benefit you receive beginning January 1, 2022 will be based on the assumptions and projections shown in this estimate and 

may need to be adjusted later once the final data is collected. 

This estimate is based on the following information from Plan records: 

• Your status as of April 1, 2020 is retired participant. 

• You have 34.25 yeat-s of vesting service and pension credit under the Plan as of December 31, 2019. 

• Your date of birth is December 20, 1942. 

• Your initial Pension Effective Date is October 1, 2005. 

• The portion of your benefit that is based on disability is $0.00. 

• Your Benefit Contributions* as of December 31, 2019 for each Benefit Period: 

Benefit Period 

A 11111959 - 12/31/2003 

B 11112004 - 3/31/2007 

C 4/1/2007 - 4/30/2009 

D 5/1/2009 - 12/31/2009 

E 11112010 - 12/31/2019 

Benefit Contributions* 

$19,235.53 

$405.82 

$17.50 

$0.00 

$0.00 

•Benefit Contributions are the contributions made to the Plan on your behalf by your employer(s) based on your 

Covered Earnings that are used to calculate your benefit See your Annual Covered Earnings Report for details. Your Annual Covered Earnings Reports are available on the Fund's website (www.afm-epf.org) if you are registered, 

or by written request using the "Contact Us" link on the website. 

Pension ID Number I Page 2 

AFMEPF0195 
Data and Assumptions (continued from the previous page)

This estimate is based on the following assumptions and projections:

● Your Benefit Contributions and vesting service listed on the previous page will not change.

● You will be 79 years and 1 month as of January 31, 2022.

● Your projected PBGC-guaranteed benefit assumes no changes to applicable law.

������������

If the Plan does not have enough money to pay benefits, your monthly benefit would be no larger than the amount guaranteed by 

the PBGC. The amount of your monthly benefit guaranteed by the PBGC is estimated to be $650.07 as of January 1, 2022.

Absent a change in the law, the PBGC currently projects its multiemployer program will become insolvent by the end of its 2026 

fiscal year. If the PBGC were to become insolvent it would not be able to pay the full guaranteed benefit. In that case, your benefit 

could be much less than even the current PBGC guaranteed amount.

Questions?

Visit www.afm-epf.org and click on the “Stay Informed” tab.

Call the Pension Fund Help Line at 212-284-1311. Representatives are available Monday – Friday, 8:00 a.m. to 4:00 p.m. ET

with extended hours from 8:00 a.m. to 7:00 p.m. ET through January 22, 2021. Or submit your question using the “Contact Us” 

form at www.afm-epf.org.

Pension ID Number | Page 3

AFMEPF0196
Page intentionally left blank.

Pension ID Number | Page 4

AFMEPF0197
HOW YOUR MONTHLY PAYMENTS WOULD BE AFFECTED 

This estimate of the effect of the proposed reduction 

of benefits has been prepared for: #16 

Benefit Estimate #16 

Important Information Enclosed 

Please review all information in this packet: 

• This benefit estimate - personalized statement 

showing how your benefit would change if the 

proposed reduction is approved. 

• "Saving the Plan" newslette1· - overview of 

what's happening and why. 

• Notice of proposed reduction of your 

pension benefits - official notice of the Plan's 

application to reduce benefits, including important 

information about your rights. 

□ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ as of January 1, 2022 

This personal estimate shows how your benefit would change IF the proposed reduction, described in the enclosed notice, is 

approved. Not/ting is happening to your benefit right now. If approved, the reduction would take effect on January 1, 2022. 

r 

Unreduced 

Your projected monthly benefit 

as of Janua1y 1, 2022 

without proposed reduction: 

$940.93 

Reduced 

Your projected monthly benefit 

as of January 1, 2022 

with proposed reduction: 

$899.01 

Under the proposed reduction your monthly benefit is projected to be reduced to 

$899.01 beginning on January 1, 2022. 1 

•These numbers are just estimates based on the data and assumptions listed on the next page. 

This is an estimate of the effect the proposed reduction would have on your benefit 

The PBGC provides a backstop when 

a plan can no longer pay benefits. Your 

estimated PBGC-guaranteed monthly 

benefit is: 

$793.60 

However, if the PBGC becomes insolvent, 

your PBGC guaranteed benefit could be 

much less. 

under the Plan. It is not a final benefit calculation. This estimate was prepared assuming that the proposed benefit reduction starts on 

January 1, 2022. If the benefit reduction starts later, the effect of the proposed reduction on your benefit might be different. 

The proposed reduction is expected to be permanent. 

Office Use: 

#1G I ABCJM AFMEPF0198 

12/15/2020_US_ 4p-8_ 14649-2593 
DD DD DD DD DD DD D MD DD DD D 

As described in the enclosed notice, there are several components of the benefit reduction. For example, the one that applies to 

the most individuals is the 30.9% reduction of benefit multipliers higher than $1.00. This does not mean that your total benefit 

is reduced by 30.9%. This patt of the reduction applies only to benefits earned through December 31, 2009. So, the larger the 

portion of your benefit that was earned after that date, the smaller the impact of the 30.9% reduction on your total benefit. 

However, it's important to keep in mind that while some patticipants would be impacted by only one or two components of the 

benefit reduction, others would be affected by several. With respect to your benefit, the proposed reduction would: 

• Reduce the benefit multipliers* used to calculate benefits for Benefit Contributions earned through December 31, 2009 

(when the age-65 multiplier was higher than $1.00) by 30.9%. 

• Remove the early retirement benefit subsidy that was included for benefits earned through December 31, 2003. 

• Recalculate your re-retirement benefit. 

• Limit the total reduction of your benefit to a maximum of 40%. 

• Ensure that your benefit reduction is no more than the Multiemployer Pension Reform Act (MPRA) allows. 

• Reduce your benefit by a smaller amount than benefits are being reduced for similarly situated younger participants 

because you will be between 75 and 80 as of January 31, 2022. 

*Benefit multiplier: The dollar amount by which each $100 of contributions is multiplied to determine the amount of your monthly 

pension benefit. It varies with your age at your Pension Effective Date and the year in which the contributions were earned. 

Data and Assumptions 

All estimates shown in this statement are the "gross" amount and do not reflect tax withholding or any other deductions. The 

benefit you receive beginning January 1, 2022 will be based on the assumptions and projections shown in this estimate and 

may need to be adjusted later once the final data is collected. 

This estimate is based on the following information from Plan records: 

• Your status as of April 1, 2020 is retired participant. 

• You have 32 years of vesting service and pension credit under the Plan as of December 31, 2019. 

• Your date of birth is Febmary 11, 1945. 

• Your initial Pension Effective Date is September 1, 2005. 

• Your re-retirement date is March 1, 2010. 

• The portion of your benefit that is based on disability is $0.00. 

• Your Benefit Contributions* as of December 31, 2019 for each Benefit Period: 

Benefit Period 

A 11111959 - 12/31/2003 

B 11112004 - 3/31/2007 

C 4/1/2007 - 4/30/2009 

D 5/1/2009 - 12/31/2009 

E 11112010 - 12/31/2019 

Benefit Contributions* 

$23,779.27 

$4,169.29 

$2,174.00 

$69.50 

$0.00 

•Benefit Contributions are the contributions made to the Plan on your behalf by your employer(s) based on your 

Covered Earnings that are used to calculate your benefit See your Annual Covered Earnings Report for details. Your Annual Covered Earnings Reports are available on the Fund's website (www.afm-epf.org) if you are registered, 

or by written request using the "Contact Us" link on the website. 

Pension ID Number I Page 2 

AFMEPF0199 
Data and Assumptions (continued from the previous page)

This estimate is based on the following assumptions and projections:

● Your Benefit Contributions and vesting service listed on the previous page will not change.

● You will be 76 years and 11 months as of January 31, 2022.

● Your projected PBGC-guaranteed benefit assumes no changes to applicable law.

������������

If the Plan does not have enough money to pay benefits, your monthly benefit would be no larger than the amount guaranteed by 

the PBGC. The amount of your monthly benefit guaranteed by the PBGC is estimated to be $793.60 as of January 1, 2022.

Absent a change in the law, the PBGC currently projects its multiemployer program will become insolvent by the end of its 2026 

fiscal year. If the PBGC were to become insolvent it would not be able to pay the full guaranteed benefit. In that case, your benefit 

could be much less than even the current PBGC guaranteed amount.

Questions?

Visit www.afm-epf.org and click on the “Stay Informed” tab.

Call the Pension Fund Help Line at 212-284-1311. Representatives are available Monday – Friday, 8:00 a.m. to 4:00 p.m. ET

with extended hours from 8:00 a.m. to 7:00 p.m. ET through January 22, 2021. Or submit your question using the “Contact Us” 

form at www.afm-epf.org.

Pension ID Number | Page 3

AFMEPF0200
Page intentionally left blank.

Pension ID Number | Page 4

AFMEPF0201
HOW YOUR MONTHLY PAYMENTS WOULD BE AFFECTED

This estimate of the effect of the proposed reduction

of benefits has been prepared for: #17

Important Information Enclosed

Please review all information in this packet:

● This benefit estimate ― personalized statement Benefit Estimate #17 showing how your benefit would change if the 

proposed reduction is approved.

● “Saving the Plan” newsletter ― overview of

what’s happening and why.

● Notice of proposed reduction of your

pension benefits ― official notice of the Plan’s

application to reduce benefits, including important

information about your rights.

������������������as of January 1, 2022

This personal estimate shows how your benefit would change IF the proposed reduction, described in the enclosed notice, is 

approved. Nothing is happening to your benefit right now. If approved, the reduction would take effect on January 1, 2022.

Unreduced

Your projected monthly benefit 

as of January 1, 2022

without proposed reduction:

$5,243.65 

Reduced

Your projected monthly benefit 

as of January 1, 2022

with proposed reduction:

$4,067.69 

The PBGC provides a backstop when 

a plan can no longer pay benefits. Your 

estimated PBGC-guaranteed monthly 

benefit is:

$1,617.69 

However, if the PBGC becomes insolvent, Under the proposed reduction your monthly benefit is projected to be reduced to your PBGC guaranteed benefit could be 

$4,067.69 beginning on January 1, 2022.1 

much less. 1

These numbers are just estimates based on the data and assumptions listed on the next page.

This is an estimate of the effect the proposed reduction would have on your benefit 

under the Plan. It is not a final benefit calculation. This estimate was prepared assuming that the proposed benefit reduction starts on 

January 1, 2022. If the benefit reduction starts later, the effect of the proposed reduction on your benefit might be different. 

The proposed reduction is expected to be permanent.

Office Use: 

#17 | ABCDM

AFMEPF0202

12/15/2020_US_4p-5_9222-4885 

r 
DD DD DD DD DD DD D MD DD DD D 

As described in the enclosed notice, there are several components of the benefit reduction. For example, the one that applies to 

the most individuals is the 30.9% reduction of benefit multipliers higher than $1.00. This does not mean that your total benefit 

is reduced by 30.9%. This patt of the reduction applies only to benefits earned through December 31, 2009. So, the larger the 

portion of your benefit that was earned after that date, the smaller the impact of the 30.9% reduction on your total benefit. 

However, it's important to keep in mind that while some patticipants would be impacted by only one or two components of the 

benefit reduction, others would be affected by several. With respect to your benefit, the proposed reduction would: 

• Reduce the benefit multipliers* used to calculate benefits for Benefit Contributions earned through December 31, 2009 

(when the age-65 multiplier was higher than $1.00) by 30.9%. 

• Remove the early retirement benefit subsidy that was included for benefits earned through December 31, 2003. 

• Recalculate your re-retirement and re-determination benefits. 

• Ensure that your benefit reduction is no more than the Multiemployer Pension Reform Act (MPRA) allows. 

• Reduce your benefit by a smaller amount than benefits are being reduced for similarly situated younger participants 

because you will be between 75 and 80 as of January 31, 2022. 

*Benefit multiplier: The dollar amount by which each $100 of contributions is multiplied to determine the amount of your monthly 

pension benefit. It varies with your age at your Pension Effective Date and the year in which the contributions were earned. 

Data and Assumptions 

All estimates shown in this statement are the "gross" amount and do not reflect tax withholding or any other deductions. The 

benefit you receive beginning January 1, 2022 will be based on the assumptions and projections shown in this estimate and 

may need to be adjusted later once the final data is collected. 

This estimate is based on the following information from Plan records: 

• Your status as of April 1, 2020 is retired participant. 

• You have 43.25 yeat-s of vesting service and pension credit under the Plan as of December 31, 2019. 

• Your date of birth is November 3, 1944. 

• Your initial Pension Effective Date is June 1, 2008. 

• Your re-retirement date is December 1, 2009. 

• The portion of your benefit that is based on disability is $0.00. 

• You received Benefit Contributions* totaling $125.00 in 2019. 

• Your Benefit Contributions* as of December 31, 2019 for each Benefit Period: 

Benefit Period 

A 11111959 - 12/31/2003 

B 11112004 - 3/31/2007 

C 4/1/2007 - 4/30/2009 

D 5/1/2009 - 12/31/2009 

E 11112010 - 12/31/2019 

Benefit Contributions* 

$124,930.42 

$8,363.05 

$88.65 

$0.00 

$4,489.43 

•Benefit Contributions are the contributions made to the Plan on your behalf by your employer(s) based on your 

Covered Earnings that are used to calculate your benefit See your Annual Covered Earnings Report for details. 

Your Annual Covered Earnings Reports are available on the Fund's website (www.afm-epf.org) if you are registered, 

or by written request using the "Contact Us" link on the website. 

Pension ID Number I Page 2 

AFMEPF0203 
Data and Assumptions (continued from the previous page)

This estimate is based on the following assumptions and projections:

● You will have 45.25 years of vesting service and pension credit in the Plan as of December 31, 2021.

● You will be 77 years and 2 months as of January 31, 2022.

● Due to the COVID-19 pandemic, your Benefit Contributions in 2020 and 2021 are assumed to be half of the amount that you

received in 2019, plus a 2.25% annual increase.

● Your projected PBGC-guaranteed benefit assumes no changes to applicable law.

Please note: The data and assumptions listed above are used only for the purpose of providing you with an estimate. The 

COVID-19 pandemic and its impact on our industry have made the setting of short-term assumptions to reflect individual 

circumstances challenging.

������������

If the Plan does not have enough money to pay benefits, your monthly benefit would be no larger than the amount guaranteed by 

the PBGC. The amount of your monthly benefit guaranteed by the PBGC is estimated to be $1,617.69 as of January 1, 2022.

Absent a change in the law, the PBGC currently projects its multiemployer program will become insolvent by the end of its 2026 

fiscal year. If the PBGC were to become insolvent it would not be able to pay the full guaranteed benefit. In that case, your benefit 

could be much less than even the current PBGC guaranteed amount.

Questions?

Visit www.afm-epf.org and click on the “Stay Informed” tab.

Call the Pension Fund Help Line at 212-284-1311. Representatives are available Monday – Friday, 8:00 a.m. to 4:00 p.m. ET

with extended hours from 8:00 a.m. to 7:00 p.m. ET through January 22, 2021. Or submit your question using the “Contact Us” 

form at www.afm-epf.org.

Pension ID Number | Page 3

AFMEPF0204
Page intentionally left blank.

Pension ID Number | Page 4

AFMEPF0205
HOW YOUR MONTHLY PAYMENTS WOULD BE AFFECTED 

This estimate of the effect of the proposed reduction 

of benefits has been prepared for: #18 

Benefit Estimate #18 

Important Information Enclosed 

Please review all information in this packet: 

• This benefit estimate - personalized statement 

showing how your benefit would change if the 

proposed reduction is approved. 

• "Saving the Plan" newslette1· - overview of 

what's happening and why. 

• Notice of proposed reduction of your 

pension benefits - official notice of the Plan's 

application to reduce benefits, including important 

information about your rights. 

□ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ as of January 1, 2022 

This personal estimate shows how your benefit would change IF the proposed reduction, described in the enclosed notice, is 

approved. Not/ting is happening to your benefit right now. If approved, the reduction would take effect on January 1, 2022. 

r 

Unreduced 

Your projected monthly benefit 

as of Janua1y 1, 2022 

without proposed reduction: 

$309.31 

Reduced 

Your projected monthly benefit 

as of January 1, 2022 

with proposed reduction: 

$258.50 

Under the proposed reduction your monthly benefit is projected to be reduced to 

$258.50 beginning on January 1, 2022. 1 

•These numbers are just estimates based on the data and assumptions listed on the next page. 

This is an estimate of the effect the proposed reduction would have on your benefit 

The PBGC provides a backstop when 

a plan can no longer pay benefits. Your 

estimated PBGC-guaranteed monthly 

benefit is: 

$169.83 

However, if the PBGC becomes insolvent, 

your PBGC guaranteed benefit could be 

much less. 

under the Plan. It is not a final benefit calculation. This estimate was prepared assuming that the proposed benefit reduction starts on 

January 1, 2022. If the benefit reduction starts later, the effect of the proposed reduction on your benefit might be different. 

The proposed reduction is expected to be permanent. 

Office Use: 

#181 AEM AFMEPF0206 

12/15/2020_US_ 4p-1_ 182-725 
DD DD DD DD DD DD D MD DD DD D 

As described in the enclosed notice, there are several components of the benefit reduction. For example, the one that applies to 

the most individuals is the 30.9% reduction of benefit multipliers higher than $1.00. This does not mean that your total benefit 

is reduced by 30.9%. This patt of the reduction applies only to benefits earned through December 31, 2009. So, the larger the 

portion of your benefit that was earned after that date, the smaller the impact of the 30.9% reduction on your total benefit. 

However, it's important to keep in mind that while some patticipants would be impacted by only one or two components of the 

benefit reduction, others would be affected by several. With respect to your benefit, the proposed reduction would: 

• Reduce the benefit multipliers* used to calculate benefits for Benefit Contributions earned through December 31, 2009 

(when the age-65 multiplier was higher than $1.00) by 30.9%. 

• Because you started your benefit later than age 65, your initial pension benefit will be recalculated as the greater of: 

- Your benefit calculated using your total Benefit Contributions as of April 1, 2016, or 

- Your benefit calculated using your Benefit Contributions to age 65, with an actuarial increase to April 1, 2016. 

• Ensure that your benefit reduction is no more than the Multiemployer Pension Reform Act (MPRA) allows. 

• Reduce your benefit by a smaller amount than benefits are being reduced for similarly situated younger participants 

because you will be between 75 and 80 as of January 31, 2022. 

*Benefit multiplier: The dollar amount by which each $100 of contributions is multiplied to determine the amount of your monthly 

pension benefit. It varies with your age at your Pension Effective Date and the year in which the contributions were earned. 

Data and Assumptions 

All estimates shown in this statement are the "gross" amount and do not reflect tax withholding or any other deductions. The 

benefit you receive beginning January 1, 2022 will be based on the assumptions and projections shown in this estimate and 

may need to be adjusted later once the final data is collected. 

This estimate is based on the following information from Plan records: 

• Your status as of April 1, 2020 is retired participant. 

• You have 25.5 yeat-s of vesting service and pension credit under the Plan as of December 31, 2019. 

• Your date of birth is September 9, 1944. 

• Your initial Pension Effective Date is April 1, 2016. You were 71 when your benefits began. 

• The portion of your benefit that is based on disability is $0.00. 

• Your Benefit Contributions* as of December 31, 2019 for each Benefit Period: 

Benefit Period 

A 11111959 - 12/31/2003 

B 11112004 - 3/31/2007 

C 4/1/2007 - 4/30/2009 

D 51112009 - 12/31/2009 

E 11112010 - 12/31/2019 

Benefit Contributions* 

$4,793.47 

$238.17 

$16.00 

$0.00 

$476.76 

•Benefit Contributions are the contributions made to the Plan on your behalf by your employer(s) based on your 

Covered Earnings that are used to calculate your benefit See your Annual Covered Earnings Report for details. 

Your Annual Covered Earnings Reports are available on the Fund's website (www.afm-epf.org) if you are registered, or by written request using the "Contact Us" link on the webstte. 

Pension ID Number I Page 2 

AFMEPF0207 
Data and Assumptions (continued from the previous page)

This estimate is based on the following assumptions and projections:

● Your Benefit Contributions and vesting service listed on the previous page will not change.

● You will be 77 years and 4 months as of January 31, 2022.

● Your projected PBGC-guaranteed benefit assumes no changes to applicable law.

������������

If the Plan does not have enough money to pay benefits, your monthly benefit would be no larger than the amount guaranteed by 

the PBGC. The amount of your monthly benefit guaranteed by the PBGC is estimated to be $169.83 as of January 1, 2022.

Absent a change in the law, the PBGC currently projects its multiemployer program will become insolvent by the end of its 2026 

fiscal year. If the PBGC were to become insolvent it would not be able to pay the full guaranteed benefit. In that case, your benefit 

could be much less than even the current PBGC guaranteed amount.

Questions?

Visit www.afm-epf.org and click on the “Stay Informed” tab.

Call the Pension Fund Help Line at 212-284-1311. Representatives are available Monday – Friday, 8:00 a.m. to 4:00 p.m. ET

with extended hours from 8:00 a.m. to 7:00 p.m. ET through January 22, 2021. Or submit your question using the “Contact Us” 

form at www.afm-epf.org.

Pension ID Number | Page 3

AFMEPF0208
Page intentionally left blank.

Pension ID Number | Page 4

AFMEPF0209
HOW YOUR MONTHLY PAYMENTS WOULD BE AFFECTED 

This estimate of the effect of the proposed reduction 

of benefits has been prepared for: #19 

Benefit Estimate #19 

Important Information Enclosed 

Please review all information in this packet: 

• This benefit estimate - personalized statement 

showing how your benefit would change if the 

proposed reduction is approved. 

• "Saving the Plan" newslette1· - overview of 

what's happening and why. 

• Notice of proposed reduction of your 

pension benefits - official notice of the Plan's 

application to reduce benefits, including important 

information about your rights. 

□□□□□□□□□□□□□□□□□□ 

This personal estimate shows how your benefit would change IF the proposed reduction, described in the enclosed notice, is 

approved. Not/ting is happening to your benefit right now. If approved, the reduction would take effect on January 1, 2022. 

r 

Unreduced 

Your projected monthly benefit 

as of Janua1y 1, 2022 

without proposed reduction: 

$559.92 

Reduced 

Your projected monthly benefit 

as of January 1, 2022 

with proposed reduction: 

$484.81 

Your benefit without the proposed reduction as of January 1, 2022 in the form of a 

Single Life Benefit is projected to be $559.92. Under the proposed reduction, your 

monthly benefit in the same form would be reduced to $484.81.1 

'These amounts will be different if you take your benefit in a different form. For example, if you elect a 50% 

The PBGC provides a backstop when 

a plan can no longer pay benefits. Your 

estimated PBGC-guaranteed monthly 

benefit is: 

$308.04 

However, if the PBGC becomes insolvent, 

your PBGC guaranteed benefit could be 

much less. 

Joint and Survivor Benefit, your reduced monthly benefit will be $444.57 (assuming the difference in age between you and your spouse is 3 years). 

Regular Pension Benefits earned at the cmrent $1.00 multiplier, including those earned after the benefit reduction takes effect, would 

not be reduced under the proposed benefit reduction. If you continue to work in covered employment, you will continue to earn 

benefits under the Plan. 

This is an estimate of the effect the proposed reduction would have on your benefit under the Plan. It is not a final benefit calculation. 

This estimate was prepared assUllling that the proposed benefit reduction starts on January 1, 2022. If the benefit reduction starts later, 

the effect of the proposed reduction on your benefit might be different. 

The proposed reduction is expected to be permanent. Office Use: 

#191 AEM AFMEPF0210 

12/15/2020_US_ 4p-8_ 15754-7013 
DD DD DD DD DD DD D MD DD DD D 

As described in the enclosed notice, there are several components of the benefit reduction. For example, the one that applies to 

the most individuals is the 30.9% reduction of benefit multipliers higher than $1.00. This does not mean that your total benefit 

is reduced by 30.9%. This patt of the reduction applies only to benefits earned through December 31, 2009. So, the larger the 

portion of your benefit that was earned after that date, the smaller the impact of the 30.9% reduction on your total benefit. 

However, it's important to keep in mind that while some patticipants would be impacted by only one or two components of the 

benefit reduction, others would be affected by several. With respect to your benefit, the proposed reduction would: 

• Reduce the benefit multipliers* used to calculate benefits for Benefit Contributions earned through December 31, 2009 

(when the age-65 multiplier was higher than $1.00) by 30.9%. 

• If you start your benefit later than age 65, your initial pension benefit will be recalculated as the greater of: 

- Your benefit calculated using your total Benefit Contributions as of your pension effective date, or 

- Your benefit calculated using your Benefit Contributions to age 65, with an actuarial increase to your 

pension effective date. 

• Ensure that your benefit reduction is no more than the Multiemployer Pension Reform Act (MPRA) allows. 

• Reduce your benefit by a smaller amount than benefits are being reduced for similarly situated younger participants 

because you will be between 75 and 80 as of January 31, 2022. 

*Benefit multiplier: The dollar amount by which each $100 of contributions is multiplied to determine the amount of your monthly 

pension benefit. It varies with your age at your Pension Effective Date and the year in which the contributions were earned. 

Data and Assumptions 

This estimate is based on the following information from Plan records: 

• Your status as of April 1, 2020 is active participant. 

• You have 21.75 years of vesting service and pension credit under the Plan as of December 31, 2019. 

• Your date of birth is March 15, 1944. 

• Your n01mal retirement date is April 1, 2009. 

• The portion of your benefit that is based on disability is $0.00. 

• You received Benefit Contributions* totaling $88.23 in 2019. 

• Your Benefit Contributions* as of December 31, 2019 for each Benefit Period: 

Benefit Period 

A 11111959 - 12/31/2003 

B 11112004 - 3/31/2007 

C 4/1/2007 - 4/30/2009 

D 51112009 - 12/31/2009 

E 11112010 - 12/31/2019 

Benefit Contributions* 

$6,562.94 

$219.94 

$344.89 

$50.36 

$1,032.72 

•Benefit Contributions are the contributions made to the Plan on your behalf by your employer(s) based on your 

Covered Earnings that are used to calculate your benefit See your Annual Covered Earnings Report for details. 

Your Annual Covered Earnings Reports are available on the Fund's website (www.afm-epf.org) if you are registered, or by written request using the "Contact Us" link on the webstte. 

Pension ID Number I Page 2 

AFMEPF0211 
Data and Assumptions (continued from the previous page)

This estimate is based on the following assumptions and projections:

● You will have 23.75 years of vesting service and pension credit in the Plan as of December 31, 2021.

● You will be 77 years and 10 months as of January 31, 2022.

● Due to the COVID-19 pandemic, your Benefit Contributions in 2020 and 2021 are assumed to be half of the amount that you

received in 2019, plus a 2.25% annual increase.

● Your projected PBGC-guaranteed benefit assumes no changes to applicable law.

Please note: The data and assumptions listed above are used only for the purpose of providing you with an estimate. The 

COVID-19 pandemic and its impact on our industry have made the setting of short-term assumptions to reflect individual 

circumstances challenging.

PBGC Guaranteed Bene��

If the Plan does not have enough money to pay benefits, your monthly benefit would be no larger than the amount guaranteed by 

the PBGC. The amount of your monthly benefit guaranteed by the PBGC is estimated to be $308.04 as of January 1, 2022.

Absent a change in the law, the PBGC currently projects its multiemployer program will become insolvent by the end of its 2026 

fiscal year. If the PBGC were to become insolvent it would not be able to pay the full guaranteed benefit. In that case, your benefit 

could be much less than even the current PBGC guaranteed amount.

Questions?

Visit www.afm-epf.org and click on the “Stay Informed” tab.

Call the Pension Fund Help Line at 212-284-1311. Representatives are available Monday – Friday, 8:00 a.m. to 4:00 p.m. ET

with extended hours from 8:00 a.m. to 7:00 p.m. ET through January 22, 2021. Or submit your question using the “Contact Us” 

form at www.afm-epf.org.

Pension ID Number | Page 3

AFMEPF0212
Page intentionally left blank.

Pension ID Number | Page 4

AFMEPF0213
HOW YOUR MONTHLY PAYMENTS WOULD BE AFFECTED 

This estimate of the effect of the proposed reduction 

of benefits has been prepared for: #20 

Benefit Estimate #20 

Important Information Enclosed 

Please review all information in this packet: 

• This benefit estimate - personalized statement 

showing how your benefit would change if the 

proposed reduction is approved. 

• "Saving the Plan" newslette1· - overview of 

what's happening and why. 

• Notice of proposed reduction of your 

pension benefits - official notice of the Plan's 

application to reduce benefits, including important 

information about your rights. 

□ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ as of January 1, 2022 

This personal estimate shows how your benefit would change IF the proposed reduction, described in the enclosed notice, is 

approved. Not/ting is happening to your benefit right now. If approved, the reduction would take effect on January 1, 2022. 

r 

Unreduced 

Your projected monthly benefit 

as of Janua1y 1, 2022 

without proposed reduction: 

$25,952.89 

Reduced 

Your projected monthly benefit 

as of January 1, 2022 

with proposed reduction: 

$20,768.85 

Under the proposed reduction your monthly benefit is projected to be reduced to 

$20,768.85 beginning on January 1, 2022. 1 

•These numbers are just estimates based on the data and assumptions listed on the next page. 

This is an estimate of the effect the proposed reduction would have on your benefit 

The PBGC provides a backstop when 

a plan can no longer pay benefits. Your 

estimated PBGC-guaranteed monthly 

benefit is: 

$1,805.38 

However, if the PBGC becomes insolvent, 

your PBGC guaranteed benefit could be 

much less. 

under the Plan. It is not a final benefit calculation. This estimate was prepared assuming that the proposed benefit reduction starts on 

January 1, 2022. If the benefit reduction starts later, the effect of the proposed reduction on your benefit might be different. 

The proposed reduction is expected to be permanent. 

Office Use: 

#20 I AEFM AFMEPF0214 

12/1412020_US_ 4p,72-29 
DD DD DD DD DD DD D MD DD DD D 

As described in the enclosed notice, there are several components of the benefit reduction. For example, the one that applies to 

the most individuals is the 30.9% reduction of benefit multipliers higher than $1.00. This does not mean that your total benefit 

is reduced by 30.9%. This patt of the reduction applies only to benefits earned through December 31, 2009. So, the larger the 

portion of your benefit that was earned after that date, the smaller the impact of the 30.9% reduction on your total benefit. 

However, it's important to keep in mind that while some patticipants would be impacted by only one or two components of the 

benefit reduction, others would be affected by several. With respect to your benefit, the proposed reduction would: 

• Reduce the benefit multipliers* used to calculate benefits for Benefit Contributions earned through December 31, 2009 

(when the age-65 multiplier was higher than $1.00) by 30.9%. 

• Because you started your benefit later than age 65, your initial pension benefit will be recalculated as the greater of: 

- Your benefit calculated using your total Benefit Contributions as of December 1, 2016, or 

- Your benefit calculated using your Benefit Contributions to age 65, with an actuarial increase to December 1, 2016. 

• Recalculate your benefit using the same pre-65 and joint and suivivor payment option factors, as applicable, that are used 

for Regular Pension Benefits. Because your benefit was subject to the $195,000 annual benefit maximum, at the time your 

benefit began it was calculated using a different schedule for early retirement reductions and was not reduced for joint and 

suivivor forms of payment. 

• Ensure that your benefit reduction is no more than the Multiemployer Pension Reform Act (MPRA) allows. 

• Reduce your benefit by a smaller amount than benefits are being reduced for similarly situated younger participants 

because you will be between 75 and 80 as of January 31, 2022. 

*Benefit multiplier: The dollar amount by which each $100 of contributions is multiplied to determine the amount of your monthly 

pension benefit. It varies with your age at your Pension Effective Date and the year in which the contributions were earned. 

Data and Assumptions 

All estimates shown in this statement are the "gross" amount and do not reflect tax withholding or any other deductions. The 

benefit you receive beginning January 1, 2022 will be based on the assumptions and projections shown in this estimate and 

may need to be adjusted later once the final data is collected. 

This estimate is based on the following information from Plan records: 

• Your status as of April 1, 2020 is retired participant. 

• You have 48.5 yeat-s of vesting service and pension credit under the Plan as of December 31, 2019. 

• Your date of birth is November 16, 1945. 

• Your initial Pension Effective Date is December 1, 2016. You were 71 when your benefits began. 

• The portion of your benefit that is based on disability is $0.00. 

• The benefit you have earned has been limited by the Plan's $195,000 annual benefit maximum. 

• You received Benefit Contributions* totaling $26,950.00 in 2019. 

• Your Benefit Contributions* as of December 31, 2019 for each Benefit Period: 

Benefit Period 

A 11111959 - 12/31/2003 

B 11112004 - 3/31/2007 

C 4/1/2007 - 4/30/2009 

D 5/1/2009 - 12/31/2009 

E 11112010 - 12/31/2019 

Benefit Contributions* 

$335,927.93 

$58,536.44 

$36,862.54 

$11,269.79 

$255,542.25 

•Benefit Contributions are the contributions made to the Plan on your behalf by your employer(s) based on your 

Covered Earnings that are used to calculate your benefit See your Annual Covered Earnings Report for details. Your Annual Covered Earnings Reports are available on the Fund's website (www.afm-epf.org) if you are registered, 

or by written request using the "Contact Us" link on the website. 

Pension ID Number I Page 2 

AFMEPF0215 
Data and Assumptions (continued from the previous page)

This estimate is based on the following assumptions and projections:

● You will have 50.5 years of vesting service and pension credit in the Plan as of December 31, 2021.

● You will be 76 years and 2 months as of January 31, 2022.

● Due to the COVID-19 pandemic, your Benefit Contributions in 2020 and 2021 are assumed to be half of the amount that you

received in 2019, plus a 2.25% annual increase.

● Your projected PBGC-guaranteed benefit assumes no changes to applicable law.

Please note: The data and assumptions listed above are used only for the purpose of providing you with an estimate. The 

COVID-19 pandemic and its impact on our industry have made the setting of short-term assumptions to reflect individual 

circumstances challenging.

������������

If the Plan does not have enough money to pay benefits, your monthly benefit would be no larger than the amount guaranteed by 

the PBGC. The amount of your monthly benefit guaranteed by the PBGC is estimated to be $1,805.38 as of January 1, 2022.

Absent a change in the law, the PBGC currently projects its multiemployer program will become insolvent by the end of its 2026 

fiscal year. If the PBGC were to become insolvent it would not be able to pay the full guaranteed benefit. In that case, your benefit 

could be much less than even the current PBGC guaranteed amount.

Questions?

Visit www.afm-epf.org and click on the “Stay Informed” tab.

Call the Pension Fund Help Line at 212-284-1311. Representatives are available Monday – Friday, 8:00 a.m. to 4:00 p.m. ET

with extended hours from 8:00 a.m. to 7:00 p.m. ET through January 22, 2021. Or submit your question using the “Contact Us” 

form at www.afm-epf.org.

Pension ID Number | Page 3

AFMEPF0216
Page intentionally left blank.

Pension ID Number | Page 4

AFMEPF0217
HOW YOUR MONTHLY PAYMENTS WOULD BE AFFECTED 

This estimate of the effect of the proposed reduction 

of benefits has been prepared for: #21 

Benefit Estimate #21 

Important Information Enclosed 

Please review all information in this packet: 

• This benefit estimate - personalized statement 

showing how your benefit would change if the 

proposed reduction is approved. 

• "Saving the Plan" newslette1· - overview of 

what's happening and why. 

• Notice of proposed reduction of your 

pension benefits - official notice of the Plan's 

application to reduce benefits, including important 

information about your rights. 

□ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ as of January 1, 2022 

This personal estimate shows how your benefit would change IF the proposed reduction, described in the enclosed notice, is 

approved. Not/ting is happening to your benefit right now. If approved, the reduction would take effect on January 1, 2022. 

r 

Unreduced 

Your projected monthly benefit 

as of Janua1y 1, 2022 

without proposed reduction: 

$926.00 

Reduced 

Your projected monthly benefit 

as of January 1, 2022 

with proposed reduction: 

$736.62 

Under the proposed reduction your monthly benefit is projected to be reduced to 

$736.62 beginning on January 1, 2022. 1 

•These numbers are just estimates based on the data and assumptions listed on the next page. 

This is an estimate of the effect the proposed reduction would have on your benefit 

The PBGC provides a backstop when 

a plan can no longer pay benefits. Your 

estimated PBGC-guaranteed monthly 

benefit is: 

$250.25 

However, if the PBGC becomes insolvent, 

your PBGC guaranteed benefit could be 

much less. 

under the Plan. It is not a final benefit calculation. This estimate was prepared assuming that the proposed benefit reduction starts on 

January 1, 2022. If the benefit reduction starts later, the effect of the proposed reduction on your benefit might be different. 

The proposed reduction is expected to be permanent. 

Office Use: 

#21 I AHM AFMEPF0218 

12/15/2020_US_ 4p-10_ 18683-2729 
DD DD DD DD DD DD D MD DD DD D 

As described in the enclosed notice, there are several components of the benefit reduction. For example, the one that applies to 

the most individuals is the 30.9% reduction of benefit multipliers higher than $1.00. This does not mean that your total benefit 

is reduced by 30.9%. This patt of the reduction applies only to benefits earned through December 31, 2009. So, the larger the 

portion of your benefit that was earned after that date, the smaller the impact of the 30.9% reduction on your total benefit. 

However, it's important to keep in mind that while some patticipants would be impacted by only one or two components of the 

benefit reduction, others would be affected by several. With respect to your benefit, the proposed reduction would: 

• Reduce the benefit multipliers* used to calculate benefits for Benefit Contributions earned through December 31, 2009 

(when the age-65 multiplier was higher than $1.00) by 30.9%. 

• Reduce the 7% increase to the benefit you earned under the Staff Plan before it merged with this Plan in 1999 by 7%. 

• Ensure that your benefit reduction is no more than the Multiemployer Pension Reform Act (MPRA) allows. 

• Reduce your benefit by a smaller amount than benefits are being reduced for similarly situated younger participants 

because you will be between 75 and 80 as of January 31, 2022. 

*Benefit multiplier: The dollar amount by which each $100 of contributions is multiplied to determine the amount of your monthly 

pension benefit. It varies with your age at your Pension Effective Date and the year in which the contributions were earned. 

Data and Assumptions 

All estimates shown in this statement are the "gross" amount and do not reflect tax withholding or any other deductions. The 

benefit you receive beginning January 1, 2022 will be based on the assumptions and projections shown in this estimate and 

may need to be adjusted later once the final data is collected. 

This estimate is based on the following information from Plan records: 

• Your status as of April 1, 2020 is retired participant. 

• You have 7 years of vesting service and pension credit under the Plan as of December 31, 2019. 

• Your date of birth is June 8, 1945. 

• Your initial Pension Effective Date is October 1, 2015. You were 70 when your benefits began. 

• The portion of your benefit that is based on disability is $0.00. 

• A portion of your benefit was earned under the Staff Plan before the merger with this Plan in 1999. 

• Your Benefit Contributions* as of December 31, 2019 for each Benefit Period: 

Benefit Period 

A 11111959 - 12/31/2003 

B 11112004 - 3/31/2007 

C 4/1/2007 - 4/30/2009 

D 51112009 - 12/31/2009 

E 11112010 - 12/31/2019 

Benefit Contributions* 

$10,063.89 

$3,268.80 

$0.00 

$0.00 

$0.00 

•Benefit Contributions are the contributions made to the Plan on your behalf by your employer(s) based on your 

Covered Earnings that are used to calculate your benefit See your Annual Covered Earnings Report for details. 

Your Annual Covered Earnings Reports are available on the Fund's website (www.afm-epf.org) if you are registered, or by written request using the "Contact Us" link on the webstte. 

Pension ID Number I Page 2 

AFMEPF0219 
Data and Assumptions (continued from the previous page)

This estimate is based on the following assumptions and projections:

● Your Benefit Contributions and vesting service listed on the previous page will not change.

● You will be 76 years and 7 months as of January 31, 2022.

● Your projected PBGC-guaranteed benefit assumes no changes to applicable law.

������������

If the Plan does not have enough money to pay benefits, your monthly benefit would be no larger than the amount guaranteed by 

the PBGC. The amount of your monthly benefit guaranteed by the PBGC is estimated to be $250.25 as of January 1, 2022.

Absent a change in the law, the PBGC currently projects its multiemployer program will become insolvent by the end of its 2026 

fiscal year. If the PBGC were to become insolvent it would not be able to pay the full guaranteed benefit. In that case, your benefit 

could be much less than even the current PBGC guaranteed amount.

Questions?

Visit www.afm-epf.org and click on the “Stay Informed” tab.

Call the Pension Fund Help Line at 212-284-1311. Representatives are available Monday – Friday, 8:00 a.m. to 4:00 p.m. ET

with extended hours from 8:00 a.m. to 7:00 p.m. ET through January 22, 2021. Or submit your question using the “Contact Us” 

form at www.afm-epf.org.

Pension ID Number | Page 3

AFMEPF0220
Page intentionally left blank.

Pension ID Number | Page 4

AFMEPF0221
HOW YOUR MONTHLY PAYMENTS WOULD BE AFFECTED 

This estimate of the effect of the proposed reduction 

of benefits has been prepared for: #22 

Benefit Estimate #22 

Important Information Enclosed 

Please review all information in this packet: 

• This benefit estimate - personalized statement 

showing how your benefit would change if the 

proposed reduction is approved. 

• "Saving the Plan" newslette1· - overview of 

what's happening and why. 

• Notice of proposed reduction of your 

pension benefits - official notice of the Plan's 

application to reduce benefits, including important 

information about your rights. 

□ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ as of January 1, 2022 

This personal estimate shows how your benefit would change IF the proposed reduction, described in the enclosed notice, is 

approved. Not/ting is happening to your benefit right now. If approved, the reduction would take effect on January 1, 2022. 

r 

Unreduced 

Your projected monthly benefit 

as of Janua1y 1, 2022 

without proposed reduction: 

$4,518.38 

Reduced 

Your projected monthly benefit 

as of January 1, 2022 

with proposed reduction: 

$3,593.35 

Under the proposed reduction your monthly benefit is projected to be reduced to 

$3,593.35 beginning on January 1, 2022. 1 

•These numbers are just estimates based on the data and assumptions listed on the next page. 

This is an estimate of the effect the proposed reduction would have on your benefit 

The PBGC provides a backstop when 

a plan can no longer pay benefits. Your 

estimated PBGC-guaranteed monthly 

benefit is: 

$1,760.69 

However, if the PBGC becomes insolvent, 

your PBGC guaranteed benefit could be 

much less. 

under the Plan. It is not a final benefit calculation. This estimate was prepared assuming that the proposed benefit reduction starts on 

January 1, 2022. If the benefit reduction starts later, the effect of the proposed reduction on your benefit might be different. 

The proposed reduction is expected to be permanent. 

Office Use: 

#221 ADEIM AFMEPF0222 

12/15/2020_US_ 4p-10_ 18624-2493 
DD DD DD DD DD DD D MD DD DD D 

As described in the enclosed notice, there are several components of the benefit reduction. For example, the one that applies to 

the most individuals is the 30.9% reduction of benefit multipliers higher than $1.00. This does not mean that your total benefit 

is reduced by 30.9%. This patt of the reduction applies only to benefits earned through December 31, 2009. So, the larger the 

portion of your benefit that was earned after that date, the smaller the impact of the 30.9% reduction on your total benefit. 

However, it's important to keep in mind that while some patticipants would be impacted by only one or two components of the 

benefit reduction, others would be affected by several. With respect to your benefit, the proposed reduction would: 

• Reduce the benefit multipliers* used to calculate benefits for Benefit Contributions earned through December 31, 2009 

(when the age-65 multiplier was higher than $1.00) by 30.9%. 

• Because you started your benefit later than age 65, your initial pension benefit will be recalculated as the greater of: 

- Your benefit calculated using your total Benefit Contributions as of August 1, 2012, or 

- Your benefit calculated using your Benefit Contributions to age 65, with an actuarial increase to August 1, 2012. 

• Eliminate any future annual cost of living increases on the portion of your benefit eatned as of March 31, 2000 under the 

American Federation of Musicians Retirement Plan. 

• Recalculate your re-determination benefit. 

• Ensure that your benefit reduction is no more than the Multiemployer Pension Reform Act (MPRA) allows. 

• Reduce your benefit by a smaller amount than benefits are being reduced for similarly situated younger participants 

because you will be between 75 and 80 as of January 31, 2022. 

*Benefit multiplier: The dollar amount by which each $100 of contributions is multiplied to determine the amount of your monthly 

pension benefit. It varies with your age at your Pension Effective Date and the year in which the contributions were earned. 

Data and Assumptions 

All estimates shown in this statement are the "gross" amount and do not reflect tax withholding or any other deductions. The 

benefit you receive beginning January 1, 2022 will be based on the assumptions and projections shown in this estimate and 

may need to be adjusted later once the final data is collected. 

This estimate is based on the following information from Plan records: 

• Your status as of April 1, 2020 is retired participant. 

• You have 47.25 years of vesting service and pension credit under the Plan as of December 31, 2019. 

• Your date of birth is November 22, 1946. 

• Your initial Pension Effective Date is August 1, 2012. You were 65 when your benefits began. 

• The portion of your benefit that is based on disability is $0.00. 

• A portion of your benefit was earned through March 31, 2000 under the AFM RT Plan. 

• You received Benefit Contributions* totaling $7,596.03 in 2019. 

• Your Benefit Contributions* as of December 31, 2019 for each Benefit Period: 

Benefit Period 

A 11111959 - 12/31/2003 

B 11112004 - 3/31/2007 

C 4/1/2007 - 4/30/2009 

D 5/1/2009 - 12/31/2009 

E 11112010 - 12/31/2019 

Benefit Contributions* 

$16,096.29 

$16,068.96 

$12,210.63 

$3,807.53 

$69,588.03 

•Benefit Contributions are the contributions made to the Plan on your behalf by your employer(s) based on your 

Covered Earnings that are used to calculate your benefit See your Annual Covered Earnings Report for details. Your Annual Covered Earnings Reports are available on the Fund's website (www.afm-epf.org) if you are registered, 

or by written request using the "Contact Us" link on the website. 

Pension ID Number I Page 2 

AFMEPF0223 
Data and Assumptions (continued from the previous page)

This estimate is based on the following assumptions and projections:

● You will have 49.25 years of vesting service and pension credit in the Plan as of December 31, 2021.

● You will be 75 years and 2 months as of January 31, 2022.

● Due to the COVID-19 pandemic, your Benefit Contributions in 2020 and 2021 are assumed to be half of the amount that you

received in 2019, plus a 2.25% annual increase.

● Your projected PBGC-guaranteed benefit assumes no changes to applicable law.

Please note: The data and assumptions listed above are used only for the purpose of providing you with an estimate. The 

COVID-19 pandemic and its impact on our industry have made the setting of short-term assumptions to reflect individual 

circumstances challenging.

������������

If the Plan does not have enough money to pay benefits, your monthly benefit would be no larger than the amount guaranteed by 

the PBGC. The amount of your monthly benefit guaranteed by the PBGC is estimated to be $1,760.69 as of January 1, 2022.

Absent a change in the law, the PBGC currently projects its multiemployer program will become insolvent by the end of its 2026 

fiscal year. If the PBGC were to become insolvent it would not be able to pay the full guaranteed benefit. In that case, your benefit 

could be much less than even the current PBGC guaranteed amount.

Questions?

Visit www.afm-epf.org and click on the “Stay Informed” tab.

Call the Pension Fund Help Line at 212-284-1311. Representatives are available Monday – Friday, 8:00 a.m. to 4:00 p.m. ET

with extended hours from 8:00 a.m. to 7:00 p.m. ET through January 22, 2021. Or submit your question using the “Contact Us” 

form at www.afm-epf.org.

Pension ID Number | Page 3

AFMEPF0224
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Pension ID Number | Page 4

AFMEPF0225
HOW YOUR MONTHLY PAYMENTS WOULD BE AFFECTED 

This estimate of the effect of the proposed reduction 

of benefits has been prepared for: #23 

Benefit Estimate #23 

Important Information Enclosed 

Please review all information in this packet: 

• This benefit estimate - personalized statement 

showing how your benefit would change if the 

proposed reduction is approved. 

• "Saving the Plan" newslette1· - overview of 

what's happening and why. 

• Notice of proposed reduction of your 

pension benefits - official notice of the Plan's 

application to reduce benefits, including important 

information about your rights. 

□ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ as of January 1, 2022 

This personal estimate shows how your benefit would change IF the proposed reduction, described in the enclosed notice, is 

approved. Not/ting is happening to your benefit right now. If approved, the reduction would take effect on January 1, 2022. 

r 

Unreduced 

Your projected monthly benefit 

as of Janua1y 1, 2022 

without proposed reduction: 

$286.68 

Reduced 

Your projected monthly benefit 

as of January 1, 2022 

with proposed reduction: 

$278.43 

Under the proposed reduction your monthly benefit is projected to be reduced to 

$278.43 beginning on January 1, 2022. 1 

•These numbers are just estimates based on the data and assumptions listed on the next page. 

This is an estimate of the effect the proposed reduction would have on your benefit 

The PBGC provides a backstop when 

a plan can no longer pay benefits. Your 

estimated PBGC-guaranteed monthly 

benefit is: 

$247.38 

However, if the PBGC becomes insolvent, 

your PBGC guaranteed benefit could be 

much less. 

under the Plan. It is not a final benefit calculation. This estimate was prepared assuming that the proposed benefit reduction starts on 

January 1, 2022. If the benefit reduction starts later, the effect of the proposed reduction on your benefit might be different. 

The proposed reduction is expected to be permanent. 

Office Use: 

#231 AGM AFMEPF0226 

12/15/2020_US_ 4p-7 _ 13455-5817 
DD DD DD DD DD DD D MD DD DD D 

As described in the enclosed notice, there are several components of the benefit reduction. For example, the one that applies to 

the most individuals is the 30.9% reduction of benefit multipliers higher than $1.00. This does not mean that your total benefit 

is reduced by 30.9%. This patt of the reduction applies only to benefits earned through December 31, 2009. So, the larger the 

portion of your benefit that was earned after that date, the smaller the impact of the 30.9% reduction on your total benefit. 

However, it's important to keep in mind that while some patticipants would be impacted by only one or two components of the 

benefit reduction, others would be affected by several. With respect to your benefit, the proposed reduction would: 

• Reduce the benefit multipliers* used to calculate benefits for Benefit Contributions earned through December 31, 2009 

(when the age-65 multiplier was higher than $1.00) by 30.9%. 

• Adjust your benefit to reflect the fact that you received a lump sum payment of your Retirement Account Benefit. 

• Ensure that your benefit reduction is no more than the Multiemployer Pension Reform Act (MPRA) allows. 

• Reduce your benefit by a smaller amount than benefits are being reduced for similarly situated younger participants 

because you will be between 75 and 80 as of January 31, 2022. 

*Benefit multiplier: The dollar amount by which each $100 of contributions is multiplied to determine the amount of your monthly 

pension benefit. It varies with your age at your Pension Effective Date and the year in which the contributions were earned. 

Data and Assumptions 

All estimates shown in this statement are the "gross" amount and do not reflect tax withholding or any other deductions. The 

benefit you receive beginning January 1, 2022 will be based on the assumptions and projections shown in this estimate and 

may need to be adjusted later once the final data is collected. 

This estimate is based on the following information from Plan records: 

• Your status as of April 1, 2020 is retired participant. 

• You have 15.5 yeat-s of vesting service and pension credit under the Plan as of December 31, 2019. 

• Your date of birth is November 19, 1944. 

• Your initial Pension Effective Date is May 1, 2010. You were 65 when your benefits began. 

• The portion of your benefit that is based on disability is $0.00. 

• You received a lump sum payment of your Retirement Account Benefit. 

• Your Benefit Contributions* as of December 31, 2019 for each Benefit Period: 

Benefit Period 

A 11111959 - 12/31/2003 

B 11112004 - 3/31/2007 

C 4/1/2007 - 4/30/2009 

D 51112009 - 12/31/2009 

E 11112010 - 12/31/2019 

Benefit Contributions* 

$6,964.81 

$0.00 

$0.00 

$0.00 

$0.00 

•Benefit Contributions are the contributions made to the Plan on your behalf by your employer(s) based on your 

Covered Earnings that are used to calculate your benefit See your Annual Covered Earnings Report for details. 

Your Annual Covered Earnings Reports are available on the Fund's website (www.afm-epf.org) if you are registered, or by written request using the "Contact Us" link on the webstte. 

Pension ID Number I Page 2 

AFMEPF0227 
Data and Assumptions (continued from the previous page)

This estimate is based on the following assumptions and projections:

● Your Benefit Contributions and vesting service listed on the previous page will not change.

● You will be 77 years and 2 months as of January 31, 2022.

● Your projected PBGC-guaranteed benefit assumes no changes to applicable law.

������������

If the Plan does not have enough money to pay benefits, your monthly benefit would be no larger than the amount guaranteed by 

the PBGC. The amount of your monthly benefit guaranteed by the PBGC is estimated to be $247.38 as of January 1, 2022.

Absent a change in the law, the PBGC currently projects its multiemployer program will become insolvent by the end of its 2026 

fiscal year. If the PBGC were to become insolvent it would not be able to pay the full guaranteed benefit. In that case, your benefit 

could be much less than even the current PBGC guaranteed amount.

Questions?

Visit www.afm-epf.org and click on the “Stay Informed” tab.

Call the Pension Fund Help Line at 212-284-1311. Representatives are available Monday – Friday, 8:00 a.m. to 4:00 p.m. ET

with extended hours from 8:00 a.m. to 7:00 p.m. ET through January 22, 2021. Or submit your question using the “Contact Us” 

form at www.afm-epf.org.

Pension ID Number | Page 3

AFMEPF0228
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Pension ID Number | Page 4

AFMEPF0229