Philly

[bisontuba]

FYI-mark

http://artsbeat.blogs.nytimes.com/2011/ ... agreement/" target="_blank

[Mark]

Orchestras that contribute to the [AFM retirement] plan nationwide worry that their burden will be increased if a major contributor like Philadelphia pulls out, and musicians fear for the fund’s stability.

I'm not sure this makes sense. Are the members of the Philadelphia Orchestra paying other musicians' pensions?

[bisontuba]

Hi-
If I understand correctly, the Philly Orch still owes approx. $35 million to the AFM pension fund--I believe they want to distress terminate their participation through PBGC--$35 million is a nice chunk of change, and the administration of Philly is trying not pay it due to the possible distress termination.
mark

[gwwilk]

The perils of 'Defined Benefit' vs. 'Defined Contribution' pension plans. Defined Benefit plans regularly disappear through bankruptcies. If you have a choice, pick Defined Contribution--then your money is still yours. [rant][thread hijack]A classic example of Defined Benefit is Social Security, and we all know how that's going to work out in the end. The current scam is to raise Social Security benefits 3.6% via COLA, then to yank most of it right back out through increased Medicare premium deductions. The only reason Social Security seems viable is because it's mandatory; otherwise everyone would opt out. Meanwhile a nonexistent SS 'Trust Fund' that has been 'accumulating' for the past 35 years has simply been spent by Congress in order to balance their profligate budgets. In order to replenish the 'Trust Fund', there's nothing like paying a tax twice, is there? Mark Twain said it best: "It could probably be shown by facts and figures that there is no distinctly native American criminal class except Congress." [/rant][/thread hijack]

[luke_hollis]

I guess the Philly folks had more sense than to strike in a tough economy. If only the NBA could pull their head out of their arse to see the forest through the trees....