11/9/17
I. THE TRUTH ABOUT AFM-EPF EXPENSES
II. STUDIO CONSOLIDATION – MEMBER COMMENT and LINK
III. ASMAC WORKSHOP WITH CHRISTOPHER YOUNG – NOV. 11th (TOMORROW!)
IV. MEMBER COMMENT
V. EVENTS
…Absolutely guaranteed anonymity – Former Musician’s Union officer
…The one voice of reason in a sea of insanity – Nashville ‘first call’
scoring musician
…Allows us to speak our minds without fear of reprisal – L.A. Symphonic musician
…Reporting issues the Musicians Union doesn’t dare to mention – National touring musician
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I. THE TRUTH ABOUT AFM-EPF EXPENSES
Musicians for Pension Security has discovered more
manipulation of the facts by AFM-EPF Trustees who
are trying to spin the truth about the performance of
our pension fund. Recently posted to the AFM-EPF
website is an updated presentation concerning our
fund performance (you can find it here) where the
Trustees state that AFM-EPF administrative expenses
are “comparatively low” within the peer group.
The peer group consists of five other pension plans,
all in the entertainment industry. Given the Trustees’
spotty record for accuracy in these matters we decided
to check it out. Not surprisingly, MPS found the Trustees’
statements to be inaccurate and misleading.
Our analysis found that the administrative costs of AFM-EPF
are by far the highest in the peer group. We did this by using
a standard measurement for cost efficiency, comparing the
administrative expenses to assets under management.
What we found is that the average in the peer group was
0.73% whereas the AFM-EPF is 1.21%. The AFM-EPF’s
expenses are 49.4% higher than the average in the peer
group of five other entertainment industry pension funds*.
We also compared the salary of the highest paid employee
in the peer group. As many of you know, Maureen Kilkelly,
the Fund Administrator of AFM-EPF since 1997, as of 2015
makes $422,667 per year. The peer group average is $231,346.
AFM-EPF Fund Administrator Maureen Kilkelly’s salary is
57.7% higher than the average for the peer group.
Clearly, all that extra expense does not produce better
performance at the AFM-EPF. We came to this conclusion
by comparing the peer group of five entertainment industry
pension plans funded ratios versus funded ratio of the
AFM-EPF. Pension plans track their financial health each
year by calculating its funded ratio through a simple formula
that divides plan assets by the present value of benefits
they must pay to participants.
The average funded ratio for the peer group is 89.5%.
Ours is 69%. AFM-EPF Funded Ratio is 25.8% lower
than the peer group.
Finally, we compared net cash flow of the peer group
vs. AFM-EPF. We found that each of the five peer funds
are strongly cash flow positive, while ours is the only
one that is cash flow negative.
We are losing $121.2 million per year.
In last week’s email, we highlighted a statement that
President of Local 802 Tino Gagliardi (AFM-EPF Trustee
since 2010 and Investment Committee member) made
about the state of the pension fund:
“In the eight years since the end of the financial crisis,
the Fund’s average annualized return is 9.8% before fees.
That’s good, particularly since, in three of those years,
the fund didn’t make its target 7.5% assumed rate of
return**.”
Using numbers straight from the Trustee’s own investment
reports MPS showed plan participants just how bad the
investment performance has been, and how off base President
Gagliardi’s assessment is.
This week MPS again took the Trustees’ own numbers, from
their updated AFM-EPF presentation, to bring clarity to the
issue of expenses and we have come to the same conclusion:
They continue to spin the numbers and they are not straight
with us. We have to ask again: Where is the accountability?
Where is the transparency? And when are the Trustees
going to do something to address the poor performance
of this pension fund?
________________________________________________
Screen Actors Guild (SAG) International Alliance of Theatrical
Stage Employees (IATSE)
Producer-Writers Guild of America
Pension Plan (PW) Directors Guild of America (DG)
American Federation of Television and Radio Artists (AFTRA)
American Federation of Musicians (AFM)
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II. STUDIO CONSOLIDATION – MEMBER COMMENT and LINK
Another Change for the neighborhood. Consolidation. While new players are entering
the business, Amazon, Apple, Netflix, etc.the big four are inevitably were going to feel
the squeeze. CBS Hollywood Sale has shown how the
Business is retiring from the old business model to survive the new kids on the block.
So what have WE done? Let LA Burn for the few.
When the big four made themselves distributors of film years ago to control the product
in movie theaters, now with a future of streaming, who needs distribution. People
will watch where and what ever they want.
See Link:
http://www.latimes.com/business/hollywood/la-fi-ct-disney-fox-sale-talks-20171106-story.html#share=email~story
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III. ASMAC WORKSHOP WITH CHRISTOPHER YOUNG – NOV. 11th (TOMORROW!)
This coming November 11th, ASMAC will be having a
winning masterclass with Award Winning Composer
Christopher Young!
Join ASMAC for an exciting Master Class
with Christopher Young!
“Scoring Genre Films”
Moderated by Sylvester Rivers
Saturday, November 11th – 11:00am – 2:00pm
Over the years Chris has scored over 125 movies including Spider-Man 3,
The Rum Diary starring Johnny Depp, The Hurricane with Denzel
Washington, The Shipping News with Kevin Spacey and Drag Me
To Hell. Chris has been on the faculty of the USC Screen Scoring
program for over ten years, a two-term past president of The Film
Music Society and the president of the Madrid Film Music Festival
in Spain. Young teaches and mentors around the world in countries
including Bulgaria, Ireland, Germany and Australia and in 2010
established the “Tilden House” residency program, providing
housing assistance to those who might not otherwise be able to
start or continue their composing careers in Los Angeles
MODERATOR
Composer, arranger and pianist Sylvester Rivers has recorded with
numerous hit artists including Lionel Richie, Diana Ross, The
Jacksons, Sammy Davis, Jr., Dionne Warwick, Nancy Wilson,
Kenny Rogers, Johnny Mathis, Aretha Franklin, New Edition,
Smokey Robinson, The Temptations, Gladys Knight & The
Pips, Barry White, Marc Bolan & T. Rex, Ray Parker, Jr. &
Raydio, Deniece Williams, The Fifth Dimension and many others.
Composing, arranging and orchestrating for television and film,
as well, such as the television series, “Fame,” songs for the Kevin
Bacon/ Laurence Fishburne film, “Quicksilver,”
“Breakin’ 2: Electric Boogaloo,” “The Arsenio Hall Show”
and numerous others, he has been prolific in producing music
throughout a wide spectrum.
The masterclass will take place at
Rancho Cordillera del Norte
9015 Wilbur Ave
Northridge, California 91324
ranchodelacordillera.com
Cost will be $25 for members and students.
$40 for non-members
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IV. COMMENT
Re: Ripinsky – Moving company is holding
our archive. Being kept safe.
2,400 sq. foot area for archive.
74 filing cabinets of contracts.
some out -of-work musicians could be employed to
go through all 74 cabinets of those contracts, and
with Mr Ripinsky’s guidance, find some of us the
money we will never have otherwise. (i wonder..
how many contracts were destroyed in that
mysterious fire ?)
i have suggested this to union bigwigs since Max
Herman days; they all looked at me like i was nuts.
there’s work dues in those files, you idiots !
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V. EVENTS
DEAN AND RICHARD
are now at Culver City Elks the first
Friday of
every month.
7:30pm-10:30pm,
11160 Washington Pl.
Culver City, 90232
310-839-8891
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11/9/17
Orchestre Surreal
Thursday November 9th – 8PM
The El Portal Theatre
5269 Lankershim Blvd
North Hollywood, CA 91601
Ticket Price – $30
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11/12/17
DOCTOR WU at VITELLO’S
Sunday, November 12th, 2017
If you love the music of Steely Dan, please join us for this
special night as The Doctor Wu Band returns to Vitello’s
(upstairs) for another great show. This is a beautiful listening
room with delicious Italian cuisine. With the passing of the
great Walter Becker, co-founder of Steely Dan, shortly after
our last show, we are honored to be back and playing this
timeless music for you once again.
** Table reservations/Advanced Tickets are $10 and strongly
recommended. Click here to make your reservation:
http://www.vitellosrestaurant.com/purchase-tickets
Please note: Vitello’s recently implemented a $10 increase
in the cover at the door on the day of the show so be sure
to reserve in advance **
818.769.0905
4349 Tujunga Ave
Studio City, California 91604
Valet or street parking
About the The Doctor Wu Band:
Steely Dan produced an amazing number of recognizable
radio hits well known to all. The Doctor Wu Band’s recreations
of this astonishing string of chart-toppers and album favorites
have thrilled fans all over Southern California for over a decade!
With a full line-up that includes a 4-piece horn section, this
talented group of professional players love to have fun and
share the joy of performing the music of Steely Dan.
Members of Doctor Wu have performed and recorded with the
likes of Chicago, Dave Benoit, Echo & the Bunnymen, Stanley
Clarke, UB40, Dionne Warwick, Chaka Khan, Poncho Sanchez,
The Temptations, Jay Graydon and more.
Line up:
Tony Egan: Lead Vocals
Leigh DeMarche & Lauri Reimer: background vocals
Gil Ayan: Guitar
Steve Bias: Bass and backgorund vocals
Mark Harrison: Keyboards
Roch Bordenave: Trombone
Jeff Dellisanti: Saxophones
Frank Villafranca: Saxophones
Kurt Walther: Drums
Andy Weiner: Trumpet
We look forward to seeing you there!
The Doctor Wu Band
http://www.doctorwuband.com/
https://www.facebook.com/doctorwuband
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UNTIL NEXT TIME, THE COMMITTEE FOR A MORE RESPONSIBLE LOCAL 47
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AFM-EPF EXPENSES / CONSOLIDATION / CHRIS YOUNG WORKSHOP / COMMENT / EVENTS « The Committee For A More Responsible Local 47