The American Federation of Musicians Pension Receives $1.5 Billion

U.S. Senate Majority Leader Charles E. Schumer has announced that The American Federation of Musicians and Employers Pension Plan will receive a $1.5 billion pension-fix, Deadline reports. AFM is a labor union representing professional instrumental musicians in the United States and Canada, including Broadway, orchestras, bands, film, and more.

The pension plan was originally projected to become insolvent and run out of money in 2034 before this reform.

“So many AFM members thought it would be lights out and closing curtain for their pensions by 2034, but because of the pension reform I championed in the American Rescue Plan they can now breathe a sigh of relief," Schumer stated.

"Thank you, US Senator Chuck Schumer for helping to save our pension!" reads a statement from AFM Local 802 on social media. "Your work with President Biden and the Democrats were crucial for passing the American Recovery Plan, which will ensure that our pension plan will remain stable for years to come."

Read the original story on Deadline.

About AFM

The American Federation of Musicians of the United States and Canada (AFM) is an AFL-CIO affiliated labor union representing 70,000 professional musicians in the United States and Canada. The AFM, which has its headquarters in New York City, is led by President Tino Gagliardi. 

Founded in 1896, the AFM is the largest organization in the world representing professional instrumental musicians playing in orchestras, bands, clubs, and theater—both on Broadway and on tour. AFM members make music for film, television, commercials, and sound recordings. The AFM negotiates fair agreements, protects ownership of recorded music, secures benefits such as health care and pension, and lobbies for musicians and the rights of workers.