Senate Majority Leader Chuck Schumer has announced that the pension plan for the American Federation of Musicians (AFM) will receive an unprecedented $1.5 billion pension fix. AFM is the union representing musicians who work across Broadway, in orchestras, on television and in film.
AFM’s pension fund was on track for insolvency by 2034, meaning after that time the union’s 50,000-person membership would not receive their full retirement income into which they have paid during their careers. Union members’ retirement benefits would have been reduced to approximately 50 percent of the original amount.
The relief funds are part of the American Rescue Plan, backed by Schumer and passed in 2021. Schumer supported the inclusion of the Butch Lewis Act, which works to secure pension solvency, in the plan.
