It's music to their ears. The pension plan for nearly 50,000 musicians who work in television, film and on Broadway will receive a $1.5 billion investment to save the pension from insolvency.
The American Federation of Musicians and Employers Pension Plan will receive a $1.5 billion pension-fix from the American Rescue Plan, according to an announcement last week by U.S. Senate Majority Leader Chuck Schumer. The plan was projected to run out of money by 2034, at which point the plan would have been forced to cut the pensioners’ benefits by 50 percent.
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