This multi-employer defined benefit plan provides retirement income security for professional musicians. Eligibility typically stems from employment under collective bargaining agreements with locals of the American Federation of Musicians. Participating employers contribute to the fund, which invests these contributions to generate returns and pay benefits to eligible musicians upon retirement. A defined benefit plan promises a specific monthly benefit amount based on factors such as years of service and earnings.
Retirement security is a critical concern for individuals in many professions, especially those with potentially fluctuating incomes like musicians. This particular plan offers a vital safety net, allowing musicians to focus on their craft knowing they have a source of income after their performing careers conclude. Established decades ago, it reflects the collective efforts of musicians and their employers to address the unique challenges of retirement planning in the music industry. Its historical significance lies in its role in providing stability and peace of mind to countless musicians.
