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AFM Pension to Rise Seven Percent
Increase Takes Effect January 1, 2000
Volume C, No. 7/8July, 2000
Click here for chart summary.
At its meetings of June 5-7, 2000, the Board of Trustees of the American Federation of Musicians and Employers’ Pension Fund voted to increase all Fund benefits by 7 percent, effective Jan. 1, 2000. The last increase had been two years ago, on Jan. 1, 1998.
Current pensioners and beneficiaries will begin to receive the increase in their Sept. 1 checks. The retroactive monies will be sent in a separate check that will be mailed with the September check.
For participants who are not yet receiving benefits, the charts below show the new monthly benefit amounts payable to vested participants who would begin to receive pensions at various ages. The amounts are dollars to be paid per $100 of contributions. These amounts apply both to contributions that have already been made on your behalf, and contributions that are made in the future.
In two other important matters, proposals by the Employer-trustee to raise vesting requirements and to modify the pre-retirement and post-early retirement death benefits were set aside for further study.
The next Board of Trustees meetings are scheduled for mid-October.
HOW YOUR PENSION BENEFITS WILL INCREASE:
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|
Age |
Previous Monthly Amount per $100 of Contributions |
Amount of Benefit Improvement |
New Monthly Amount per $100 of Contributions |
|
65 or older |
$4.35 |
$0.30 |
$4.65 |
|
64 |
$4.18 |
$0.28 |
$4.46 |
|
63 |
$4.00 |
$0.28 |
$4.28 |
|
62 |
$3.84 |
$0.25 |
$4.09 |
|
61 |
$3.66 |
$0.25 |
$3.91 |
|
60 |
$3.49 |
$0.23 |
$3.72 |
|
59 |
$3.23 |
$0.21 |
$3.44 |
|
58 |
$2.97 |
$0.19 |
$3.16 |
|
57 |
$2.70 |
$0.18 |
$2.88 |
|
56 |
$2.44 |
$0.16 |
$2.60 |
|
55 |
$2.18 |
$0.15 |
$2.33 |