iradiophilly Philadelphia's Internet Radio Community

Philadelphia's Internet Radio Community
More Music. Fewer Interruptions. Just what you want to hear.

 
FOLLOW: FREE MOBILE APPS:
facebooktwitter Apple AppStore Google Play Store
   
Symphony
Classical and Contemporary Favorites.
   
 
Listen Live Listen Live - 21 FREE Internet Radio Stations - We Are Philadelphia!
 
 
Advertise With Us
 
 
 
     

THE POST | News | Sports | Culture | Business | Free Forum

 
The Post  
 
Philadelphia Orchestra Musician Pension Fund Opposes New Labor Contract
 
  by: Rebel - Havertown, PA
started: 10/13/11 7:20 am | updated: 10/13/11 7:20 am
 
Details haven't been revealed yet on a new labor contract for Philadelphia Orchestra musicians, but the national pension fund representing 50,000 musicians says it opposes the contract because it ends the association's participation in the pension fund.

But the new pact and pullout from the fund are several steps from conclusion. The contract must be ratified by players, approved by the Philadelphia Orchestra Association board, reviewed and approved by the Pension Benefit Guarantee Corp., and ruled on by the judge in the association's bankruptcy case.

The association declined to comment.

You're welcome to comment, and enjoy continuous commercial free classical music, right here on Symphony on iradiophilly.com.




The $1.7 billion pension fund repeatedly has said that it will fight to recover from $23 million to $35 million it says it will be owed if the association withdraws. It is attempting in court to show that portions of the orchestra's endowment are not restricted, and are therefore available to satisfy the fund's financial claim.

Orchestra management is attempting to move musicians to a defined contribution plan from the current defined benefit plans as part of its April 16 bankruptcy petition. The deal before players calls for deep salary cuts, and for the association to contribute between about 8 and 10 1/2 percent to musicians' 403(b) plans, according to a sliding scale pegged to age.

"In light of the trustees' responsibility under federal pension law, the fund currently sees no alternative to litigation to protect the interests of all of its participating musicians," said Alan Raphael, cochair of the American Federation of Musicians and Employers Pension Fund.

In a statement, the fund said "an agreement reached by the Philadelphia Orchestra Association is the culmination of a strategy to avoid its obligation to pay the fund contributions of up to $35 million it owes for benefits earned by its musicians."
 
Listen Live! Everything from Bach to Rock, Philadelphia's Internet Radio Community
Choose from 20 Internet Radio Stations today.
 
TOP STORIES
Female Killed in Shooting at Mercy in Darby; Mother and Daughter Die from Food Truck Explosion - 07/24 6:13 pm

Dar Williams Bryn Mawr Twilight Concert Series Sunday, July 27th - 07/24 2:59 pm

ROCK REMEMBERS ALBUMS AND BIRTHDAYS JULY 24TH - 07/24 7:35 am

Main Line McDonald's Drug Bust, Gay Organizers Upset Over Harrah's Security, Fruit Recall - 07/24 6:33 am

Center City Israel Palestine Rallys, StubHub Hacked, DO AC Beach Concerts - 07/23 10:20 pm

 
(0) responses
 

THE POST | News | Sports | Culture | Business | Free Forum

 
 

Welcome to iradiophilly! Philadelphia's Internet Radio Community

Welcome! This is a new Philadelphia gathering. The music is always on, so find a radio station and enjoy. Start listening now for FREE! There’s usually a conversation in The Post you’ll find interesting. If not, join and start one. You can find Events or Businesses in and around Philly and you can list yours here for free. There are also great opportunities to become a sponsor or advertise. We’re designing the radio stations and iradiophilly to reflect your tastes, so we’ll want your input. We’re glad you’re here. Invite your friends.

 
   
   
    FOLLOW: facebook twitter rss rss rss youtube
HOME | ABOUT | ADVERTISE | CONTACT | EVENTS | PHOTOS | STATIONS | SPONSORS | BUSINESSES/ORGs | SCHEDULE | SITEMAP | THE POST   © 2010-14 Internet Radio Partners, LLC
    Site Design by Bananaland | Built by quadpain media