The quarterly general membership business meeting of the Cincinnati Musicians’ Association was called to order on June 30, 2014 at 7:09 PM.
23 members were present.
Minutes from the March 31, 2014 quarterly meeting were read and approved.
- President Frankenfeld welcomed members.
II. Constitution Revision Committee Recognition:
- President Paul Frankenfeld gave a brief review of the work done by the Constitution Review Committee. The work began in 2010 with Mimi Sinclair as Chair. The work was intense and scheduling was a consistent challenge. President Frankenfeld praised Mimi for her efficiency and dedication in running the meetings. The document was filled with ancient and archaic language. Lively discussions were had over many sections throughout the course of the revision process.
- Steve Hoskins transitioned to Chair when Mimi Sinclair returned to graduate school.
- Once the revision process had been completed the document was handed to the Board for review. The Board took great care to discuss several items for clarity and consistency. The Board then checked with the AFM National Office and legal council.
- The process for ratification was also reviewed by the AFM Legal Council. Ballots were sent to each member. Members were asked to vote on each individual section. Members could either read the document online or request a hard copy from the office. Each section needed a simple majority to pass.
- President Frankenfeld thanked Mimi for her dedication and hard work on this lengthy and challenging job. A heartfelt round of applause was given from the members present. President Frankenfeld added that Barbara Owen, AFM Legal Council, was astounded at the speed at which the process was done.
- The Board had discussed at length, several options for saying ‘Thank You’ to the members of the Constitution Revision Committee. It was decided that a gift card in the amount of $250 was to be given to each member of the Revision Committee.
- President Frankenfeld recognized members of the Revision Committee that were present. Mimi Sinclair, Barbara Lambert, Elizabeth Motter, and Joe Gaudio.
III. Pension Fund Update
- President Frankenfeld gave a brief synopsis of the Pension Fund background.
- According to current definitions the fund is still in the red zone even though it could pay all of its obligations through the year 2045.
- There is a plan in action to rehabilitate the fund and how it is invested. Create more diversity is just one of the actions taken.
- It is very close to reaching the 2 billion dollar mark and when it does it will move into the yellow zone.
- The current multiplier is still at $1 but when the fund moves to the yellow zone the multiplier can increase.
- President Frankenfeld encouraged all members to create their own password on the pension site. It has a calculator that you can use to project your pension. All members get a mailing, usually in August, and it should be checked for any discrepancies. If a problem is detected it is recommended to contact the Pension Fund Office. They have excellent customer support.
- President Frankenfeld entertained questions from the floor. Q: If you are getting and still contributing is it true they can reduce what you are receiving? A: Yes. The formula is very confusing. Paul explained that there is usually a need for a three-month hiatus in employment before working and contributing again.
- President Frankenfeld also encourage members to update their beneficiaries as survivor benefits have also changed. You must select either 50% or 75% for the survivor rates.
- Mimi Sinclair asked if there was a treasurer’s report. President Frankenfeld responded that the annual audit was currently in progress and that the results will be shared in the September meeting. He added that the financial status is solid. The auditors have actually merged with another company and as such the process has become even tighter.
- Elizabeth Motter commented that the conversation at the last meeting was very nuanced. Perhaps more than what the minutes reflected as read.
- Joe Gaudio urged everyone present to reach out to members that have not attended meetings lately. He urged everyone to come and voice any concerns. Nothing is held against individuals.
- Office Manager, Rhonda Gillum, reminded members that we have had a lot of members pass away. Please check your beneficiary. If it needs to be updated please contact the office for help.
Mimi Sinclair motioned that the meeting be adjourned. Joe Gaudio gave the second.
The meeting was adjourned at 7:48PM