Quarterly General Meeting/March 30, 2015
The quarterly meeting of the general membership of the Cincinnati Musicians’ Association was called to order on March 30, 2015 at 7:06PM.
13 members were present.
The minutes of the December 1,2014 quarterly meeting were approved as read. M/S was Nott/Gaudio
I. President’s Report
- President Frankenfeld reported that the contract negotiations for the CSO were underway. The process has been cordial and looks positive.
- Renovation of Music Hall is moving forward very quickly. So far no musicians have been involved in the process. The Symphony will be moving to the Taft Theater during renovations. They are hoping for continued good corporate sponsorship. Member Martin James asked if there was a possibility of adding additional performances since the Taft is a smaller venue. President Frankenfeld responded that there has been no mention of that being a possibility.
II. Pension Update
- The Pension Fund is totally governed by IRS rules. Since the fund was put into the orange zone, indicating steps should be taken to improve the security of the fund, it is approaching the $2 billion level. It was $2.3 billion at its highest level.
- The trajectory appears to be upward although there have been more people accessing their pension than predicted. This is perhaps fallout from the 2008 financial crisis. It is moving toward achieving ‘green zone’ status. It has to be in the green zone for two years before the current multiplier can be changed. The investment strategy is becoming more aggressive.
- Some organizations are beginning to offer younger players various 401b options.
- If you are already collecting your pension there is no need to be concerned. Payments will continue.
I. New members
- There have been a good number of new members in 2014. President Frankenfeld did extend a personal invitation for tonight’s meeting. Unfortunately, few were able to attend.
II. Recording Industry
- The recording industry has dropped to 30% of work dues collected. Symphonies now account for 65%. The remaining is made up through tours, etc.
Meeting was adjourned at 7:42PM and was followed by dinner. Dinner included Irish stew, two vegetarian entrees, home made soda bread and hot cross buns as well as homemade fudge and brownies.