Creative people being "ripped off by the white man"? Gee, that's news!

What I know about finance could fit into a thimble, and leave room for the Empire State Building. Nonetheless, a few things have become apparent, even to those of us who work in and around showbusiness,

The entertainment industry traditionally thrives during a down economy. That's not news. This down economy is different, though. Those who understand how and why the current situation came to be are saying it's worse than the cyclical ups and downs that previous Republican administrations had given us; in other words, the last guy was the worst we've seen in a long time.

Nonetheless, that doesn't affect musicians and other creative artist directly. Here's something that does: pension funds. Many musicians, actors, dancers, and others in the creative arts have worked at union jobs for part, most, or all of their careers. As part of employment with a union shop (such as the New York Philharmonic), they had a small pension contribution made on their behalf each time they performed. That pension fund was adminstered by God knows who, over decades. And now, union pension funds all over the country are invested in financial products that may have only ten percent of the value they had only two years ago.

Musicians: You're the first creative arts union to get the bad news. The American Federation of Musicians' and Employers Pension Fund recently announced that they're in really bad shape .

Since this is a crisis, we will defer the rant about how "Employers" could possibly be included by name /title in a union pension fund.

SAG and AFTRA are in slightly better (but not MUCH better) shape. If I understand their situation correctly, their pension funds merged around October 2008. Many of the union members of both unions wanted to merge the funds, but it didn't happen until very recently.

HOWEVER, as with many in SAG and AFTRA, there's some drama involved. The Actors Fund is suing JP Morgan for mismanagement/breach of fiduciary duties.

What a joy, huh?

People in all industries who looked forward to benefits after having spent thirty or forty years working union jobs, sticking by their unions–even during labor disputes, walkouts, and other tough times may not have anything left to which they can retire.

I don't mean to be an alarmist. What I know about money is...well, not a lot. But the stories I'm reading about failing banks, investment houses with stocks down to $1.50 or so, frighten me. Musicians, actors, dancers, or anyone else who worked a union job in the entertainment industry should be checking their pension funds often.

If it's possible to take your money out for a while, maybe that's the way to go. Talk to your investment advisor. If you don't have an investment advisor, get one. If you don't know how to get one, e-mail me, and I'll send you some information. I don't know about money, but I know people who do–and none of them are affiliated with a major bank or with Bernie Madoff. I don't claim to know about money. However, I care a lot about people who create art or who entertain for a living.

For those of you in other creative arts unions who are / were looking forward to some variety of retirement benefits, I'd love to know what your circumstances are.

Bottom line; CHECK YOUR PENSIONS!!!!