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AFTRA H&R Trustees Issue Statement Regarding Feasibility Review Published by AFTRA and SAG
2/2/2012 11:03:00 AM
Summary ... AFTRA H&R Trustees have issued the following statement:
Full story ... The Trustees of the AFTRA Health & Retirement Funds have issued the following statement regarding the P&H / H&R Feasibility Review recently published by the American Federation of Television and Radio Artists and the Screen Actors Guild:
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| Recently, a document entitled "Feasibility Review" was posted on the SAG and AFTRA websites and purported to discuss the feasibility of a merger of the AFTRA and SAG health and pension plans. This document contained the opinion of various lawyers stating, among other things, that there are no legal impediments to merging the plans. Included among the legal opinions was one from co-counsel to the AFTRA Health & Retirement Funds, Jani Rachelson.
The Board of Trustees of the AFTRA Health & Retirement Funds wishes to make it absolutely clear that the opinions expressed in this "Feasibility Review" in no way represent the opinion of AFTRA H&R’s Board of Trustees. The Board of Trustees did not request or authorize this opinion of Fund co-counsel and had no prior knowledge of this letter before reading the posting on the websites.
Although there is no doubt that plan mergers are legally permissible in appropriate circumstances, the merger of pension and health funds as large and divergent as the AFTRA and SAG plans raises complex and unique financial, legal and benefit issues which can only be addressed through a comprehensive analysis performed by the funds.
No position has been, or will be, taken by the AFTRA Health & Retirement Funds Trustees or its co-counsel until such time as a comprehensive feasibility study is performed. |