 The Clarinet BBoard
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Author: kdk ★2017
Date: 2019-03-12 21:46
"The press release says that the Board of Trustees has presented the orchestra with a reduced benefits package, which includes an end to pension stipends of $3,000 per year for orchestra members after they retire."
This confuses me. Surely, their current defined pension benefit is more than $3,000/year. Is a "pension stipend" different from a monthly pension distribution payment?
The move by management away from defined benefit plans toward defined contribution retirement programs is, of course, epidemic in every area.
I think Muti took the same position when he was in Philadelphia during one of the orchestra strikes here.
Karl
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Author: Paul Aviles
Date: 2019-03-12 22:32
Wow, this is not good folks.
One of our top tier orchestras having issues with money is a really bad sign.
I was told just the other day that there are several "principal positions" within the CSO that have been left unfilled presumably to save money. They also have recently started featuring "sponsored" chairs in the programs. Though many orchestras have done this for some time, it is new in Chicago.
Finally, I was told about a year ago that the vaunted summer home of the Chicago Symphony (Ravinia) had turned into just another pop music venue in recent years.
NOT good
................Paul Aviles
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Author: Paul Aviles
Date: 2019-03-12 22:58
Maybe none of this would have happened if they had just hired Ricardo Morales' wife?
..................Paul Aviles
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Author: fernie121
Date: 2019-03-12 23:08
I feel for the musicians, but I don’t really know what they expect. They do. It being in enough money. It’s really that simple. Or am I missing something here? I do think that if certain benefits were promised, than they should be honored. Orchestras across the country need to figure out innovative ways to bring in more revenue.
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Author: Paul Aviles
Date: 2019-03-12 23:37
Well the typical revenue enhancement I've seen around the country is more concerts with featured "pop" soloists, or nights that are just showing "Raiders of the Lost Ark" on a screen while the orchestra performs the movie's score.
As a person who loves classical music, neither of those options is ideal. I also see that trend eroding the future classical music attendance just as much as messy musician's strikes.
I would think some of the lost revenue to classical ensembles is caused by the gutting of recording revenue. Why buy an "album" for $15 when you can stream it all day long on your phone for $10/month at a higher resolution?
For me, the solution is an entirely new delivery system for music. You guys won't like it, but it will ultimately make musicians and the music industry viable again.
................Paul Aviles
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Author: kdk ★2017
Date: 2019-03-13 00:07
Mark, the first link in your post is giving me a 404 error. Do you know if the page has been taken down, or could there be a mistake in the link?
Karl
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Author: Mark Charette ★2017
Date: 2019-03-13 01:05
kdk wrote:
> Mark, the first link in your post is giving me a 404 error. Do
> you know if the page has been taken down, or could there be a
> mistake in the link?
No mistake on the link ... 404 comes up if you use the link from http://www.chicagosymphonymusicians.com directly ... where I copied it from initially. It was working a couple hours ago.
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Author: bradfordlloyd
Date: 2019-03-13 15:08
I'm a huge fan of the CSO and definitely stand with the musicians who are the best in the world.
However my own company a few years back was forced to convert my pension into a 401k to ensure solvency of the company into the future. Given the current state of orchestral music, it's certainly a prudent step to consider alternatives to pensions from a business standpoint.
Am I wringing my hands and concerned about my own retirement and the possibility that the risk of having assets in the market may be a challenge as I age? Heck yeah. So I also sympathize with the musicians.
Not an easy issue....
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Author: Mark Charette ★2017
Date: 2019-03-13 18:40
bradfordlloyd wrote:
> However my own company a few years back was forced to convert
> my pension into a 401k to ensure solvency of the company into
> the future. Given the current state of orchestral music, it's
> certainly a prudent step to consider alternatives to pensions
> from a business standpoint.
As you say, it's both a financial and emotional issue.
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