Policies directly affecting beneficiaries include:
In accordance with Paragraph 2(a) of the Film Musicians Secondary Markets Agreement annexed to, and made a part of, the AFM-AMPTP Basic Theatrical Motion Picture and AFM-AMPTP Basic Television Motion Picture Agreements, in the event of the death of a Musician entitled to a distributive share thereunder, the Executive Director shall distribute such share to the beneficiary designated by the Musician on a form provided by the Executive Director for such purpose or, if no such beneficiary be so designated, then to the surviving spouse of such Musician; or if there be no such person, to the Musician’s estate. Upon the death of such beneficiary, the Fund will cease to make any further payments, except as provided below:
Notwithstanding the above, it is the policy of the Fund that a Musician may also designate a “Musician’s Final Beneficiary” (a/k/a “MFB” and formerly described as “beneficiary of beneficiary”) with the Fund. Such Musician’s Final Beneficiary (MFB) must be confirmed in writing by the Musician on a form provided by the Executive Director, and upon the death of the Musician’s beneficiary, the Musician’s distributive share will be distributed to the MFB designated by the Musician. Upon the death of such MFB, the Fund will cease to make any further payments. Only the Musician may designate a MFB. In the event a Musician fails to name a MFB on a form provided by the Fund, the Fund will cease to make any further payments upon the death of the Musician’s beneficiary.
A Beneficiary of Beneficiary (a/k/a “BoB”), who was designated in writing under prior policies by an existing active beneficiary on or before March 31, 2018 will continue to receive the share on account of such beneficiary as designated in writing following the death of such beneficiary. However, the Fund will cease to make any further payments upon the death of such BoB.
- The terms “beneficiary” and “musician’s estate” in Paragraph 2(a) of the Film Musicians Secondary Markets Fund Agreement are meant to include only living human beings and, in the case of “estates”, to include only living human beings who are determined to be the beneficiaries of the musician’s estate. To avoid any doubt, the terms “beneficiary” and “musician’s estate” specifically exclude entities such as trusts (other than a trust established only for the specific benefit of a named individual(s) living at the time of the musician’s death), charities, corporations or similar non-human entities. In the case of a trust established for the specific benefit of a living individual, payments will cease to be made upon the death of such individual or upon the dissolution of the trust, whichever occurs first.
- A beneficiary designation may be subject to certain legal limitations, including limitations with respect to surviving spouses in certain jurisdictions. Musicians may wish to consult with an attorney for further information before designating a beneficiary. The Fund does not, and does not purport to, offer legal or tax advice.
Assignment of Residuals
In accordance with the collective bargaining agreements between the American Federation of Musicians (AFM) and the Alliance of Motion Picture and Television Producers (AMPTP), Film Musicians Secondary Markets Fund (FMSMF) participant Musicians are not allowed to assign their residual wage benefits. Further, a participant beneficiary may not assign residuals payments he or she is eligible to receive on account of the death of a participating Musician. Participant Musicians are expected to complete a beneficiary form to ensure their beneficiary wishes are carried out after their passing.
Dual Musician/Beneficiary Participants – Beneficiary Designation Determination
For participants who are both a Musician and an active Beneficiary of another musician and receiving payments as a beneficiary prior to March 31, 2018:
If there is no Beneficiary of Beneficiary (BoB) Designation Form on file as of March 31, 2018, the payments the Musician is receiving solely as a beneficiary of another musician will cease upon the Musician’s death. However, if a Musician does not have a Beneficiary Designation Form on file at the time of his/her death, but was an active beneficiary with a valid BoB Form on file, this BoB Form will be used to determine his/her beneficiary.
Additionally, if the Fund has both Forms on file [the Musician’s Beneficiary Designation Form and a previously executed Beneficiary of Beneficiary (BoB) Designation Form covering the Musician’s status as an active beneficiary receiving residuals on account of another Musician as of March 31, 2018] and each Form designates a different beneficiary, then the Fund will comply with the designation(s) as indicated on each Form.
If you would like, you can update your Beneficiary Designation Form(PDF).