The New York Times catches up on the Philadelphia Orchestra's bankruptcy, and adds some valuable national perspective to the latest pension developments. The orchestra is changing all of its pension plans: it won approval this week to turn over two of its internal plans to the federal government, and is also pulling out of the national pension plan in which several U.S. orchestras are participants.
Says the Times story:
“One of the flagship orchestras of the United States chose to take this path, which transferred its burden to other orchestras and individual musicians,” said Deborah Borda, the president of the Los Angeles Philharmonic and a critic of Philadelphia’s strategy. “It’s an abrogation of responsibility.”
Philadelphia Orchestra president Allison B. Vulgamore responds:
“The Philadelphia Orchestra is managing its own situation with choices that are available to it,” she said. “I would not say that anything that is happening translates to other orchestras. I wouldn’t be so presumptuous.”
Read the full story here.