Trustees of the American Federation of Musicians’ pension fund told participants today that they will submit a second application to the U.S. Treasury Department to reduce benefits to prevent the Fund’s insolvency within the next 20 years. If approved, the proposed benefit reductions would go into effect on January 1, 2022, and participants and beneficiaries of deceased participants will be notified early next month of their estimated reduced benefits — some by as much as 40%.