Politicians on both sides of the political spectrum are exploring the possibility of reducing Social Security. Employers are underfunding their pension plans - when they can’t terminate them altogether - and forcing workers to pay for their own retirement. Maintaining their current quality of life is likely to be increasingly challenging for the next generation of retirees. The IATSE believes people who’ve spent a lifetime working deserve a dignified and secure retirement. In order to ensure that, the IATSE National Benefit Plans administer pension and annuity funds. (There are some locals that administer their own plans.)
Pension Plan B
Pension Plan B is based upon employer contributions, above and beyond wages, for each day worked. It is designed to serve the retirement needs of full-time or regularly scheduled staff employees. Eligibility for a Plan B pension is based upon a participant earning a minimum of five pension credits. A pension credit is earned for each year in which an employee receives 210 days of employer contributions.
Pensions under Plan B are payable as a normal pension, early retirement pension, disability pension or vested pension. If you decease, they are payable to your beneficiaries.
Pension Plan C is designed to serve the retirement needs of freelance workers. It is also based upon employer daily contributions. Participants earn a pension credit each year in which an employee receives 75 days of employer contributions. If you earn five pension credits, you are entitled to receive a pension.
Under IATSE contracts, Employers typically pay a percentage of employees’ wages into the IATSE National Annuity Fund. Employees are fully vested with the first Employer contribution. You can withdraw your contributions when you retire, in either a lump sum or installments. Prior to your retirement you can also withdraw your contributions if you leave covered employment or experience certain financial hardships.
Under IATSE contracts, employee’s whose employer contributions exceed three percent (3%) to the IATSE National Annuity Fund are permitted to make additional pre-tax contributions to their annuity accounts by diverting eligible wages. These employee self contributions are combined in the same account with your Employer annuity contributions. You are eligible to receive these contributions in the same manner as your annuity contributions.