If you're working at at Guild shop, here's a quick summary of the three pensions available to you. If you're working at a non-Guild animation, CG or gaming company, you might want to ask yourself "Why can't I have those kind of benefits?"
"How Much Pension Will I Get?"
There's three pension plans for TAG members. You control one -- the 401(k) Plan -- and it's optional. You either participate in it or not. The other two you are enrolled in automatically. (Meaning you have no choice. You're a participant, like it or not. And you should like it, because it mean a bunch of money is automatically being put away in your name for when you retire.)
As regards the hard-number examples we're about to throw at you, your mileage may vary. If you're working at a Guild shop and you're a part of our plans, you should be getting regular statements -- the 401(k) Plan statements should be coming from Mass Mutual (on a quarterly basis), the pension and IAP reports should be coming from the MPIPHP (on a yearly basis). If you have any further questions about the 401(k) plan, contact Marta Strohl-Rowand at (818) 766-7151 ext. 101. For info about your defined benefit pension or IAP, contact the MPIPHP at (818) 769-0007 or (310) 769-0007 [outside southern California, (888) 369-2007].
The 401(k) Plan is a "no-match" 401(k) plan; it's your contributions only, not the employer's. There's twenty-four investment options to choose from. Money deducted from your paycheck goes into the plan (max is $15,000 in '06; $20,000 if you're age fifty or more.) Money gets tax-deferred (you don't have to pay income taxes on it). Four enrollment periods per year: January 1, April 1, July 1, October 1.
The defined benefit plan: This is paid as a monthly annuity (meaning they'll send you a retirement check every thirty days when you retire.)
Five qualified years are needed to be "vested," that is, to qualify for a pension at the point of retirement. A qualified year is a year in which you've worked a minimum of 400 contribution hours.
Five qualified years with 2,000 hours -- fifty 40-hour weeks -- in each year, would get you approximately $375 per month. Ten qualified years (same hours per year as above) would get you $750 per month, give or take. Twenty qualified years (same hours) gets you in the range of $1,750 per month (after your tenth qualified year, the formula gets a little more generous).
Under the Individual Account Plan, a TAG member making minimum rate of $1,436.56 per week, who works fifty weeks in the year, will end up with $4,220 in her or his IAP account. The IAP is a big basket of money that you can't touch until retirement. The basket, averaged over the past twenty-seven years, has earned interest of 7.5% per annum. (The investment mix is about 60% bonds, 40% stock and real estate.)
So, you're working non-Guild and you'd like these kind of benefits? Help us help you to get them. Fill out and sign a representation card, and get your fellow employees to do the same.