Narrowcast time. I spent the day in Cathedral City attending a meeting between IATSE (that's the international union to which TAG belongs) and the AMPTP (Alliance of Motion Picture and Television Producers.) We got a long report on the health of the Motion Picture Industry Pension and Health Plan, and here's a few factoids you should know:
* The Pension Plan sends monthly checks to over 11,000 retirees.
* The Plan has over 2500 participants who have more than $100,000 in their Individual Account Plans.
* Investment income for the Plan totalled $516 million in 2006.
* The "Defined Benefit" part of the Industry Pension Plan (the part that spits out monthly checks to retirees year after year) has had annual earning of 9.8% over the past two decades.
* The Individual Account Plan (this is the part of the plan that is an investment account for each participant) has earned 9.2% for the last twenty years.
* Plan actuaries project that a plan participant who started in the Plan in 1997 and works 2000 per year over twenty years will have $250,000 in her/his Individual Account Plan account at the time or retirement.
* Over thirty "2000 hour" years, money in a participant's I.A.P. account will grow to $500,000*.
* This assumes no further increases in IAP contributions and a 3% cost-of-living wage increase over that twenty (or thirty) year span.
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4 comments:
I've been full time employed in the union since 1990. How do I find out where I stand in the plan?
I think the easiest way is call the Motion Picture Industry Pension Plan.
(818) 769-0007 (ext. 627)
Give them your SSN. Ask them what your Individual Account Plan is. Ask them what your "Defined Benefit" is.
So the defined benefit number is what I am eligible to receive as a monthly check, is that correct?
So the defined benefit number is what I am eligible to receive as a monthly check, is that correct?
Yes. The Plan can give you a statement of that amount if and when you are vested.
In every third quarter of the year (July-October), anyone who earned a "qualified year" (400+ hours) in the previous 12 months is supposed to get a pension statement in the mail.
If you worked more than 400 hours and didn't get a statement last fall, contact the Pension Plan at the above number, make sure they have your current address, and have them send you a statement.
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