Wednesday, June 22, 2011

401(k) meetings coming up (including a change)

On Steve Hulett's busy schedule, the third week of every month follows a predictable pattern as he makes his way to 401(k) Plan enrollment meetings at the various studios. Below the fold, a schedule of upcoming get-togethers ...

Remember, the next enrollment deadline is July 1. After that the forms are processed and money will start coming out of your paycheck in two or three weeks depending on studio.

You don't have to attend an enrollment meeting to enroll, but it helps to be able to ask questions about the Plan's details. If your studio is not on this list, contact Marta Strohl-Rowand at (818) 845-7500 x114 and she'll answer your questions and tell you how to sign up for July.

  • Disney Feature Animation Monday, June 27 (changed from Thursday, June 23) 10 am, Room 1300
  • Disney TV Animation Tuesday, June 28 10 am, Room 1173
  • Disney Toons Wednesday, June 22 3 pm, Room 2025
  • Nickelodeon Thursday, June 30 2 pm, Main Conference Room
  • Warner Bros. Animation Thursday, June 23 2 pm, Building 34R - Main Conference Room


Anonymous said...

When mentioning 'Disney TV Animation', you now have to specify which one of their three buildings Steve will be visiting.

Jason MacLeod said...

The 401k plan is a great component of retirement planning. Having done a little reading on this lately, here are some general guidelines for personal finance I found informative and worth striving toward. They're on the conservative side...

1. Try to live on 80% of your income. Hard at first.

2. Accumulate two months salary ( not take-home ) as an emergency fund.

The corollary to this is "don't invest money you need in the short term" a meaning if you are saving to buy a house, about to have a child, or some other big life event you should not go any further than a money market account in terms of liquidity and risk.

3. Max out contributions to a Roth IRA if you can.

4. Max out contributions to the Guild 401k. Low-cost index funds are your best bet.

5. If you still have money to invest, a brokerage account. Again, a mix of index funds and bond funds is a wise choice, but devoting a small fraction of your portfolio to something more exotic or interesting is fine, if you have the interest and the time to manage it.

6. Read and keep the statements from the MPIPHP regarding IAP and pension contributions. These are accounts you don't manage directly, but having your own set of records is always a good idea.

7. If you have kids, consider contributing to a 529 savings plan. Do this after you have funded your own retirement options.

If you are looking to read up on investing, I found the Bogleheads website that Steve linked to a few weeks ago to be good reading. That and a few other personal finance sites formed the basis for the above seven points.

Take the opportunity to attend one of these 401k meetings and start contributing to your financial future. Although you are participating in the IAP and pension just by working, the 401k plan allows for $16,500 to be put away pre-tax. The sooner you start, the sooner compounding can work for you.

Anonymous said...

Jason's got great advice.

Just hope more people actually implement his tips.

Jason's right that the first hurdle is figuring out how not to spend your entire weekly check on a Saturday night. I have co-workers who live check to check and they get paid more than me! Too much money was spent on toys, expensive meals, gas guzzling cars, cigarettes, etc. and they wonder why they are broke.

I know this financial stuff is daunting to most artists, but if I can figure it out, anyone can. There's a wealth of information out there, a lot of it's free. If people can spend hours on end updating facebook, they can free up some time to learn how a pension, 401k, and an IRA work.

Is it as interesting as drawing cartoons? No. But if people don't learn this information, they might have to learn how to work a spatula at the local burger joint when they're in their 70's.

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