We've been getting a smattering of concerned phone calls from member because the Motion Picture Industry Pension and Health Plan has been sending out a statement that starts:
"NOTICE TO INTERESTED PARTIES"
1. Notice to:
All present employees eligible to participate in the Motion Picture Industry Pension Plan and the Motion Picture Industry Individual Account Plan. ...
And so on. ...
But what the MPIPHP failed to put in with the statement was a note explaining:
"This is a document the IRS has us send out to participants in the Plan every year. It's routine. Nothing that's a big deal. THERE IS NO ACTION REQUIRED ON YOUR PART. THIS STATEMENT IS FOR INFORMATIONAL PURPOSES ONLY. SO RELAX."
To let you know, the Animation Guild's 401(k) Plan is going through the same rigamarole that the bigger Motion Picture Industry plan is. The Feds are reviewing it because that's the standard practice.
And it happens every year.
On a slightly different subject, the Motion Picture Industry Pension Plan is doing well. It now has
$8 billion in total Plan assets.
Investments are allocated to bonds, stocks, "alternative investments" and real estate. Recent returns are
4.8% -- Defined Pension Plan
5.2% -- Individual Account Plan
The returns over the past twenty years have been north of 8%.
There are 43,000+ people who participate in the Plan, which has been in existence since the early 1950s.
Hope you find the above helpful.