tag:blogger.com,1999:blog-22906998.post8630015742545881045..comments2024-03-26T22:42:06.412-07:00Comments on TAG Blog: The Motion Picture Industry Pension (Again)Steve Huletthttp://www.blogger.com/profile/05537689111433326847noreply@blogger.comBlogger7125tag:blogger.com,1999:blog-22906998.post-15750424263574467342011-04-26T19:01:03.552-07:002011-04-26T19:01:03.552-07:00I worked for a major studio in LA for 8 years in t...I worked for a major studio in LA for 8 years in the 1990s. The ill-informed personnel at the MPIPHP told me in 2000 that I was vested and even went on to tell me what monthly dollar amounts I would collect upon retiring. I then worked in a non-union shop. Only later did I discover that MPIPHP's ineptitude effectively cost me all of the reserves I had accumulated. Had I known that I needed two more qualified years, I would've returned to a signatory environment. Anybody else have this experience? Class action, anyone? E-mIl me: editor 9999 at hotmail dot com.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-22906998.post-60456331145718493022008-06-20T21:43:00.000-07:002008-06-20T21:43:00.000-07:00Thanks for all this detailed info. I really like ...Thanks for all this detailed info. I really like the specific examples. Anybody who thinks these benefits are sucky must have it pretty damn cushy. You should publish a comparison of the great "benefits" most nonunion animation studios offer. That would be an eye opener!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-22906998.post-22768533383549629862008-06-20T19:14:00.000-07:002008-06-20T19:14:00.000-07:00One other point (actually the answer to a question...One other point (actually the answer to a question here in 2007):<BR/><BR/>You canNOT borrow or tap into money in the Individual Account Plan prior to your retirement.<BR/><BR/>If you have at least twenty qualified pension years and 20,000 hours, you can take retirement as early as age 55. You'll collect 100% of the IAP, but only <B>49.5%</B> of the monthly benefit.<BR/><BR/>If you have thirty qualified years and 60,000 hours, you can retire at age 55 with <B>70%</B> of your monthly benefit and 100% of the IAP.Steve Huletthttps://www.blogger.com/profile/05537689111433326847noreply@blogger.comtag:blogger.com,1999:blog-22906998.post-43109734495660147952008-06-20T17:51:00.000-07:002008-06-20T17:51:00.000-07:00Just a further clarification about what counts as ...Just a further clarification about what counts as a 'qualified year.'<BR/><BR/>Example one: you're hired at a union studio Oct. 1 of 2007 and work full time through April 1 of 2008. Even though you worked a total of only six months, you would have two qualified years (because you'd have a little over 400 hours in each year).<BR/><BR/>Example two: You're hired Nov. 1 of 2006 and work full time through March 1, 2008, with no overtime. Even though you worked 16 months, you would have only one qualifed year (2007). You'd have just shy of 400 hours in both 2006 and 2008. The hours worked in those years WOULD count towards your pension, but you'd still only have one qualified year.<BR/><BR/>Now, if you were aware of how things worked, and you were aware that you were going to get very close to having a couple of extra qualified years, you'd have some options. If you could get your employer to let you do some overtime in 2006, to tip you over the 400 hour mark for that year. Then, when you got your layoff date for 2008, you could do the same (put in a chunk of OT) or convince your employer to keep you on for another week or two so you'd qualify. In this example, if you got just a few more hours in 2006 and 2008, you'd have three qualified years. <BR/><BR/>And of course hours at any TAG 839 studio count, so a couple of months at one place and a couple of months at another place (in the same calendar year) can add up to a qualified year.Kevin Kochhttps://www.blogger.com/profile/14678528568112279975noreply@blogger.comtag:blogger.com,1999:blog-22906998.post-21480638874430276262008-06-20T17:38:00.000-07:002008-06-20T17:38:00.000-07:00Fortunately, you are mistaken.The Individual Accou...Fortunately, you are mistaken.<BR/><BR/>The Individual Account Plan (IAP) vests after a single 'qualified' year. And a qualified year is any calendar year in which one works 400 union hours. So it's extremely difficult to become a TAG member and NOT vest your IAP.<BR/><BR/>The Defined Benefit Plan vests after 5 qualified years. Those years do not need to be unbroken, but if there are significant gaps before you're vested, then you could lose some or even all of those qualified years. <BR/><BR/>A good rule of thumb is if you have non-union gaps that equal or exceed your number of qualified years, then you're probably going to start losing credit for some years relative to the DBP. For example, if you work three qualified years, then work non-union for two calendar years, then get another two qualified years, you'll be vested in the DBP. That two years away wouldn't cost you any pension years, and from that point forward, non-union 'breaks in service' couldn't affect your vesting.<BR/><BR/>On the other hand, say you have three qualified years, then you work non-union for 5 years, then return to a union studio. You'll have lost some of those qualified years. Anyone potentially in such a situation should check with the MPIPHP to get specifics (preferably BEFORE taking the non-union job). I've known of cases where, by being aware of how the system works, people have been able to make relatively small adjustments in the timing of changing jobs, and make the pension plan work for them.Kevin Kochhttps://www.blogger.com/profile/14678528568112279975noreply@blogger.comtag:blogger.com,1999:blog-22906998.post-15519248782763154862008-06-20T17:06:00.000-07:002008-06-20T17:06:00.000-07:00I may be mistaken, but doesn't one need 5 straight...I may be mistaken, but doesn't one need 5 straight unbroken years in a covered studio to take advantage of this? So those of us who have been in the industry for 20 years at various union studios , but with broken service amounts (work 6 months, layoff, work 8 months, 2 year layoff etc.), get nothing.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-22906998.post-40704192513141501572008-06-20T14:54:00.000-07:002008-06-20T14:54:00.000-07:00Just to immediately clarify the one thing many peo...Just to immediately clarify the one thing many people don't realize: when you write that the MPIPHP "offers" two different pensions to TAG members, what this means is you automatically get BOTH. One doesn't choose between the IAP and the DBP.<BR/><BR/>And of course we have the 401(k) on top of those two plans, so everyone can take an active hand in building their retirement.Kevin Kochhttps://www.blogger.com/profile/03106628232118096961noreply@blogger.com