Union Pension Plans
Below find a brief description of the pension plans administered through Motion Picture Pension and Health Plans. Those working under the IATSE Basic Agreement have both a defined pension benefit and an individual account plan.
|
|
DEFINED
BENEFIT PLAN |
INDIVIDUAL
ACCOUNT PLAN
(IAP) |
|
What is it? |
A pension plan that will pay you a set monthly amount
after retirement. |
An account in which money is deposited and, through interest earnings, builds up over time. |
|
Who puts money into it? |
The employer. |
The employer. |
|
How much money goes into it? |
$1.2665 for every
hour worked. |
•6% of the weekly minimum rate, plus
•A portion of residuals and supplemental markets, plus
•Unclaimed vacation and holiday pay. |
|
When will I be vested? |
After five qualified years (at least four hundred hours per year). Since all our plans are multi-employer, the time spent at any union shop counts towards your vesting. |
After one qualified year (at least four hundred hours). |
|
What will I collect when I retire? |
The “defined benefit” is based on the total number of qualified years and hours that you worked in the industry. The more years and hours you work, the higher your monthly check at the time you retire. |
The IAP is paid as a single lump-sum payment or “roll-over” at the time of retirement. You get out what is put in, plus interest and a percentage of the “pot” (residuals, supplemental markets, etc.). |
For more information about retirement benefits that you can accrue under a Union contract, contact dooner, Organizer at the Art Directors Guild, at 818.762.9995
Click below for information about health benefits:
Health Plan
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