PREPARING FOR RETIREMENT
Introduction to the Pension & Individual Account Plans
Deciding to retire is one of the most important decisions of your working career. Educating yourself on the benefits available to you is an important first step in the process. Understanding the rules and timelines associated with the retirement process will ensure a smooth transition to retirement for you and your loved ones. This Summary Plan Description explains your retirement benefits so you can ask the right questions and make informed decisions. And keep in mind that many of the decisions you make regarding your retirement benefits are decisions that cannot be changed after you retire.
On October 26, 1953, various Employers in the Los Angeles-area Motion Picture Industry and 40 Unions and Guilds representing Industry Employees, signed an agreement establishing the Motion Picture Industry Pension Plan. Today, Employees participate in two completely Employer-funded pension plans:
These two separate retirement plans provide broad coverage for Vested Participants.
The Motion Picture Industry Pension Plan (Pension Plan)
The Pension Plan provides a fixed monthly benefit payable for the Participant's lifetime after retirement. It may also be payable to a beneficiary following the Participant's death.
The Motion Picture Industry Individual Account Plan (lAP)
The IAP became effective on August 1, 1979, and provides a lump sum or annuity benefit based on the account balance at the time of retirement, payable to the Participant at retirement or to the Participant's beneficiaries as a death benefit.
For more information, please go to: www.mpiphp.org