Health & Pension

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.

History

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:

  • Motion Picture Industry Pension Plan, a defined benefit plan
  • Motion Picture Industry Individual Account Plan, a defined contribution plan

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.
Employer contributions to the Pension Plan became effective October 26, 1953. Employee contributions began a year later and ceased on October 27, 1990.
Today, only Employers contribute to the Pension Plan. Retirement benefits are based on a formula that indicates the exact benefit a Participant can expect upon retirement.

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.
The IAP is also completely Employer funded and, in general, all Pension Plan Participants automatically participate in the IAP. The contributions are made by Employers based on the terms of various Collective Bargaining Agreements.
Under the IAP, contributions made on the Participant's behalf result in allocations to an individual account which shares in the investment performance of Plan assets. Participants in the IAP must work a Qualified Year to receive allocations of Employer Contributions for that Computation Year.
Please note: Special rules apply to re-employed Pensioners.

For more information, please go to: www.mpiphp.org

Address

IATSE, Local 728
Studio Electrical Lighting Technicians
1001 W. Magnolia Blvd.
Burbank, CA 91506
(818) 954-0728
Map

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Phone

Office:
  818-954-0728
  800-551-2158
FAX:
  818-954-0732

Local 728 Bulletin

The color version of the Local 728 Bulletin is available online.