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Thread: IATSE Pension Plan Dips Closer To “Critical” Status Despite Record Employment; Truste

  1. #1
    Taking A Stand!!!

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    Default IATSE Pension Plan Dips Closer To “Critical” Status Despite Record Employment; Truste

    I hesitated as to where to post this. Had it in the Pension News thread and removed it because that thread focuses more on Central States Pension Fund and legislation being presented. But this is not something I had ever heard about previously and I am rather surprised.

    IATSE Pension Plan Dips Closer To “Critical” Status Despite Record Employment; Trustees Confident Of Turnaround


    Members of Hollywood’s below-the-line unions worked a record 100.5 million hours last year, but their underfunded pension plan has inched a little closer to “critical” status. Trustees of the Motion Picture Industry Pension Plan, however, stress that there’s no cause for alarm and that their members’ pensions are secure well into the future.

    According to the plan’s latest funding notice, its funding level has dipped to 66.8% – bringing it closer to “critical” condition, which by federal law is anything below 65%, as measured by a plan’s assets divided by its liabilities.

    It’s a new low for the MPIPP, which fell from 80.8% in 2015, to 76.8% in 2016, to 67.4% in 2017 – and now to 66.8% as of January 1, 2018, the last valuation date. The plan’s actuary, however, projects that it will be back to 80% funded by 2026 and 100% funded by 2032.

    The record 100.5 million hours worked — based on employer contributions to the plan –is evidence that production here is booming, thanks in large part to state tax incentives and so-called “Peak TV,” which has been fueled by ever more cable and streaming services producing ever more content and jobs.

    So far, however, that hasn’t turned around the declining fortunes of the MPIPP, but its trustees say that the turnaround is coming – and that it will be jumpstarted by pension funding gains made by IATSE, Teamsters Local 399 and the Basic Crafts in their recent deal for a film and TV contract. Rescuing the underfunded pension plan was one of the chief goals of those negotiations, and trustees say that the new contract will do just that.
    https://deadline.com/2019/04/iatse-p...nt-1202595982/
    fxstc07 and 222lifer like this.

  2. #2
    Retired !

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    Default Re: IATSE Pension Plan Dips Closer To “Critical” Status Despite Record Employment; Tr

    Carried a IATSE union card for over 30 years.
    I saw everything in the projection industry over that time.
    Now the job, for all intents, is gone. Replaced by digital projection and high powered xenon light source. No need for men in the booth.
    Time moves on ... technology waits for no one.

    On another note ...
    I decided to look into the pension fund for this, located in NYC.
    Seems after I registered that I have funds in my name from the mid 1970's.
    Time to investigate further.

    Thanks ABFwife.
    ABFwife likes this.

  3. #3
    Retired !

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    Default Re: IATSE Pension Plan Dips Closer To “Critical” Status Despite Record Employment; Tr

    Quote Originally Posted by fxstc07 View Post
    Carried a IATSE union card for over 30 years.
    I saw everything in the projection industry over that time.
    Now the job, for all intents, is gone. Replaced by digital projection and high powered xenon light source. No need for men in the booth.
    Time moves on ... technology waits for no one.

    On another note ...
    I decided to look into the pension fund for this, located in NYC.
    Seems after I registered that I have funds in my name from the mid 1970's.
    Time to investigate further.

    Thanks ABFwife.
    A quick reply from the IA pension office that told me I don't meet pension vesting requirements. I had contributions from 1972 though 1979, but insufficient to vest.

    Yes, I know. A few might be thinking what took me so long ?
    Complicated and very long story.
    ABFwife likes this.

 

 

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