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.