IATSE_3rd2017_web

solutions to IATSE Locals when negotiating
health and retirement benefits for
their working members and families.
The National Funds remain a source of
comprehensive benefits that are obtainable
not only by members with steady
employment but also those with less frequent
work. The National Funds allow
members to obtain benefits and maintain
them during non-working periods. My
focus remains steady on efforts to preserve
these offerings in the most affordable
way possible.
The National Benefit Funds have
continued to see consistent growth in
assets and in the participant base across
all the Funds. Total annual contributions
through the end of 2016 were
$330,666,710 for all Funds, which represents
a 61 percent increase since the end of
2012. Total net assets for the Funds as of
December 31, 2016 were $1,470,746,118,
which represents a 57 percent increase
since the end of 2012. The Plans available
within the National Benefit Funds are
identified below.
The IATSE Annuity Fund – this
defined contribution retirement plan has
no required employer contribution rate.
A pre-tax salary deferred 401(k) feature
is available in addition to negotiated employer
contributions. Eligible participants
can add to their retirement security on a
voluntary basis. There are two different
ways in which a participant can defer
salary to this Fund. The first is through an
IRS safe harbored feature that requires a
minimum percentage of salary (3 percent
or greater) contribution from the employer
to the Annuity Fund in order for
members to defer pre-tax contributions
to the 401(k) component. The second is
through the rules of the former 401(k)
Fund, which merged into the Annuity
Fund on January 1, 2010. There is no
minimum required employer contribution
rate for participation in this second
deferral feature. The requirement is that
employment be in the motion picture industry.
The IATSE National Pension Fund –
this defined benefit retirement plan features
two unique programs, Plans B and
C. Plan B was established in 1957. This
Plan’s final retirement benefit is based on
the last 3 years of employment and the
associated daily employer contribution
level. Participation in this Plan requires
a daily employer contribution rate as
prescribed by the Plan. Plan C was established
in 2002 for the motion picture industry
and any other industries and situations
where flexibility in the contribution
rate is needed. The retirement benefit is
calculated as a percentage (three percent)
of all employer contributions received
throughout a participant’s career up to a
twenty-five year cap.
The IATSE National Vacation Fund
– predominant participation is by Pink
Contract employees for this post-tax
annual benefit.
The IATSE National Health and
Welfare Fund – There are two unique offerings
in this Fund, Plan A and Plan C.
Plan A is a traditional health plan which
requires a minimum daily employer contribution.
Coverage is earned by working
sixty days in a 6-month period. Coverage
is granted in 6-month intervals. Coverage
is either earned or not; there is no selfpayment
or banking of days feature to this
Plan. Plan C has seven coverage options
designed to meet the needs of members
in every phase of the entertainment industry
and requires no fixed employer
contribution. The coverage options available
under Plan C are:
- Plan C1 – the highest cost plan option
features low co-payments in its
medical, surgical, hospital, prescription
and dental benefits program.
There is an in-network and out-ofnetwork
feature.
- Plan C2 – an industry competitive
plan option offering benefits similar
to C1 but with higher co-payments;
it offers both in-network and out-ofnetwork
coverage.
- Plan C3 - introduced in October
2007, this in-network only option
provides higher cost-sharing in its
medical, surgical and hospitalization
benefits structure at very affordable
rates.
- Plan C4 – introduced as a high deductible
option on January 1, 2015
this in-network only option is the
lowest cost option meeting Affordable
Care Act (ACA) guidelines available.
- Triple S – this is an HMO option
available for participants residing in
Puerto Rico.
- Stand-alone MRP – a medical reimbursement
plan for those enrolled
in another employer or union sponsored
group health plan that meets
the ACA minimum value standards.
- Retiree Only MRP - established on
January 1, 2014 as a medical reimbursement
program for retired participants
on Medicare.
The National Benefit Funds are governed
by 14 Trustees, seven representatives
from Labor and seven representa-
THIRD QUARTER 2017 37