IATSE_3rd2017_web

tives from Management. The day-to-day
operations of the Funds are managed by
an Executive Director and five Directors
of departments who have the experience
and vision to guide the operations
in an effective and responsive manner.
The Funds Office Staff has grown to 98
employees (including the management
team), an increase from 81 at the end of
2012.
There have been several notable happenings
at the National Benefit Funds
since the last Convention. The National
Fund Health and Welfare Fund welcomed
new participants from ATPAM 18032 on
September 1, 2014 and Theatrical Wardrobe
Local 764 on January 1, 2016. A
new service provider was engaged by the
Annuity Fund on December 1, 2015. The
Funds website, www.iatsenbf.org, continued
to expand its features. Most notably,
local unions can now request information
in any format desired. Medical Reimbursement
(MRP) claims processing
was brought in-house effective January
1, 2016. The long processing delays and
servicing issues participants faced with
ASO (the former third party administrator)
were greatly reduced since the Fund
Office took over this task. The Fund Office
signed an extended lease to remain in its
current headquarters. In trying to keep
pace with the increased participation and
servicing needs, the Board of Trustees
approved renovations so that additional
staffing could be housed at the Funds’
current location. The Funds newsletter,
Behind the Scenes was overhauled and
distributed with a new look. Included in
this easier to read version are several important
health related articles and retirement
pointers. Registered NBF website
users get email blasts when CAPP statements
are mailed and other important
notices are sent. Local Unions also receive
email blasts when there are mailings or
important news to pass on to members.
Future events and improvements are
also on the horizon at the NBF. The NBF
is in the process of interviewing software
firms to create a new database system and
upgrade its technology in order to provide
convenient service to participants. The
Funds are considering an updated phone
system so that participants can get real
time information via the toll-free phone
number in addition to, or instead of, the
website. The Fund Office will continue to
be committed to finding the best solutions
to raise its service standards to participants
and Local Union offices.
The following is a brief review of the
Funds’ features and accomplishments,
and their focus looking forward. I, as
Chairman of the Board of Trustees, along
with my fellow Trustees, understand the
commitment necessary to maintain these
benefits for IATSE members and their
families. I continue to make it a priority
to bring the best possible benefit packages
and services to the members of the
IATSE.
The IATSE Pension Fund, through
its defined benefit plans, Plan B and Plan
C aim to ensure a secure retirement for
the participants. At the end of 2016, there
were 22,237 participants in the Plan, as
compared to 15,971 at the end of 2012.
This represents a 39.2 percent growth
in participation. Net assets at the end of
2016 were $325,779,588. At the end of
2016, there were thirty-nine participating
Locals in Plan B and there were 139
participating Locals in Plan C. As of December
31, 2016, there were 2,028 retirees
and 536 spouses/beneficiaries receiving a
monthly benefit. An average of $1,157,700
was paid each month in pension benefits,
for an annual total of $13,892,400.68
through December 31, 2016 (excluding
retroactive and lump sum distributions).
All retirees, surviving spouses and beneficiaries
receiving a pension benefit on
December 1, 2013 received a 13th and
14th check equal to their regular monthly
benefit. Because of the Funds’ continued
stability and green zone status, there was
an unprecedented 20 percent increase for
those retiring on or after January 1, 2014.
The Plan C accrual percentage increased
from 2.5 percent to 3 percent and the
weighted average benefit factors for Plan
B increased by 20 percent.
The IATSE Annuity Fund, now in its
44th year, has grown substantially since
its inception. It now has over 75,000 participants
with accounts at Wells Fargo
that are self-directed. This compares with
57,000 participants reported to the last
Convention for the plan year that ended
in 2012. That represents a 31.58 percent
growth in participation. Net assets at the
end of 2016 were $753,827,972 and as of
that time there were 306 participating
locals in the Plan.
The IATSE National Vacation Fund
was established in 1973 in order to provide
an annual lump sum payment (post-tax)
to those participants working where paid
vacations are not available. The distributions
are adjusted pursuant to Plan provisions
to reflect operating income gains
or losses and applicable administrative
expenses. During 2016, $3.6 million was
received in employer contributions and
distributed to participants in May 2017
38 OFFICIAL BULLETIN