SAG-Producers Pension Plan SPD & Benefits

Benefit Changes

Notice of Benefit Changes: As of April 1, 2017

The following benefit changes are excerpts from the Take 2, which serves as the Pension Plan’s Summary of Material Modifications. These changes to your benefits modify the Pension Plan Summary Plan Description (SPD) dated July 1, 2013. Keep this document with your SPD and other important Pension materials.

Excerpt from Take 2 | Volume XXIII, Number 3 | Winter 2015

Pension and Health Plans Amended to Include Categories of Performers

The Trustees recently clarified that the following categories of performers have been eligible to receive, and will continue to be eligible to receive, benefits under the Pension and Health Plans, to the extent that an employer has contributed to the Pension and Health Plans on the employee’s behalf:

July 1, 1992: Dancers engaged as assistant choreographers
April 24, 2007: Choreographers
July 16, 2010: Warm-up performers
July 20, 2012: Pilots of an aircraft that is not photographed

Excerpt from Take 2 | Volume XXII, Number 2 | Summer 2014

Pension Benefit Payments to Transition to Electronic Funds Transfer

Effective July 1, 2014 the Screen Actors Guild-Producers Pension Plan will require that all new retirees receive pension benefit payments electronically. You may choose to have your payments directly deposited to a bank or credit union account. Or, like Social Security, if you do not have a checking or savings account, the Plan will set up a debit card account for you.

The benefits of using electronic payments are numerous for the Plan as well as for Plan participants.

•    Electronic payments eliminate the cost and waste associated with the use of paper, ink, printers and postage;
•    The possibility of lost or stolen checks will be eliminated;
•    Your benefits will be available in your account on time, even if you are out of town, sick or unable to get to the bank; and
•    Your money is safe.
    
You can withdraw money, put some in savings or pay bills - all the things you do with your money now. The only difference is your check is not printed or mailed.

At this time, direct deposit is only mandatory for those planning to retire on or after July 1, 2014. However, as of January 1, 2015 the Plan will require that all retirees receive their benefit electronically. If you are currently receiving retirement benefits and you did not sign up for electronic payments, we encourage you to do so now. Sign up for direct deposit by contacting the Pension Department at (818) 954-9400 extension 2020.

If your Senior Performers premium is currently deducted from your pension benefit, it will continue to be deducted.

Excerpt from Take 2 | Volume XXI, Number 1 | Summer 2013 

Supreme Court Decisions Regarding Same-Sex Marriage

On June 26, 2013 the Supreme Court struck down Section 3 of the federal Defense of Marriage Act (DOMA). The Court also affirmed a federal court finding that California’s Proposition 8 banning same-sex marriage was unconstitutional. The immediate impact of the Court’s decisions is that the term “spouse,” when used in federal law, must include same-sex spouses lawfully married under state law. The Plans immediately began to implement changes that comply with this ruling. The Health Plan no longer withholds imputed federal income taxes from same-sex couples lawfully married under state law, and residing in states recognizing same-sex marriage.

The Pension Plan requires same-sex couples to follow the joint and survivor waiver rules, as well as the rules in connection with Qualified Domestic Relations Orders (QDROs) in case of divorce. Lawfully married same-sex couples should review their beneficiary designations to ensure that their spouses have consented to changes in beneficiaries or to the form of the payout. The Plans will continue to monitor federal guidance on implementation of these decisions.