SAG – Producers Pension Plan CEO Michael Estrada and Plan actuary Cary Franklin provided an educational update on the good financial health and positive outlook of the Pension Plan.
Every year, the SAG-Producers Pension Plan mails verification letters to all participants receiving pension benefits in order to verify that payments are being paid to the intended participants.
If you are currently receiving a pension, you will receive your letter in mid-July 2020. Review the letter, confirm that your information is correct, then sign, date and return it to us by October 15, 2020. If your information is not correct, make all corrections directly on the letter before signing and returning.
In early April 2020, participants will receive their 2019 Pension Summary of Earnings. The summaries include all reportable earnings received by the SAG-Producers Pension Plan during 2019 for work performed under a Screen Actors Guild contract along with earned pension credits and vesting status. To view your summary, log in to your Benefits Manager and go to Annual Statements, Summary of Earnings.
In observance of President’s Day, the Plans will be closed on Monday, February 17, 2020. The Plans will resume normal business hours on Tuesday, February 18.
The IRS requires pension plans to send participants, dependents and beneficiaries who received pension benefits in 2019 a form called 1099-R. It is used to report the distribution of retirement benefits which includes your SAG Producers Pension Plan, annuities or other retirement plans. In addition, we are required to send notices of tax changes to participants who have a pension that may be impacted. Keep the 1099-R form and any tax change notifications and include them as you prepare your taxes this year. No other action is required.
In April of each year, we send out a summary of earnings for your pension plan. It is a record of all your reportable earnings received by the SAG-Producers Pension Plan during 2019 for work performed under an applicable Screen Actors Guild (SAG) or SAG-AFTRA contract. Both sessions and residuals are included. This summary does not include earnings for your AFTRA Retirement Fund or earnings that go toward your health plan.
The Department of Labor (DOL) has informed the Plans that it will be releasing several redacted documents in response to requests under the Freedom of Information Act (FOIA). The documents being released are part of the DOL’s comprehensive multi-year audit of the Plans that was completed in 2016.
The SAG-Producers Pension Plan has launched a new online resource to help you manage your benefits. Using your Benefits Manager, you can:
• Create a new pension estimate
• View an existing estimate
• Access your annual pension statements
• View your reported SAG earnings
• Access the current 1099R or 1042s statement
• View the form 5500 (Schedule MB and Annual Report of Employee Benefit Plan)
• Access the Plan's annual funding notice
• View your pension check history
• Sign up for Plan emails