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ATPAM: News: HL0701B

NEWS

Note: The effective dates mentioned in this original posting are being modified.
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IATSE Annuity Fund Set To Accept Employee Contributions

Plan Changes Go Into Effect in September

In response to concerns that additional employee designated pre-tax payroll deductions may not be legally accepted by the IATSE Annuity Fund as it is currently set up, the Trustees of that Fund have approved amending the plan to permit such contributions to be made. The plan amendment will go into effect in September 1, 2001. Between then and December 31, 2001, employee designated contributions will be limited to $175.00 per week (to address any possible over-funding this year in excess of the IRS limit of 25% of gross.) Thereafter a higher cap will be adopted because of impending changes in IRS code.

The League and other contributing employers will need to approve language agreeing to this contribution arrangement. The League has already done so with regard to the Pink Contract IATSE crew employees. Therefore there is no reason to believe the League would refuse to approve the same arrangement with ATPAM and the IATSE with regard to Managers and Press Agents either in the body of the new agreement or in a side letter. Tax sheltered Annuity plans are a win-win for employees and employers alike, saving both payroll taxes on the deferred income.

MORE	Read August 3, 2001 memorandum from The League of American Theatres and Producers, Inc.
New information will be posted on this site as it becomes available.