| Effective September 1,
2001, a new 401(k) salary deferral feature will be added to the
I.A.T.S.E. Annuity Fund (the "Fund") for employees of
employers who have agreed to participate in the feature pursuant to a
collective bargaining agreement. Employees who are covered under the
(stagehands, wardrobe, hair/makeup star dresser, motion picture
operator) "Pink" contracts by a participating employer will
be eligible, but ate not required, to participate in the 401(k)
feature. Employees who choose to participate in the 401(k) feature may
elect to defer a portion of their pre-tax salary to the Fund and may
direct the investment of these monies in accordance with the Fund's
self-directed investment provisions. Initially, employees will be
allowed to defer up to a maximum of $175 pet week, subject to certain
limitations imposed by the Internal Revenue Code. The Trustees reserve
the right to consider raising the maximum deferral amount from time to
time, subject to and in accordance with applicable law.
Employees who wish to participate in the 401(k)
feature must complete a salary deferral agreement. The salary deferral
agreement will be part of an enrollment packet, which the Fund Office
will be sending to each participating employer in mid-August for
immediate distribution to all current employees who are already
participants in the Fund. To ensure that all eligible employees
receive an enrollment packet in a timely manner so that they may
enroll in the 401 (k) feature as of September 1, 2001, the Fund Office
will also provide participating employers with a list of names of
individuals for whom "Pink" contracts are on file in the
Fund Office. With respect to new employees who commence employment
after September 1, 2001, the IA will issue enrollment packets when
they issue contracts. A salary deferred agreement should be completed
by the employee along with Form W-4. The Fund Office will also supply
participating employers with extra copies of the salary deferral
agreement to be distributed to eligible and participating employees
who wish to change or revoke their election. Please note that the
salary deferral agreement will be in triplicate form, with one copy to
be retained by the employee, one copy to be retained by the employer,
and one copy to be forwarded to the Fund office. It is the
participating employer's responsibility to send copy of the salary
deferral agreement for each eligible employee to the IATSE Fund Office
to the attention of Carole Staub, 55 West 39th Street, 5th floor, New
York, NY 10018.
With respect to those employees who elect to
participate in the 401(k) feature as of the effective date of
September 1, 2001, salary deferrals will begin with the first payroll
period commencing on or after September 3, 2001. For all other
employees, deferrals will begin with the first payroll period
following the date on which the Fund Office receives a copy of the
employee's salary deferral agreement from his employer, or as soon
thereafter as practicable. Participating employers will be required to
submit to the Fund Office a remittance report for all employees who
have elected to participate in the 401(k) feature, and to ensure that
salary deferrals are remitted to Putnam Investments, in a timely
manner. You may use the remittance report issued by the Fund Office or
generate your own form, provided that it contains all of the
information required by the Fund's remittance report. Salary deferrals
must be remitted to Putnam as soon as possible after they have been
segregated from the employee's salary, but in no event later than the
10th day of the month following the month in which the deferrals
otherwise would have been paid to the employee. Participating
employers that operate on a weekly payroll schedule will be expected
to submit remittance reports and salary deferrals by the end of the
week following the week in which the deferrals otherwise would have
been paid to the employee.
Please be advised that the addition of the 401(k)
feature has no effect on the amount of employer contributions.
Accordingly, employers will continue to contribute to the Fund on
behalf of covered employees in the amounts required by the applicable
collective bargaining agreement. Furthermore, the only contributions
that will be accepted by the Fund are employer contributions required
by a collective bargaining agreement, and elective contributions made
pursuant to a salary deferral agreement executed by an eligible
employee. No Employee may defer any portion of his or her salary to
the I.A.T.S.E. Annuity Plan other than through this 401(k) feature.
Participating employers may expect to receive
enrollment packets, including the salary deferral agreements, in
mid-August. If you have any questions about this new feature or you do
not receive your enrollment packets by August 30, 2001, please call
Carole Staub at (212) 580- 9290.
Please contact the Labor Department at the League
should any questions arise in this regard.
cc: Carole Staub
Mike Sullivan |
