NEWS

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ATPAM: News: HL1201C

NEWS

ANNUITY AND 401K UPDATE

New 401k Benefit Now Available

Finally, after months of discussion and preparation, the new 401k plan for ATPAM members who participate in the IATSE Annuity Fund is now up and running as of December 1, 2001.

Who can participate?

Any member who is covered under an ATPAM contract that requires an employer contribution of 3.0% of gross weekly compensation or more to the Annuity Fund may participate in the 401k plan as well.

How much may I contribute to my 401k as a payroll deduction?

In calendar year 2002 participants may elect to contribute up to a maximum of $11,000.00. However, participants age 50 or above may contribute an additional $1,000.00. This "catch up" increment will increase each year capping at a total of $15,000.00 in year 2005.

How do I begin contributing to my 401k account?

You may authorize contributions to your 401k account as a payroll deduction by submitting an election form choosing the weekly amount to be deducted and authorizing your employer to make the deduction and remit it to the Fund on your behalf.

Where do I get the blank forms?

Election forms are available from the ATPAM office or the IATSE Annuity Fund Office. You can also visit the documents library in the members only section of this website to download the form in PDF format and print it out. Please remember that both the employee and employer must sign the form. One copy must be forwarded to the Annuity Fund office before the contributions can be accepted. The forms must be executed in triplicate:

Copy 1: IATSE Annuity Funds Office
Copy 2: Employer Records
Copy 3: Employee Records

Give the copy for IATSE and EMPLOYER copy to the COMPANY MANAGER who will forward the appropriate copy to the IATSE Annuity Office. Retain the EMPLOYEE copy for your records.

Is it still possible for me to contribute for year 2001?

Yes. Also, if you had contributions returned during year 2001 because the 401k plan was not yet available, please contact Tom Walsh in the ATPAM office for assistance. Please note that any contributions must be done through the payroll prior to year end and may not be "self-funded."

Does ATPAM have a 401k plan for members who do not work under ATPAM contracts?

No. The Union does not currently have such a program because there has not been sufficient member interest to justify the start-up costs associated with those plans.

Will I receive a separate statement for my 401k account?

No. You will receive an "integrated" statement from Putnam Investments that will show both your Annuity and 401k accounts.

How do I change the amount of my weekly deduction?

You must submit a new 401K Deferred Salary Agreement Form.

Annuity Fund Service to Improve in New Year

In response to complaints from many members, ATPAM has received assurances from the Annuity Fund office that contributions to the Fund will now be posted more promptly to participant accounts at Putnam Investments. The Fund office will be transmitting contributions from the Fund to Putnam on a weekly as opposed to monthly basis. This means that your money will be invested and working for you more quickly than in the past.

Managers responsible for making participant contributions can help this to happen by making sure that remittance reports and checks are sent promptly each week to the Annuity Fund office.

PLEASE NOTE: If the name of your show is different than the partnership or employer name that appears on your remittance checks, make sure that the name of the show, company of that show and the remitting employer appear on your reports. This will help the Fund office to accurately post the contributions to the correct employer. Making sure that contributions are posted to the correct employer will help the Annuity Fund Office to respond promptly to ATPAM’s requests to clear the bond when the show closes.

Check Your Monthly Annuity Statement Carefully

The Annuity Fund office provides you with a monthly statement by mail of contributions made to your account. Although the Annuity Fund office is separate from ATPAM, the Union does receive a monthly statement contributions for all members and attempts to track them for accuracy. However, it is very important that you carefully check your monthly statement and report any discrepancies to the Fund Office and ATPAM. If you are not sure what the contribution rate is for the contract you are employed under, please contact ATPAM to obtain that information. It is very important that you check your statements promptly because once ATPAM has cleared and returned bonds on closed shows it may be difficult to recover delinquent contributions from some employers even through grievance and arbitration.

If you have Annuity Fund questions or problems, please contact Tom Walsh (twalsh@atpam.com) in the ATPAM office and they will assist you.