Individuals employed under
the Pink Contracts between IATSE and the League of American Theatres and
Producers (the "Pink Contract") and certain other agreements providing for
401(k) participation are eligible to participate in the 401(k) feature of the
IATSE Annuity Plan (the "Plan"), which permits you to make tax deferred
contributions to the Plan. For the 2003 Plan year, you may contribute up to $500
per week but not
more than 85% of compensation of your Salary (subject to certain limitations)
earned while you are a participant in the 401(k) portion of the Plan on a tax
deferred basis, subject to the IRS maximum ($12,000 for 2003). This
contribution, called a Deferred Salary Contribution, is completely voluntary and
does not affect your employer's obligation to contribute to the Annuity Fund.
Those who are age 50 or older as of December 31, 2003 may contribute an
additional $2,000 in 2003, for a total maximum deferral of $14,000.
Note: Salary, as defined in the Pink
Contract, does not include overtime, penalties, per diem or any other additional
payments.
You may elect to start these contributions or change these contributions at any
time while you are employed under the Pink Contract or other agreement providing
for 401(k) participation. Any change will take effect as soon as practicable
after the Fund Office receives a revised Deferred Salary Agreement.
Participation
Participation in the 401(k) option is limited to those Plan participants whose
employers contribute at least 3% of compensation to the Annuity Fund on their
behalf, as required by a collective bargaining or participation agreement,
provided that the employer has agreed in its collective bargaining or
participation agreement to participate in the 401(k) option.
As
of January 1, 2003, the Pink Contract requires contributing employers to
contribute an amount equal to 7.5% of Salary (as defined above) to the Annuity
Fund on behalf of eligible employees. Other employers participating in the
401(k) feature contribute to the Annuity Fund (either weekly or monthly) the
amounts set forth in the applicable contract, which will be no less than 3% of
compensation. This employer contribution is called a "Non‑Elective
Contribution." Both your Deferred Salary Contribution and the employer's
Non‑Elective Contribution are 100% immediately vested and non‑forfeitable and
are subject to a combined annual limit set each year by the IRS (for example,
$40,000 in 2003).
Distribution of Annuity Plan Account Balance
You are eligible to receive a distribution from the
Plan if:
-
You retire on or after Normal Retirement Age
(65),
-
You separate from
service with all contributing employers (there is a two‑month waiting period
if you are between age 55 and 65 and a six‑month waiting period if you are
under age 55), or
-
You are permanently and totally disabled (as
defined by the Plan).
Note: You are not eligible to receive a
distribution from the Plan if you cease to be eligible to make Deferred Salary
Contributions but you remain employed by a contributing employer to this Plan.
If
you die, the Plan will distribute the balance of your account as a death benefit
under the rules of the Plan.
For further information on these contributions or the Plan, refer to your
Summary Plan Description. If you do not have a copy, or have any questions
about This benefit option, contact the Fund Office:
IATSE Annuity Fund Office
55 West 39th Street, 5th Floor
New York, NY 10018
Fund Administrator: Carole Staub
212-580-9092
1-800-456-Fund
Reminder: Participation in the 401(k)
feature is voluntary. Regardless of whether you elect to make any Deferral
Salary Contributions to the Plan, your employer will continue to make the
required Non-Elective Contributions to the Plan on your behalf.
