Summary Plan Description
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Screen Actors Guild–Producers Pension & Health Plans Summary Plan Description Screen Actors Guild–Producers Pension Plan July 1, 2013 Pension Screen Actors Guild – Producers Pension Plan Board Of Trustees Union Trustees Producer Trustees Daryl Anderson Jay Barnett Amy Aquino Ted Bird Timothy Blake Tracy Cahill Jim Bracchitta Eryn Doherty John Carter Brown Marla Johnson Duncan Crabtree-Ireland Robert W. Johnson Leigh French Sheldon Kasdan Barry Gordon Shelley Landgraf Al Hubbs An T. Le Bob Kaliban Carol Lombardini Richard Masur Stacy K. Marcus John T. McGuire Diane P. Mirowski Joseph Ruskin Paul Muratore John H. Sucke Alan H. Raphael Kathryn Swink John E. Rhone Kim Sykes Robert Todd Ned Vaughn David Weissman David P. White Samuel P. Wolfson Trustees Emeritus Joyce Gordon John A. McGuinn Edward G. O’Neill William Schallert Chief Executive Officer Christopher Dowdell Legal Counsel Bush Gottlieb Singer Lopez Kohanski Adelstein & Dickinson Fox Rothschild, LLP Consultant The Segal Company Auditor Bond Beebe Street Address: 3601 West Olive Avenue, Burbank, CA 91505 Mailing Address: P.O. Box 7830, Burbank, CA 91510-7830 (818) 954-9400 or (800) 777-4013 Fax: (818) 953-9880 Website: www.sagph.org Email: [email protected] A SCREEN ACTORS GUILD – PRODUCERS PENSION PLAN Business Arts Plaza Street Address: 3601 West Olive Avenue, Burbank, CA 91505 Mailing Address: P.O. Box 7830, Burbank, CA 91510-7830 (818) 954-9400 or (800) 777-4013 Fax: (818) 953-9880 Website: www.sagph.org Email: [email protected] To All Participants: We are pleased to provide you with this edition of the Summary Plan Description booklet that explains the benefits of your Pension Plan in effect as of July 1, 2013. Please review this booklet carefully. The Pension Plan is very complicated, and although we have tried to explain the Plan provisions as clearly as possible, it is likely that you will have questions after reading this booklet. You may call or write the Plan Office for answers to any questions you may have about the Plan and how any rule affects you and your beneficiaries. This booklet explains the Pension Plan in effect as of July 1, 2013. If the facts and circumstances of a par- ticular situation must be considered for a time before July 1, 2013, the provisions of the Plan in effect at the relevant date must be applied. Those provisions may be different from the current Plan as contained in this booklet. For your protection, only the Board of Trustees is authorized to interpret the Plan. Information you may receive from the Union or Producers or their representatives cannot alter or bind the Plan. Official information about your rights under the Plan must be communicated to you, in writing, and signed on behalf of the Board of Trustees. We invite you to visit the Plan’s website at www.sagph.org. There you will find this entire booklet plus other information about the Plan including Take 2 Newsletters and supplemental plan information. If you register for a password, you can also estimate the amount of pension you may be entitled to receive now or in the future. You can also project earnings to see how that may affect your pension amount. You can also sign-up for e-Communications which enables you to receive certain Plan documents, such as the Take 2 Newsletter, Summary Plan Description and Annual Summary of Earnings via e-mail instead of on paper in the mail. Please remember you must keep the Plan Office informed of any change in your mailing address. This will ensure that you receive all communications. You must also keep the Plan Office informed of any change in your marital status or beneficiary designation. The Pension Plan has been providing retirement benefits to participant and their families and beneficiaries for over 50 years. We are proud of the growth and success of the Pension Plan and believe it will continue to provide a significant measure of security to you and your beneficiaries for many years to come. Sincerely, BOARD OF TRUSTEES B Table Of Contents Table Of ContentsTable Glossary Of Terms ....................................................... 1 Suspension Of Pension Payments For Certain Employment After Retirement .............. 25 Earnings Credit ............................................................ 2 Prior Service Earnings Credit ................................. 2 Post-Retirement Benefit Accruals ....................... 27 Current Service Earnings Credit ............................. 2 Military Earnings Credit .......................................... 3 How To Apply For Benefits ..................................... 28 Pension Credit .............................................................. 4 Annuity Starting Dates Prior Service Credit.................................................. 4 (Pension Effective Dates) ....................................... 29 Current Service Credit ............................................. 4 Military Service Credit ............................................ 5 Methods Of Receiving Pension Payments.........29 Alternative Eligibility Program Pension Credit ..... 5 Annual Pensioner Verification ..............................29 Vesting ............................................................................ 6 Ten-Year Vesting ...................................................... 6 How To Appeal A Decision Of The Trustees .....30 Limited Five-Year Vesting ....................................... 6 Normal Retirement Age Vesting ............................ 7 Qualified Domestic Relations Orders .................30 Types Of Pension ......................................................... 9 Overpayments ............................................................ 31 Regular Pension ....................................................... 9 Delayed Retirement After age 65 .................. 12 Website Information and Mandatory Pension Distribution Dates ........ 12 e-Communications .................................................... 31 Early Retirement Pension ...................................... 12 Disability Pensions ................................................ 13 Some Questions and Answers Terminal Illness Benefit ......................................... 15 About The Plan .......................................................... 32 Vested Pension ....................................................... 15 Service Pension ..................................................... 16 Checklist: Things For You To Do ..........................35 Pro Rata Pension .................................................... 16 ERISA Information ....................................................36 Forms Of Pension Payment .................................... 17 Automatic Lump Sum Payment ........................... 17 Benefit Summary ....................................................... 41 Five-Year Certain .................................................... 17 Pension Plan 50% Joint and Survivor Pension .......................... 17 Text Of Pension Plan ................................................43 75% and 100% Joint and Survivor Options ........ 18 Pop-Up Option ....................................................... 19 Ten-Year Certain Option ........................................ 20 Partial Lump Sum Payment Option ..................... 21 Death Before Retirement Benefits ....................... 22 Pre-Retirement 50% Joint and Survivor Pension .................................................... 22 Pre-Retirement 100% Joint and Survivor Pension .................................................... 23 Pre-Retirement Death Benefits ............................. 23 Designating a Beneficiary ..................................... 24 Screen Actors Guild–Producers Pension Plan Glossary Of Terms Glossary Terms Of Actor or Participant. A person employed by Producer. An employer that is signatory to a SAG- Producers to render services as an actor or other AFTRA collective bargaining agreement and is re- performer in the motion picture industry subject to quired to make contributions to the Pension Plan. a collective bargaining agreement with SAG-AFTRA Total Disability. In order to qualify for a Disability and on whose behalf contributions are required to be Pension, you must be Totally Disabled. You will be made to the Pension Plan. considered Totally Disabled only if you have been SAG-AFTRA. Refers to the Union which entered awarded a Social Security Disability Benefit and you into collective bargaining agreements with Produc- have an injury or illness which prevents you from ers. These agreements provide for contributions by engaging in any substantial gainful activity which is Producers to the Pension Plan for the purpose of expected to last for your lifetime or result in death. It providing pension benefits to eligible participants. is important to note that the Plan’s definition of Total SAG-AFTRA was formed on March 30, 2012 and on Disability is more restrictive than Social Security’s that date, among other things, assumed all collective definition. bargaining agreements of Screen Actors Guild (SAG). Plan Office Participant.The term Plan Office Annuity Starting Date. The date on which benefits Participant means an employee of the Screen Actors first become payable to you or your beneficiaries. In Guild – Producers Pension Plan. Effective January 1, general, your Annuity Starting Date is the first of the 2007, a Plan Office Participant also includes an em- month following the date your application is received ployee of the Screen Actors Guild – Producers Indus- by the Plan Office and you meet the