PENSION PLAN IMPROVEMENTS
In 1998, the Pension Plan announced a number of significant improvements in benefits for qualified writers. Here are some highlights:
- Reduction in retirement age with full benefits from 65 to 63.
- Reduction in the age at which a writer can take early retirement that is, gain access to their pension funds from age 60 to age 55.
- The early retirement reduction factor for early retirement benefits previously 6% per year will now be only 4% per year. (This means that someone electing early retirement at age 60 would receive 88% of their full pension per year instead of the 70% under the previous formula.)
- A 2.19% increase in pensions for all current and future retirees. (This would raise the multiplier to 46.75%.)
- A 13th and 14th monthly pension check for most retirees. One time only, sent out in the first quarter of 1999.
- A doubling of the existing Screen Credit Retirement Benefit and Screen Credit Death Benefit, impacting primarily those writers with credits before 1960.
Inquiries about these changes in benefits can be directed to the Administrative Office of the Pension Plan at (818) 846-1015 or (800) 227-7863 or write to 1015 N. Hollywood Way, Burbank, CA 91505.