Motion Picture Industry Pension Plan Will Allow Participants To Take Up To $20,000 In Hardship Withdrawals From Individual Account Plans

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The Motion Picture Industry Pension Plan is allowing participants to take a one-time hardship withdrawal of up to $20,000 from their Individual Account Plans “due to adverse financial consequences from the Coronavirus Pandemic.” The Pension Plan, which covers Hollywood’s below-the-line workers, says any amount of $200 or more can be withdrawn, up to 20% of a participant’s 2018 account balance, or a maximum of $20,000 – whichever is less.

Read all of the requirements here.

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Under federal law, those who apply for the hardship withdrawals must attest that they, their spouse or a dependent has been diagnosed with COVID-19; that they are experiencing adverse financial consequences as a result of being quarantined, furloughed or laid off; that they’ve had their work hours reduced due to the pandemic; that they have been unable to work due to lack of child care because of the virus; or because of the closing or reduced hours of a business they owned or operated.

The DGA-Producer Pension and Health Plans adopted a similar measure last month, allowing participants to take up to $20,000 in loans against their Supplemental Benefit Plan’s retirement funds “to assist participants experiencing financial hardship during the unprecedented work stoppage during the COVID-19 crisis.”

Participants in the Motion Picture Industry Pension Plan include tens of thousands of now-unemployed members of IATSE’s West Coast studio locals, Teamsters Local 399 and the Basic Crafts unions among others.

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