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This Article sets forth the eligibility conditions and amounts for the pensions provided for by this Plan. The accumulation and retention of Pension Credits for eligibility are subject to the provisions of Article VI. The benefit amounts are subject to reduction under Article VIII and on account of the 50% Joint and Survivor Pension (Article IV). Entitlement of an eligible Participant to receive Pension Benefits is subject to his retirement and application for benefits, as provided in Article VIII.
Eligibility depends on Pension Credits, which are defined in Article VI and take into account creditable employment both before and after January 1, 1961, except that eligibility for Vested Pensions depends on years of Vesting Service, which are also defined in Article VI.
A Participant may retire on a Regular Pension if he meets the following requirements:
Prior Service Benefit |
|
---|---|
Earnings Credit for Prior Service | The Benefit for Each Year of Prior Service Credit is: |
$0 to $2,500 | 7.48% of Earnings Credit |
$2,501 to $5,000 | $187.00 plus 6.91% of excess over $2,500 |
$5,001 to $7,500 | $359.75 plus 4.62% of excess over $5,000 |
$7,501 to $25,000 | $475.25 plus 4.24% of excess over $7,500 |
$25,001 to $30,000 | $1,217.25 plus 3.73% of excess over $25,000 |
$30,001 to $50,000 | $1,403.75 plus 1.29% of excess over $30,000 |
over $50,000 | $1,661.75 plus 1.18% of excess over $50,000 |
Annual Earnings |
|
---|---|
Earnings Credit for Current Service | The Benefit for Each Year of Current Service Credit is: |
$0 to $ 2,500 | 4.15% of Earnings Credit |
$2,501 to $ 5,000 | $103.75 plus 3.83% of excess over $ 2,500 |
$5,001 to $ 30,000 | $199.50 plus 2.92% of excess over $ 5,000 |
$30,001 to $ 50,000 | $929.50 plus 1.65% of excess over $ 30,000 |
$50,001 to $ 75,000 | $1,259.50 plus 1.40% of excess over $50,000 |
$ 75,000 to $ 100,000 | $1,609.50 plus 1.24% of excess over $75,000 |
$100,001 and over* | $1,919.50 plus 1.08% of excess over $100,000 |
*Up to the maximum provided in Article VIII, Section 18. For Calendar Years prior to January 1, 1989, Earnings Credit in excess of $200,000 shall be determined at the rate of .90%.
Average Earnings |
|
---|---|
The Benefit for Each Year of Current Service Credit is: | The Benefit for Each Year of Current Service Credit is: |
$0 to $2,500 | 4.15% of Earnings Credit |
$2,501 to $5,000 | $103.75 plus 3.83% of excess over $2,500 |
$5,001 to $30,000 | $199.50 plus 2.92% of excess over $5,000 |
$30,001 to $50,000 | $929.50 plus 1.65% of excess over $30,000 |
$50,001 to $75,000 | $1,259.50 plus 1.40% of excess over $50,000 |
$75,001 to $100,000 | $1,609.50 plus 1.24% of excess over $75,000 |
$100,001 and over* | $1,919.50 plus 1.08% of excess over $100,000 |
*Up to the maximum provided in Article VIII, Section 18. For Calendar Years prior to January 1, 1989, the maximum annual compensation recognized shall be $200,000.
Table 1 |
|
---|---|
Earnings Credit for Prior Service | The Benefit for Each Year of Prior Service Credit is: |
$0 to $2,500 | 8.23% of Earnings Credit |
$2,501 to $5,000 | $205.75 plus 7.60% of excess over $2,500 |
$5,001 to $7,500 | $395.75 plus 5.08% of excess over $5,000 |
$7,501 to $25,000 | $522.75 plus 4.66% of excess over $7,500 |
$25,001 to $30,000 | $1,338.25 plus 4.10% of excess over $25,000 |
$30,001 to $50,000 | $1,543.25 plus 1.42% of excess over $30,000 |
Over $50,000 | $1,827.25 plus 1.30% of excess over $50,000 |
Table 2 |
|
---|---|
Earnings Credit for Current Service earned prior to 1996 | The Benefit for Each Year of Current Service Credit earned prior to 1996 is: |
$0 to $2,500 | 4.57% of Earnings Credit |
$2,501 to $5,000 | $114.25 plus 4.21% of excess over $2,500 |
$5,001 to $30,000 | $219.50 plus 3.21% of excess over $5,000 |
$30,001 to $50,000 | $1,022.00 plus 1.82% of excess over $30,000 |
$50,001 to $75,000 | $1,386.00 plus 1.54% of excess over $50,000 |
$75,001 to $100,000 | $1,771.00 plus 1.36% of excess over $75,000 |
$100,001 and over* | $2,111.00 plus 1.19% of excess over $100,000 |
Table 3 |
|
---|---|
Earnings Credit for Current Service After 1995 and prior to 1999 | The Benefit for Each Year of Current Service Credit after 1995 and prior to 1999 is: |
$7,500 to $50,000 | $272.50 plus 3.5% of Earnings Credit over $ 7,500** |
$50,001 to $100,000 | $1,760.00 plus 2.5% of excess over $50,000 |
$100,001 and over* | $3,010.00 plus 1.5% of excess over $100,000 |
Table 4 |
|
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Earnings Credit for Current Service after 1998 and prior to 2010 | The Benefit for Each Year of Current Service Credit after 1998 and prior to 2010 is: |
All Earnings Credit* | 3.5% of Earnings Credit |
Table 5 |
|
---|---|
Earnings Credit for Current Service after 2009 | The Benefit for Each Year of Current Service Credit after 2009 is: |
All Earnings Credit* | 2.0% of Earnings Credit |
* Up to the maximum provided in Article VIII, Section 18. For Calendar Years prior to January 1, 1989, Earnings Credit in excess of $200,000 shall be determined at the rate of .90%.
**If a Participant earns a year of Pension Credit based on less than $7,500 of Earnings Credit, such Participant's annual pension benefit shall not be less than $272.50 for each year of Pension Credit.
Table 6 |
|
---|---|
Average Earnings Credit for Current Service | The Benefit for Each Year of Current Service Credit prior to January 1, 1996 is: |
$0 to $2,500 | 4.57% of Average Earnings |
$2,501 to $5,000 | $114.25 plus 4.21% of excess over $2,500 |
$5,001 to $30,000 | $219.50 plus 3.21% of excess over $5,000 |
$30,001 to $50,000 | $1,022.00 plus 1.82% of excess over $30,000 |
$50,001 to $75,000 | $1,386.00 plus 1.54% of excess over $50,000 |
$75,001 to $100,000 | $1,771.00 plus 1.36% of excess over $75,000 |
$100,001 and over* | $2,111.00 plus 1.19% of excess over $100,000 |
Table 7 |
|
---|---|
Average Earnings Credit for Current Service | The Benefit for Each Year of Current Service Credit After 1995 and prior to 1999 is: |
$7,500 to $50,000 | $272.50 plus 3.5% of Average Earnings over $ 7,500** |
$50,001 to $100,000 | $1,760.00 plus 2.5% of excess over $ 50,000 |
$100,001 and over* | $3,010.00 plus 1.5% of excess over $100,000 |
Table 8 |
|
---|---|
Average Earnings Credit for Current Service | The Benefit for Each Year of Current Service Credit after 1998 and prior to 2010 is: |
All Earnings Credit* | 3.5% of Average Earnings |
Table 9 |
|
---|---|
Average Earnings Credit for Current Service | The Benefit for Each Year of Current Service Credit after 2009 is: |
All Earnings Credit* | 2.0% of Average Earnings |
* Up to maximum limit of compensation in Article VIII, Section 18. For Calendar Years prior to January 1, 1989, the maximum annual compensation recognized shall be $200,000.
** If the Participant's average earnings are less than $7,500, such Participant's annual pension benefit shall not be less than $272.50 for each year of Pension Credit.
Maximum Pension |
|
---|---|
Pension Credits as of the Annuity Starting Date | Maximum Monthly Benefit |
Less than 20 | $6,500 monthly maximum |
20 through 29 Pension Credits | $7,000 monthly maximum |
30 through 34 Pension Credits | $7,500 monthly maximum |
35 or more Pension Credits | $8,000 monthly maximum |
Retiree Increases |
|
---|---|
Pension Credits as of the July 1, 2007 | Maximum Monthly Benefit |
Less than 20 | $6,500 monthly maximum |
20 through 29 Pension Credits | $7,000 monthly maximum |
30 through 34 Pension Credits | $7,500 monthly maximum |
35 or more Pension Credits | $8,000 monthly maximum |
A Participant may retire on an Early Retirement Pension if he meets the following requirements:
The Early Retirement Pension shall be a monthly amount determined as follows:
Such adjustment shall have no retroactive effect.
The Vested Pension shall be calculated in the same manner as the Regular Pension except that the minimum pension amount as set forth in Article III, Section 3 shall not apply to a Participant who becomes eligible for a Vested Pension in accordance with Section 6(a)(2), 6(a)(3) or 6(b) of this Article, and who has less than 10 years of Vesting Service. However, if a Participant who retires on a Vested Pension with less than 10 years of Vesting Service, subsequently earns 10 years of Vesting Service, he shall be entitled to the minimum effective on the later of January 1, 1989 or the first month following the month in which his 10th year of Vesting Service was earned. If a Participant who retires on a Vested Pension with less than 10 years of Vesting Service subsequently earns 10 years of Pension Credit, he shall be entitled to convert his Vested Pension to a Regular Pension and be entitled to the minimum effective on the later of January 1, 1989 or the first month following the month in which his 10th year of Pension Credit was earned.
If a Participant satisfied the requirements of Section 6(a)(2) of this Article prior to September 8, 1981, pension payments shall not commence until the later of September 8, 1981 or retirement.
The Disability Pension shall be a monthly amount equal to the monthly amount of Regular Pension to which the Participant would be entitled if he were age 65 years of age at the time his Disability Pension is to be effective.
A Participant shall be deemed to be totally disabled within the meaning of this Section if:
The Board of Trustees may at any time, or from time to time, require evidence of continued entitlement to such Social Security Disability Benefit and may at any time, notwithstanding the prior granting of a Disability Pension under the Plan, require that the individual satisfy the provisions of subsection (b) of this Section as a prerequisite to the continuance of the Disability Pension granted under the Plan.
For Participants who become totally disabled prior to January 1, 1996, the Disability Pension shall commence on the Social Security Disability Award date of entitlement. For Participants who become totally disabled on or after January 1, 1996, the Disability Pension shall commence on the first of the month following the date the Participant becomes totally disabled as determined by the Social Security Administration. Disability Pension payments shall continue for as long as such disability continues and the Pensioner remains totally disabled as defined in Section 10.
If a Pensioner on a Disability Pension loses entitlement to a Social Security Disability Pension, or recovers from a disability, the Pensioner shall report such fact in writing to the Board of Trustees within 30 days of the date he receives notice from the Social Security Administration or the date of such recovery.
A Pensioner on a Disability Pension who is no longer totally disabled may resume employment covered by the Plan and will thereupon resume the accrual of Pension Credit.
A Participant may retire on a Service Pension if he meets the following requirements:
The monthly amount of Service Pension is determined in the same way as the monthly amount of the Regular Pension is determined.
Effective January 1, 1996, if a pensioner receiving an Early Retirement Pension is granted a Social Security Disability benefit in accordance with Section 10(a) of this Article III and the Social Security Disability benefit has a date of disability preceding or coincident with the effective date of his Early Retirement Pension, he will be allowed, should he so elect, to convert his Early Retirement Pension to a Disability Pension. The request to change the type of pension must be in writing and filed with the Plan Office along with a copy of the notice of entitlement of Social Security Disability benefits. The effective date of the Disability Pension shall be determined in accordance with Section 11 of this Article III. The amount of the Disability Pension shall be determined in accordance with Section 9 of this Article III and the retroactive increase in monthly benefit amount from the Disability Pension effective date to the date the pension is converted shall be paid in a lump sum. A Pensioner who elects to convert his Early Retirement Pension to a Disability Pension may, at the time of the conversion and with the consent of his spouse, if applicable, change the form of pension he is receiving. A Guild Office Participant is not entitled to benefits under this Section 15 unless the effective date of his Early Retirement Pension is after December 31, 2003.
Pro Rata Pensions are provided under this Plan for Participants who would otherwise be ineligible for a pension because their years of employment have been divided between employment creditable under this Plan and employment creditable under the Motion Picture Industry Pension Plan.
The term "Related Service Credit" means service credit accumulated by a Participant under the Motion Picture Industry Pension Plan. The Trustees shall compute Related Plan Service Credits on the basis on which that credit has been earned under the Motion Picture Industry Pension Plan and certified by that Plan to this Plan.
The term "Combined Service Credit" means the total Related Service Credit plus Pension Credit accumulated under this Plan by a Participant.
A Participant who has retired shall be eligible for a Pro Rata Pension if he or she meets the following requirements:
Credit earned prior to a Permanent Break in Service under this Plan or the Motion Picture Industry Pension Plan shall not be counted in determining the Participant's Pro Rata Pension.
The monthly amount of the Pro Rata Pension is determined in the same way as the Regular, Early Retirement or Disability Pension based only on the Pension Credit earned under this Plan and excluding Related Service Credit.
Payment of a Pro Rata Pension shall be subject to all the conditions applicable to the other types of pensions under this Plan. Pro Rata payments subject to this Article shall be limited to:
If a Participant dies before retirement, Related Service Credit may be used for purposes of determining eligibility for the Death Before Retirement Benefit under Article V, Section 1 or the 50% Joint and Survivor Pension under Article IV, Section 4 provided he or she has earned at least: