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 The Pension Plan, which covers Hollywood’s below-the-line workers, says any amount of $200 or more can be withdrawn, up to 20% of a participant’s 2018 account balance, or a maximum of $20,000 – whichever is less.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.
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.
Must Read Stories
Subscribe to Deadline Breaking News Alerts and keep your inbox happy.