Reprinted from Deadline Hollywood by David Robb on February 27, 2017.
Despite the recent wave of difficulties facing multi-employer pension plans in other industries, Hollywood’s are on relatively sound financial footing, according to an analysis conducted for Deadline by the Illinois-based Society of Actuaries. And that’s good news for the industry’s retirees and future pensioners.
“Multi-employer pension plans have faced funding challenges across industries, but several of the entertainment industry plans go against the trend and show above-average funded status,” said Lisa Schilling, the Society’s retirement research actuary. “The DGA plan has the highest funding level of the five plans analyzed, at 98%. The WGA and AFTRA plans both exceed the industry average funding level of about 85%. The SAG plan is about average at 84% percent, and only the Motion Picture Industry Pension Plan falls below average at 72%.”
That means that all five of the industry’s multi-employer pension plans are in the so-called “Green Zone,” meaning that their funding levels are not critical or endangered and should be able to meet all current and future obligations. …