Reprinted from The Hollywood Reporter by Carolyn Giardina on March 26, 2020.
The Motion Picture Industry Pension and Health Plan — the plan used by all IATSE members including cinematographers, editors, production designers and sound professionals — has been temporarily revised to aid members as they navigate through the coronavirus crisis.
Notably, these changes include a waiver of next quarter’s premium co-pays for active participants and the ability to make a one-time emergency hardship withdrawal from Individual Account Plans.
Motion Picture Editors Guild (Local 700) national executive director Cathy Repola outlined these revisions in a message sent to members on Wednesday. But she also warned: “For those that need immediate relief, it is good to have this as an option. However, you will be withdrawing money that was contributed by your employers to afford you a significant retirement benefit. Please do not make this decision lightly.”
This one-time hardship withdrawal must be made between May 1 and July 31. …