STAFF VS MEMBER PENSION DISPARITY

STAFF VS MEMBER PENSION DISPARITY

We have only respect for our Staff and the jobs they do. However…

The SECRET disparity that exists between our pension and our Staff’s pension is unacceptable.

* In 2004 our SAG Staff was moved into the SAG Member’s Pension Plan.

The Board was led to believe that the Staff’s benefits would be the same as the Members’.

* In 2008, as a result of the economic meltdown, the SAG Pension Plan lost nearly 25% of its assets.

Because of this, the SAG Plan Trustees were forced to cut the Pension accrual rate nearly in half, from 3.5% to 2%. EXCEPT an exception was made to create an “Elite Group” that would stay at 3.5%.

That “Elite Group” was our SAG Staff.

Since January 1, 2010... Our SAG-AFTRA Staff, who are paid with our dues money, still accrue at 3.5%. While we the members languish at 2%.

* When a Staff person has 20 years of service and is 55 or older – They can take FULL retiree benefits.

This practice is called:

THE RULE OF 75

When a Staff person has more than 20 years of service and their age and service add up to 75 or more years… They qualify for a pension in a completely different/better way than we members do.

Under this RULE OF 75, the Staff’s pension becomes 70% of the average of their last five year’s salary. (Regardless of their accrual rate.) This also allows for something called “pension spiking” – Which inflates their salary to include overtime and other wage compensation.

The Staff’s pension benefits far exceed those of ours… The Members.

* The Staff’s annual pension cap is $210,000. Verses our annual cap of $96,000 for SAG members - $108,000 for AFTRA members.

* The “Rule of 75” Staff people are eligible for FULL pension benefits at the age of 55.

SAG and AFTRA Member pensioners can’t get their full pension until the age of 65.

SAG members take a 30% reduction of benefits at 55.

AFTRA members take a 60% reduction at age 55.

* To get a maximum pension, the SAG pensioner also has to vest 35 years. Staff… 20 years.

EXAMPLE

* A SAG Pension Participant who averages $50,000 for 20 years under the current rules would receive an annual pension of $14,000 at 55.

An AFTRA participant’s annual benefit at 55 plummets to under $8,000.

The “Rule of 75” SAG-AFTRA Staffer at 55 would get $35,000 annually.

SAG Participant at 55 - $1,167 per month.

AFTRA Participant at 55 - $667 per month.

Staff employee at 55 - $2917 per month.

We at MembershipFirst find this discrepancy inequitable and unacceptable.

We are also very troubled that all this information had to be cobbled together from many different sources. NOWHERE can these Staff benefits be found. It all had to be FOUND OUT.

It isn't that we want the Staff to get less. We just want EQUALITY.

 - MembershipFirst