The MPIPHP has two different pension benefits, and union jobs in Los Angeles contribute to both.

The first is what is called a "defined benefit" plan. Similar to the health insurance, contributions to the defined benefit plan are made on an hourly basis. In order to vest in this plan, you need to accrue five consecutive "qualified years." A qualified year is a calendar year in which you worked at least 400 union hours. When you retire, the number of hours you worked is plugged into a formula that defines the benefit (in the form of a monthly check) that you will receive. That benefit is guaranteed as long as you are alive to collect it.

The second benefit called the Individual Account Plan is a "defined contribution" plan. A percentage of your scale is contributed by the employer into a fund with your name on it. Those funds are invested by the MPIPHP fund advisors, and accrue interest. You vest your contributions each year, provided that you accrue at least 400 union hours in that year. When you retire, the account is worth whatever it is worth and is yours.

Again, this description is meant as a rough guideline. You should check important requirements and other specifics at www.mpiphp.org.

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Tris Carpenter, National Organizer
MPEG, IATSE Local 700
323-876-4770 x244
tcarpenter@editorsguild.com