Effective Dec. 1, 2013, the Retirement Plan was amended to increase the benefit accrual rate to 7% of AFTRA H&R covered contributions (up from the previous 4.86%) solely with respect to covered contributions credited for the period May 1, 2009 through Nov. 30, 2012. For participants on whose behalf contributions were due only to the Retirement Fund — and not to the Health Fund — during that period, the formula is 20% of the covered contributions. For additional information about this benefit improvement, refer to the August 2013 Benefits Update.
For vested performers, pension amounts are based upon the following:
- A percentage of covered earnings (prior to May 1, 2009) in Base Years (December 1-November 30) in which a Pension Credit was earned, adjusted for age, marital status, date of retirement and the payment option you choose;
- A percentage of employer contributions (on or after May 1, 2009) in Base Years in which a Pension Credit was earned, adjusted for age, marital status, date of retirement and the payment option you choose.
Under the updated contribution-based formula, which determines the portion of your retirement benefit earned on and after May 1, 2009, AFTRA H&R calculates your annual annuity amount using the following formula, which was amended (improved) in 2013 retroactively to May 1, 2009:
- The total amount of employer contributions credited on your behalf to the AFTRA Health & Retirement Funds in each Base Year in which you earn a Pension Credit
... multiplied by ...
- The contribution-based accrual rate of 7.0%.
To learn more and view examples, refer to the 2013 Retirement Plan SPD along with the modifying August 2013 Benefits Update. If you’re vested, to determine your exact pension amounts under the different available payment options, call Participant Services at (800) 562-4690 to request a pension analysis.
* Exceptions: This rate will not be applied to contributions based on Covered Earnings in excess of the current maximum limit of $200,000 or to any one-time Sound Code payments to the Health Fund or to the employer contributions on behalf of participants who have previously chosen, under certain collective bargaining agreements, for those employer contributions to be made to the Health Fund only.
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For information about how your benefit is calculated, call Participant Services at (800) 562-4690, or refer to the 2013 Retirement Plan Summary Plan Description and modifying Benefits Updates for details and additional information.