Plan Basics & Eligibility
What type of retirement plan is the AFTRA Retirement Fund?
Defined Benefit Pension Plan AKA DB Plan which is entirely funded by employer contributions.
How does a participant earn a pension credit?
Earning the minimum earnings threshold of $15,000 in covered employment within the base year.
What qualifies as covered earnings under the Plan?
Compensation from employers under union agreements requiring pension contributions.
How is the Early Retirement Reduction calculated?
0.5% Reduction per month before age 65.
What is the Required Begin Date meaning and why is it important?
The date by which benefits must begin for the participant in order to avoid tax consequences.
Note: If asked, "What kind of tax consequences?" The participant should talk to their tax advisor.
What is the AFTRA Base Year?
December 1st - November 30th
What is the maximum number of pension credits a participant can earn in a year?
Only 1 Pension Credit per year.
What date is used for Session work crediting?
Performance Date.
If a participant retires 3 years early, what is the total percentage reduction?
0.5% x 3 years (36 months)
18% Reduction
I was born on 8/3/1940, at what age do I need to take my pension? (Turning 86 years old this year)
70.5 for anyone born before 7/1/1949
What are the 2 ways someone can become an active participant of the Plan?
$15,000 in Earnings
OR
1,000 hours worked
How many years are required to become fully vested?
5 Years & this would apply for Early & Normal Retirement.
What date is used for Residual crediting?
Air Date or Cycle Start
Does a benefit increase once a participant reaches age 65 after taking Early Retirement?
No, the reduction is permanent.
I was born on 4/3/1950, at what age do I need to take my pension? (76 years old currently)
72 for anyone born between 7/1/1949 - 12/31/1950
When does participation officially begin after meeting eligibility requirements?
The following June 1st or December 1st.
What happens to employer contributions if a participant never becomes vested?
Contributions remain in the Plan and are used for other participants &/or plan expenses.
What date is used for Royalties crediting?
April 30th & October 30th
What happens to a participant's benefit if they delay retirement past page 65?
Benefit increases for each year delayed past age 65.
I was born on 8/10/1952, at what age do I need to take my pension? (Turning 74 years old)
72 for anyone born between 7/1/1949 - 12/31/1950
Can a participant lose active participation status? If so, how and can it be reversed?
Yes, a participant can lose active participation status.
Only active status would be lost; any pension credits earned would remain.
How many days worked is required to earn an Alternative Pension Credit
None :)
AFTRA doesn't offer this.
Based on the last update to the Plan, what is their accrual percentage?
0.73%
What is the percentage increase if a participant waits until after 65 to start their pension?
It's not percentage based.
In the year 2033, what is the RMD/RBD age going up to?
75