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The Screen Actors Guild - Producers Pension and Health Plans were established in 1961 as a result of collective bargaining led by then SAG president Ronald Reagan between producers in the motion picture and television industry and the Screen Actors Guild. More than 40,000 actors in all 50 states and their dependents benefit from the SAG - Producers Pension and Health Plans.
The Plans are multiemployer plans. The Pension Plan is funded solely by the contributions made by the producers in accordance with their collective bargaining agreements with SAG. The Health Plan is funded by contributions from producers and from participants. The respective contributions are put into a trust fund which provides the pension and health benefits for all participants who meet the eligibility requirements.
The Plans are governed by a Board of Trustees made up of 18 Union Trustees and 18 Producer Trustees. The Plans are governed by federal law, including the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code. Among other things, these laws require that assets of the plans can only be used to provide benefits to participants in the Plans and defray reasonable administrative costs.
Health Plan benefits include hospitalization, major medical, dental, vision, mental health and chemical dependency benefits and life insurance. Benefits are provided to working and retired participants and their dependents. The Plan currently has two "tiers" of benefits. A participant qualifies for one of the two tiers based on his or her earnings.
Pension Plan benefits include a Regular Pension at age 65, a subsidized Early Retirement Pension for qualified participants at age 55, and a Disability Pension for totally disabled participants. Pensioners can choose from several different forms of payment when they retire. Benefits may also be payable to the beneficiaries of qualified participants who die before or after retirement.
The Plans' main office is in Burbank, California and handles all major administrative functions, including the processing of pension and health plan claims, customer service, accounting, contribution collection and information technology services