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Pension Credits are units that measure the amount of time you have worked in employment covered by the Plan. Pension Credit is earned based on your Earnings Credit or your days of covered employment. Pension Credits are used in determining your eligibility for benefits as well as the amount of benefits payable under the Plan.
There are four types of Pension Credits:
- Current Service Credit
- Military Service Credit
- Alternative Eligibility Pension Credit
- Prior Service Credit
Prior Service Credit
Before January 1, 1961
You will be credited with one year of Prior Service Credit for each calendar year between January 1, 1937 and December 31, 1960, in which you have Prior Service Earnings of $2,000 or more. The maximum number of Prior Service Credits that will be used to calculate your benefits is 20.
Current Service Credit
After December 31, 1960
You will be credited with one year of Current Service Credit for each calendar year after December 31, 1960 in which you meet the minimum earnings requirement. The Trustees determine, from time to time, the amount of earnings required to earn a Pension Credit, as follows:
Current Service Credit |
|
|---|---|
| Calendar years | Earnings requirement for one pension credit |
| 1961 through 1991 | $ 2,000 |
| 1992 through 1995 | $ 5,000 |
| 1996 through 1998 | $ 7,500* |
| 1999 through 2002 | $10,000** |
| 2003 through 2008 | $15,000 |
| 2009 | $16,000 |
| 2010 | $17,000 |
| 2011 | $18,000 |
| 2012 through 2013 | $20,000 |
* If you were age 55 or older and had at least 5 but less than 10 Pension Credits as of January 1, 1996, you were entitled to continue to earn Current Service Credit at the prior rate (one year equals $5,000) until the earlier of January 1, 2003 or the date you had a total of 10 Pension Credits. After that time, you will earn additional Pension Credit based on the earnings requirement in effect at that time.
** If you had three or more Pension Credits as of January 1, 1999 you were entitled to continue to earn Current Service Credit at the $7,500 rate until the earlier of January 1, 2003 or the date you had a total of 10 Pension Credits. After that time, you will earn additional Pension Credit based on the earnings requirement in effect at that time. Special Rule If your Current Service Earnings in any calendar year before January 1, 1976, resulted solely from residuals and/or deferred payments on which contributions were payable to the Plan, you are entitled to Current Service Credit for such year only if:
- You have a total of at least 10 Pension Credits made up of a combination of Prior Service Credit and Current Service Credit; and
- In each of the years after 1960 that are included in these 10 years, you received some payment for the performance of work (sessional earnings) which was subject to Producers contributions to the Plan.
Military Service Credit
Prior to December 12, 1994
If you do not otherwise have 10 years of Pension Credit, you may be granted Military Service Credit for any calendar year prior to December 12, 1994 in which you did not earn a Prior or Current Service Credit and in which you served in the Armed Forces of the United States during the years after 1939. If you served during the Second World War in the armed forces of a nation that was allied with the United States, you are entitled to Military Service Credit for that service.
Military Service Credit will be granted for a maximum of three years or until you have been credited with 10 years of Pension Credit, whichever is achieved first.
In order to receive credit for Military Service you must have had some employment and earnings as an Actor in each of the two years before your military service and your discharge must be other than dishonorable.
On and After December 12, 1994
You will be credited with Military Service Earnings Credit for periods on and after December 12, 1994.
Alternative Eligibility Program Pension Credit
After December 31, 1998
You are entitled to a Pension Credit under the Alternative Eligibility Program for any calendar year after December 31, 1998 in which you do not meet the minimum earnings requirement but in which you work for a minimum number of days as an actor in employment which is covered by a collective bargaining agreement with SAG-AFTRA under which contributions are made in accordance with the Pension Plan Trust Agreement. The number of days is as follows:
Alternative Eligibility Program Pension Credit |
|
|---|---|
| Calendar years | Days of employment requirement for one pension credit |
| 1999 through 2002 | 60 days in a calendar year |
| 2003 and later | 70 days in a calendar year |
Pension Credit earned under the Alternative Eligibility Program is used in the same way as other Pension Credit except that it will not count toward:
- The Minimum Pension
- Eligibility for Early Retirement Pension
- Eligibility for Disability Pension (Occupational or Non-Occupational)
- Eligibility for the Terminal Illness Benefit
- Eligibility for Senior Performers Health Plan coverage (including the Extended Spousal coverage)
The amount of pension earned with Pension Credits under the Alternative Eligibility Program is calculated in the same way as other pensions – based on your actual earnings and the benefit formula, except that the minimum pension amount (currently $220 per month) does not apply. This means that if your earnings produce a monthly pension of less than $220 per month, you will receive the lesser amount.