Annuity Fund Information
Did you know that if you are a full-time employee you might have money in the bank for your future? No? Well, read on and learn. You may like what you read.
In 1998 the Union negotiated, for the first time in our history, the ability for our full-time members to receive a retirement contribution. These contributions are not taken from your paycheck but rather paid by the company based on your overall earnings. So, how does it work? Well, when you become a Full Time employee your employer(s), Universal Studios, (which previously included the Gibson Amphitheater, as well) is obligated to pay contributions to your retirement. Let me say it again: these contributions do not come out of your pocket.
At present the contracted amount that is required from the employer is 3% based on your overall wages. So, if you make an annual salary of $20,000 the Company will make an annual contribute of $300.00. If you make an annual salary of $25,000 the Company will make an annual contribution of $750.00. And so on.
Wells Fargo now manages these funds. You will receive a statement each quarter expressing how much was contributed for that quarter, what administrative fees were deducted, how much interest you earned and the overall balance in your account. Please don't throw these statements away, as this is money in the bank. You will need them if you retire or wish to someday roll these funds into another retirement account in the future.
The other benefit is you are also eligible to contribute along with your employer, which makes the fund grow faster. For instance if you contribute $20/month, after 12 months you will a have an additional $240.00. Added to the $750 annual contribution from the company you will have $990.00 plus interest. It adds up over time and the initial contributions are monies you did not pay from your own pocket.
We have provided the website information and phone number of Wells Fargo if you have questions about your account. Please do not call the Union Office, please call Wells Fargo directly, as they are the only ones who can answer how the account is managed. Only call the union Office if you believe you are eligible and not receiving contributions or if your feel the amounts being contributed are incorrect.
For the Beneficiary Designation form, click here
For the IATSE Benefits Change of Address form, click here
We hope this helps. If you have any further question concerning this information, feel free to contact the Union Office for assistance.
- Phone: 866-728-3357
For information regarding anything prior to the 2016 switch to Wells Fargo, contact Mass Mutual via the information provided below.
- MassMutual Financial Group
- 1295 State Street N405
- Springfield, MA 01111
- 1-800-743-5274 Mon-Fri 8am-8pm EST
P.S. When you leave the company, check into rolling your Annuity contributions into your own IRA