Annuity Fund and 401K Information
We asked the IATSE NBF some questions and would like to share that information in case other members were wondering the same thing. Please read below:
1. Can we continue to make self-contributions to our ANNUITY plan even though our employer is no longer making contributions? No
2. Can we roll over our ANNUITY plan to our employer’s 401k plan or to our own IRA plan? Our ANNUITY plan will not be automatically rolled over to our employer’s 401k plan, but we can roll over the ANNUITY plan’s funds to any tax-deferred account that accepts incoming rollovers.
3. Can we cash out our ANNUITY plan? Yes. Please note, members younger than 55 years of age, must go six (6) calendar months without contributions to qualify for disbursement/rollover (2 full months from 55-64 and 1 full month over 65; immediate if over 70 1/2).
4. Do we have to pay a fee on our ANNUITY plan for an early withdrawal? Yes. There is a 10% early withdrawal penalty, if funds from the ANNUITY plan are requested prior to age 59 ½.
5.Do we have to pay taxes on our ANNUITY plan for an early withdrawal? Yes. There is a mandatory 20% tax withholding, if funds from the ANNUITY plan are requested, regardless of age.
Attached is a chart comparing the NBC Capitol Accumulation Plan(401k) with the IATSE ANNUITY Fund. Below is a short list of differences between the two:
1. With the new NBC 401K plan we will need to make a self-contribution in order to receive a contribution from the company. With the ANNUITY plan, our employer made automatic contributions whether we made self-contributions or not.
2. The plan is now open to full-time and part-time members as well. A big plus!
3. We will no longer be able to take out a hardship withdraw with the new plan, but we can take out a loan that will need to be paid back in the plan because it is a loan.
4. The new retirement plan packets will be sent out to our members individual by the company as soon as Labor Relations has the policy written up, so please make sure that our employer and the Union office have your current mailing address.
5. If you have additional questions, please contact the head of the Retirement and Benefits Committee David Akins at email@example.com
6. We are saving in cost because IATSE ANNUITY cost $32/year and the new NBC 401K plan will cost $27/year.
7. If the IATSE ANNUITY or the 401k Plan ever show no funds or missing contributions, we would need to set up a meeting at the Union office to back track the issue.
8. If you would like to join our retirement and benefits committe, please contact David Akins at firstname.lastname@example.org with your name, department, and email so that we can add to out distribution list for updates and information on Retirement and Benefits information.
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.
Other Important Contacts
Use Annuity@iatsenbf.org or call 1-800-456-3863(FUND) so they can be handled as quickly as possible.
Contact David Akins at email@example.com.
Call the NBCUniversal Retirement Service Center at 1-877-441-6228(NBCU), or log on to Fidelity NetBenfits through the myRetirement page of myBenefits or www.401k.com.
Call to verify self-contributions | HRConnnection
- NBC Universal
- 100 Universal City Plaza | Universal City, CA 91608
- P: 855-HR4-NBCU | E: HR.Connection@nbcuni.com