Entertainment Industry Workers Retirement Savings at Risk Amidst Strikes

Entertainment Industry Workers Retirement Savings: During the strikes, people who work in the entertainment industry have had to use up their savings for retirement. Over $44 million of their retirement money was stolen. They need this money because they have suffered since losing their jobs months ago.

In their most recent report, the Motion Picture Industry Pension and Health Plans said that close to 3,000 withdrawals were made because of hard times. The brave, unknown Hollywood players will have to pay back an average of $15,000.

These facts, confirmed by reliable labor sources, show how bad the economy is for Hollywood’s hidden workers. Set painters, grips, craft service workers, drivers, cinematographers, costumers, and hair and make-up artists are all part of this quiet army.

The Writers Guild of America strike on May 2, which stopped writing for TV and movies, makes things more challenging. Before this fire, these experts had been worried about their jobs for months. Since January or last fall, there haven’t been many jobs, so many people have had to use emergency savings.

In reaction to this terrible situation, the Entertainment Community Fund gave about $6.5 million to 3,100 needy workers. The Movie and TV Fund gives out grants of up to $1,500. Money from the WGA and SAG-AFTRA helped protesters keep from losing money.

In the past few days, Steven Spielberg, Kate Capshaw, Ryan Murphy, and Greg Berlanti have given unemployed staff workers $500,000 to $1.5 million. This shows how nice they are.

Pension and health plans for the movie industry help a lot of people. Some are Teamsters, IATSE members, people who work in Basic Crafts, and welders.

People with 401(k)s or other defined-contribution plans can take out $20,000, which is 20% of their savings. This last-ditch effort, which MPIPHP started on July 31, gave people until September 1 to send in their ideas.

Members who take money out before leaving, on the other hand, have to pay a 10% federal and a 2.5% California penalty. Like income, payments are taxed. Because of this, unions tell members that before going on hardship, they should talk to a tax expert.

Since July 14, SAG-AFTRA has been on strike. This makes business problems even worse. Three weeks after their last meeting to try to reach a deal, the Alliance of Motion Picture and Television Producers and the WGA are still at odds. Both sides said things in public on Friday that started a war of words, but they haven’t said anything else since.

The AMPTP wanted writers and artists to be paid fairly and said long strikes hurt business. Like the AMPTP, the WGA was upset and wanted a quick resolution.

This long war is ending, but people working in the movie business are hoping for a second act.

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