Motion Picture Industry Pension Plan Will Allow Participants To Take Up To $20,000 In Hardship Withdrawals From Individual Account Plans

is allowing participants to take a one-time hardship withdrawal of up to $20,000 from their Individual Account Plans “due to adverse financial consequences from the Coronavirus Pandemic.” The Pension Plan, which covers Hollywood’s below-the-line workers, says any amount of $200 or more can be withdrawn, up to 20% of a participant’s 2018 account balance, or a maximum of $20,000 – whichever is less.

Participants in the Motion Picture Industry Pension Plan include tens of thousands of now-unemployed members of IATSE’s West Coast studio locals, Teamsters Local 399 and the Basic Crafts unions among others.

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