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David Robb
Motion Picture Industry Pension Plan Will Allow Participants To Take Up To $20,000 In Hardship Withdrawals From Individual Account Plans
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deadline.com
deadline.comBy David Robb Labor Editor The Motion Picture Industry Pension Plan 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 The Pension Plan, which covers Hollywood’s below-the-line workers, says any amount of $200 or more can be withdrawn, up to 20% of a participant’s 2018 account balance, or a maximum of $20,000 – whichever is less.
Read all of the requirements here. Under federal law, those who apply for the hardship withdrawals must attest that they, their spouse or a dependent has been diagnosed with COVID-19; that they are experiencing adverse financial consequences as a result of being quarantined,
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