Daily Hire one time opportunity to change 401K
Dear NABET-CWA-ABC Members,
Among the proposals that we received from many members in advance of bargaining was to open the option to move your 401(k) plan. We achieved that goal – BUT THIS IS A ONE-TIME ONLY OPTION. You have until September 30th to make a change, which will be effective January 1, 2023. After that, you cannot change where your funds are invested until at least the next contract negotiations in 2025.
Local 51 President Carrie Biggs-Adams spent some time with Sean Duggan of the Entertainment Industry 401(k) and the Flex Plan. They did a Zoom question and answer about your options. This is a link to the 13-minute video – it has subtitles (they are Automated AI, so not perfect) but it should help you understand your options and implications about moving your funds and changing plans.
You can watch the zoom here:
NABET-CWA Local 16
Your options are:
Entertainment Industry 401(k) Plan https://www.entind-401kplan.com/
CWA Savings and Retirement Trust https://cwasrt.empower-retirement.com/
In order to make your decision known to ABC, you must fill out this form.
To make your election for the CWA SRT or the Entertainment Industry 401(K) please execute this election form and return it signed via PDF to:
(Please put “401K ELECTION FORM” in the Subject Line)
This was ABC’s Message: ABC currently makes an annual contribution to the Communication Workers of America Savings and Retirement Trust (“CWA SRT”) or the Entertainment Industry 401(K) Plan, for NABET-CWA daily hire employees, pursuant to the NABET-CWA – ABC Master Agreement. ABC makes the contribution of four percent (4%) of the employee’s straight time hours worked in a calendar year, by February 15th of the following year. Pursuant to negotiations between the Company and the Union, that contribution will increase from four percent (4%) to five percent (5%) effective in 2024.
As part of NABET-CWA’s and ABC’s joint efforts to continue to encourage employees to maximize their retirement options, we are pleased to announce that in 2022 employees will have an additional, one-time opportunity to again elect whether they will individually self-allocate their complete 4% contribution to either the CWA SRT or to the Entertainment Industry 401(K) Plan, effective beginning January 1, 2023. Your designation will not only allocate the Company’s 4% annual contribution, but it will also designate the specific retirement savings plan to which the Payment In Lieu of Benefits retirement contribution will be made.
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