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The document outlines the election process for participation in the Motion Picture Industry Pension Plan, Individual Account Plan, and Health Plan for Executive Producers, Producers, and Associate Producers. It emphasizes that participation is not automatic and requires an affirmative election within 60 days of eligibility. The document details the conditions for receiving benefits, the implications of participation on other plans, and provides a form for employees to elect participation.

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What are IAP benefits?

The Individual Account Plan (IAP) provides that extra retirement savings safety net that not only gives our members financial peace of mind but also the flexibility to choose how they want to receive their IAP benefit and the ability to access that benefit early, if necessary, under certain circumstances.

How many hours do you need for mpiphp qualifying?

To qualify for healthcare insurance coverage through the MPIPHP, you must first be credited with 600 hours of work within a 6-month qualifying period. Contributions are made on the basis of 60 hours of work per week.

What is the IAP plan for retirement?

Individual Accounting Plan [IAP] The IAP is paid as a single lump-sum payment or roll-over at the time of retirement. You get out what you put in, plus interest and a percentage of the pot (residuals, supplemental markets, etc.)

What is the difference between IAP and pension?

There are some significant differences between the Plans the Pension Plan is a defined benefit plan, whereas the Individual Account Plan is a defined contribution plan. Please read the summary plan description in order to familiarize yourself with the benefits provided to you through the Plans.