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HOW Much is the Pension Fund going to pay me??The current annual rate of return on contributions made is between 15 and 42%, depending on when you retire. The fund is insured under federal law by the Pension Benefit Guaranty Corporation. It costs musicians nothing to participate; it only takes five years to become vested, and it only takes $3000 in earnings on contract to accrue a year's credit. The pension fund is a multi-employer fund, which means that all contributions made on your behalf are pooled into one account for you. Employers or leaders that have a collective bargaining agreement or have signed a participation agreement are eligible to make contributions on behalf of their musicians. If the leader is incorporated, he/she can have the corporation make contributions on his/her behalf. Get in on one of the best private pension funds around! Call the Local at 954/527-4458 for more information on how to participate. At today's rate of return, for each $1,000 in earnings per year covered by an 8% pension contribution over the course of 30 years, your benefit when you retire at age 65 will be $84 a month, or $1008 each year! Wow! Pension Fund Facts...
Pension Fund Death BenefitsDid you know that should a person vested with the Pension Fund die before collecting his or her pension, their beneficiary or estate can be paid the benefits in a lump sum? These lump sums can also be rolled over directly to a tax-deferred retirement fund such as an I.R.A. So make sure the Pension fund has your beneficiary on file! Pension Fund Disability BenefitIf you should become disabled and unable to work, you may be eligible to receive a monthly payment equal to your monthly Pension Benefit had you retired at age 65. Even if you have fewer than 10 years of vesting service, you may be eligible for a lump sum payment of $2000. |
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