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LORT Contract - Explanation of 401(k) Employer and Salary Deferral Contributions
A 401(k) retirement benefit is available under the Equity-League 401(k) Trust Fund for members employed under the terms of the LORT Contract, where they will be eligible for employer and/or salary deferral contributions.
Members will receive a Media Payment (employer contribution) equal to the percentage required under each LORT Theatre category (see below) based on weekly category minimum salaries for each Actor, Stage Manager, and Assistant Stage Manager. Listed below are the percentages and category minimum salaries that are to be used when calculating the employer contribution:
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LORT Category (Repertory and Non-Repertory)
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Percentages to use When Calculating 401(k) Employer Media Payments
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A” Category
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1.25%
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B+” Category
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1.25%
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B” Category
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0.75%
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C” Category
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0.75%
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D” Category
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0.50%
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LORT Category
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Minimum Salaries for Actors (Repertory and Non-Repertory) to February 17, 2013
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A” Category
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$882.00
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B+” Category
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$832.00
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B” Category
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$765.00
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C” Category
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$710.00
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D” Category
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$566.00
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LORT Category
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Minimum Salaries
for Stage Managers
in Repertory
to February 17, 2013
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Minimum Salaries
for Assistant Stage Managers
in Repertory
to February 17, 2013
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A” Category
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$1,279.00
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$1,073.00
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B+” Category
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$1,154.00
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$1,000.00
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B” Category
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$1,009.00
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$911.00
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C” Category
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$922.00
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$785.00
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D” Category
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$789.00
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$654.00
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LORT
Category
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Minimum Salaries
for Stage Managers
in Non-Repertory to
February 17, 2013
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Minimum Salaries
for Assistant
Stage Managers in
Non-Repertory to
February 17, 2013
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A” Category
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$1,279.00
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$1,067.00
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B+” Category
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$1,105.00
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$929.00
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B” Category
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$912.00
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$774.00
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C” Category
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$850.00
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$714.00
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D” Category
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$697.00
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$574.00
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For employers whose shows perform ONLY at the following theatres, members will receive employer contributions based on the following set of minimum salaries with the employer contribution rate being 1.5%:
• Vivan Beaumont Theater (Lincoln Center Theater)
• Samuel J. Friedman Theatre (Manhattan Theatre Club)
• American Airlines Theatre (Roundabout Theatre Company)
• Studio 54 (Roundabout Theatre Company)
• Henry Miller's Theatre (Roundabout Theatre Company)
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Assignments
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Minimum Salaries to
February 17, 2013
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Actor
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$1,231.00
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Stage Manager (Musical)
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$2,024.00
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Stage Manager (Dramatic)
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$1,740.00
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Assistant Stage Manager (Musical)
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$1,601.00
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Assistant Stage Manager (Dramatic)
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$1,422.00
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Swing
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$1,231.00
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Minimum salaries under the Experimental Theatre Contract for Actors and Assistant Stage Managers shall be 80% of the category "D" minimum actor salary (for Actors and Assistant Stage Managers the amount will be $453.00 to February 17, 2013) for all Category Theatres. Stage Managers will receive $558.00 to February 17, 2013 for all Category Theatres as well.
In addition, you may choose to defer up to 85% of your pre-tax weekly compensation up to a maximum of $6,375.00 per week. This is based on the maximum weekly salary of $7,500.00 times the maximum deferral of 85% under the limitations set under the 401(k) Plan. Please note that although a % of employer contributions are due on all overscale per diem, participants may not defer overscale per diem towards the 401(k) Plan unless the overscale per diem is taxable. You may change salary deferral contributions at any time or may choose not to defer any part of your salary. The Federal Government limits the maximum amount of salary that can be deferred to retirement plans. For the year 2012, the maximum amount of salary that participants can defer for all employers is $17,000.00. Note that participants who are 50 or older are eligible to defer an additional $5,500.00 for the year 2012.
Actors who are incorporated (employed through corporations) will be eligible for employer contributions; however, they will not be eligible for salary deferrals.
Example One - Employer Contribution Only:
| Actor Weekly salary under a Category A: |
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$1,000.00 |
| LORT Category A Actor Weekly Minimum Salary: |
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$882.00 |
| Employer 1.25% contribution: |
$11.03 |
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| Total employer contributions made to 401(k) account: |
$11.03 |
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Example Two - Employer and Salary Deferral Contributions:
| Actor Weekly salary under a Category A: |
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$1,000.00 |
| LORT Category A Actor Weekly Minimum Salary: |
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$882.00 |
| Employer 1.25% contribution: |
$11.03 |
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| Participant's deferral: (5%) |
$50.00 |
$50.00 |
| Total employer and salary deferral contributions made to 401(k) account: |
$61.03 |
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| Gross salary that will be used for Federal Income Tax Purposes |
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$950.00 |
In order to provide the aforementioned benefit, the Trustees have evaluated various companies that provide record keeping and investment services for retirement plans. Following a thorough review of the industry, MassMutual Retirement Services was selected as the service provider for the Equity-League 401(k) Trust Fund.
MassMutual Retirement Services has an excellent reputation in the retirement services industry. Working in partnership with MassMutual Retirement Services, the Retirement Services Department staff will assist you during the entire 401(k) benefit administration process.
Through MassMutual, some of the features available from the plan will include:
Twenty two (22) investment options,
- A toll-free number and an Internet site providing participants with:
- Access to their account balance,
- The ability to make changes to their investment options,
- The ability to review investment performance
- Educational information on the Internet site regarding:
- Financial planning basics,
- Plans for building an investment strategy
- A quarterly statement mailed or e-mailed to you, reporting:
- Account information
- Your personal rate of return
- Contributions made to your account segregating salary deferral and contributions by each producer
A MassMutual customer service representative will be available through their toll free number, (800) 743-5274, to answer your questions. You may also contact the Retirement Services Department within the Fund Office at (212) 869-9380, or toll free at (800) 344-5220.
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