$100 million reason why IATSE members benefit from a Union Contract.

Posted: November 3, 2010 in Uncategorized

Great News for Plan Members

After less than 5 years in existence, the Canadian Entertainment Industry Retirement Plan passed $100 million in assets in early October 2010, which, according to Benefits Canada magazine, puts it within the range of the 50 largest reported Defined Contribution Plans in Canada.  This phenomenal growth has allowed the Plan to renegotiate the Investment Management Fees (IMFs) with Great-West Life, passing even more savings on to Members enrolled in the Plan.

 

In late October, the Retirement Committee, which oversees the operation of the Plan, sat down with Great-West Life and successfully negotiated a significant reduction in the fees charged to all Portfolio and Cadence (Lifestyle) funds in our Plan to 0.99%.  This represents a 13.9% reduction in fees for the Cadence Funds which were previously at 1.15% and a 10.0% reduction in fees for the Portfolio funds which were at 1.1%.   The full amount of these savings will flow directly to members’ accounts.

 

In addition to this announced fee reduction, Great West Life has also agreed to renegotiate the fees again once the Plan reached $200 million in assets.  Incredibly, the Plan’s Consultants estimate that the Plan will reach this benchmark in less than 2 years.

 

Fees make a huge difference over time and the higher the fees the more members’ retirement funds get eaten up.  From the humble beginnings of the Plan, the Retirement Committee has been committed to lowering fees charged to members without sacrificing quality of service.  The ability to negotiate such low fees is largely the result of the mass buying strength of over 13,000 members working together.

 

The members of this Plan also enjoy the fact that when working in other jurisdictions across the country or even if they are also members of the DGC, they can rest assured that their payroll remittances will automatically be forwarded to their account.

 

Working closely with Great-West Life, the Committee, Plan Consultants and Plan Administrators across the country are constantly developing better ways to see to the needs of a largely diverse membership.  Encompassing the IATSE, the Directors Guild of Canada, and the employees of EP Canada, the largest payroll service operating in the entertainment Industry in Canada, the Plan brings challenges that are continually being met through the dedication of this Team of professionals.

 

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Comments
  1. VFX WTF says:

    VFX Exit plan?

    I never thought about that. Hmmm.

    I guess my retirement plan is at 49 when studios stop hiring me i will purchase a hot dog stand.

    That and faith in science to enable me to make hot dogs till I’m 90.

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