Pension, Health, and 401(k) Contribution Reporting:
1. Please review reports for accuracy and insure that requested information is included. Reports must be submitted designating the Sunday week ending date only. Reports and contributions are due no later than the Friday after the Sunday week ending in which work was performed. Please contact the Accounts Receivable Department within the Fund Office to request additional forms. Computerized reports will be accepted if they contain the required information.
2. One week ending date and one show only per each contribution report. If the contribution report is a revision, only the revised information should appear.
3. The title of the production and your 10 digit agreement number must appear on all contribution reports. In addition, the 10 digit agreement number MUST appear on all checks.
4. Social security numbers as well as the professional names MUST appear for all cast members. Do not use the corporation number for any actor. The LORT category minimum salary MUST also appear for each cast member for the purposes of reporting and determining the required Media Fee 401(k) payment. Pension payments and 401(k) deferral payments (elective and optional) are to be calculated and paid against the members' gross weekly salary.
5. Interest is assessed on pension, health and 401(k) payments received three weeks after the week ending date at the Prime Rate issued on January 1 and July 1 during each calendar year plus 2%.
6. Payments for pension and health contributions can be paid on one check, or issued separately. 401(k) contribution payments are to be paid on a separate check. Please note that if a theatre is operating under two separate contract agreements, contribution payments are NOT to be combined.
7. All pension, health, and 401(k) contribution payments and reports should be forwarded to Equity-League
A) Equity-League can now receive electronic ACH transactions directly into our bank account(s). For additional information, click here
B) If you cannot make ACH transactions at this time, then payments are reports are to be sent directly to:
165 W 46th St, 14th Fl
Attn: Equity-League Accounts Receivable Department
New York, NY 10036
PLEASE DO NOT FORWARD PENSION, HEALTH, AND 401(K) DOCUMENTATION TO ANY OF THE ACTORS’ EQUITY ASSOCIATION OFFICES.
As a reminder, your 10 digit agreement number MUST appear on the check(s) and contribution reports.
401(k) Media Fee and Deferral Contribution Reporting Requirements:
Employer Contributions (Media Fee):
Producers must contribute an amount equal to the % required under each LORT Theatres category (see below) based on weekly category Minimum salaries for each actor, stage manager, and assistant stage manager. Listed below are the %'s and category minimum salaries that are to be used when calculating the 401(k) Media Fee payment:
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 $466.00 to February 16, 2014) for all Category Theatres. Stage Managers will receive $574.00 to February 16, 2014 for all Category Theatres as well.
Example of how to calculate the Media Fee payment - A Stage Manager's weekly amount under a category B+ agreement in Repertory is $1,200.00. The minimum salary under this category through February 16, 2014 however is $1,189.00. Therefore, the employer is required to pay 1.25% on the MINIMUM SALARY of $1,189.00 ($1,189.00 x 1.25% = $14.86). If a member earns less than his or her contractual for a particular week, e.g. missed performances, where the amount become less than the theatre category minimum, employers are STILL REQUIRED to pay the Media Fee based on the theatre's category minimum salary. Example, if an actor's contractual salary under a category LORT A to February 16, 2014 is $908.00, but that actor only earns $600.00 for a particular week, he/she is to still receive the Media Payment of $11.35 (1.25% x category minimum salary of $908.00) .
The Federal Government limits the maximum amount of annual compensation per employer that can be taken into account for determining contributions for a participant under a qualified plan. For the year 2013, the annual amount is $255,000.00.
Employee (Deferral) Contributions:
In addition, participants may choose to defer up to 85% of their 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. The participant may change salary deferral contributions at any time or may choose not to defer any part of their salary. The Federal Government limits the maximum amount of salary that can be deferred to retirement plans. For the year 2013, the maximum amount of salary that participants can defer for all employers is $17,500.00. Note that participants who are 50 or older are eligible to defer an additional $5,500.00 for the year 2013.
Example of how to calculate the Elective Deferral Contribution - A Stage Manager's contractual weekly amount under a category B+ agreement in Repertory is $1,200.00. The category minimum salary through February 16, 2014 is $1,189.00. The member elected to defer 10% of salary. Therefore, the employer is required to pay $120.00 as the member's deferral contribution ($1,200.00 x 10%).
Actors who are incorporated (employed through corporations) will be eligible for employer contributions; however, they will not be eligible for salary deferrals.
The Accounts Receivable Department will track the employer and/or deferral contributions made on behalf of participants and notify you if and/or when the annual contribution limits are reached.
In addition to the information required under item 4 of the instructions for reporting pension, health, and 401(k) contributions, as well to the items listed above, the percentage being deferred by the participant, and the contribution amount deferred by the participant should be included on the contribution report.
A Deferred Salary Agreement form, which the participant is to use to defer pre-tax compensation as outlined above, must be completed. The participant and the employer are to retain copies of the form after it is filled out and signed. A third copy of the Deferred Salary Agreement must be filed with the Fund Office. Please contact the Accounts Receivable Department within the Fund Office to request additional deferral forms. The deferral form can be downloaded directly, http://www.equityleague.org/401k/forms/401k_defer.html
If you have any questions, please feel free to contact the Accounts Receivable Department at (212) 869-9380.
Equity-League Accounts Receivable Department.