Why contribute now?
Why contribute to a 401(k)?
If you’re working under a contract that allows you to contribute to a 401(k) account, please consider doing so. Combined with any pension you earn and your personal savings, a 401(k) provides you with income during retirement. Taxes on your contributions will be deferred. And, over time, your 401(k) balance can be expected to grow tax-free as the value of your investments increases.
How does a 401(k) result in tax savings?
Federal income taxes are deferred1
on your contributions to the 401(k) Plan, as well as the interest earned. State income taxes are also deferred, with the exception of certain individual state mandates. You aren’t taxed on your 401(k) contributions until you begin taking your benefit, presumably after retirement when your income – and your tax rate – are lower. To learn how 401(k) contributions will affect your own taxes and plans for retirement, consult with a tax professional or a financial planner.
1 While federal taxes on your 401(k) contributions are deferred, Medicare and Social Security taxes are not deferred.
How do I know if I am eligible, and how do I contribute?
To learn if the Actors’ Equity contract you are working under allows you to contribute to the 401(k) Plan, view our 401(k) FAQs
or search the Agreements library at Actors’ Equity’s site.
If you are eligible, you may begin contributing by submitting a completed 401(k) Salary Deferral Agreement, which may be found at our 401(k) Forms page. You may also change, stop, or re-start contributions at any time by submitting a new 401(k) Salary Deferral Agreement.
The minimum that you may contribute is 1% of your salary. To learn about other limits on what you may contribute, you may visit our Maximum and minimum contributions page.
For complete details about Equity-League Benefit Funds 401(k) benefits, refer to the Equity-League Benefit Funds Pension Plan and 401(k) Summary Plan Description. If you have additional questions or need assistance, contact the Equity-League Benefit Funds Retirement Services Department at (212) 869-9380 or outside the NY Metro area, at 1-800-344-5220 from 9:30 am to 5:30 pm ET