Animation Guild | We are 839 Digital Magazine
Issue link: http://digital.copcomm.com/i/1055975
T H E L O C A L as you start working, your employer is paying into the MPIPHP, which covers health insurance, pension and the Individual Account Plan. Nothing comes out of an individual's paycheck, that's entirely funded by employer money. You're not entitled to that money until you're vested and you reach retirement age. WHAT IS THE DIFFERENCE BETWEEN THE IAP AND PENSION? The Individual Account Plan is a fund that the employers pay into based on hours worked and rates of pay (6 percent of scale wages) while in the pension plan everyone accrues the same hourly contribution. When you retire, the IAP is like a bank account, you can take it out as either a lump [sum] or you're going to take out [disbursements]. The IAP is invested like the 401(k). It's growing because they've got it invested but it's a defined amount of money. The pension is set up like an annuity. It's something that pays out over a period of time to give you a certain amount of benefit per month based on your life expectancy. GET TO KNOW MARTA In her day job, Marta administers the 401(k) plan but when she's not at work she wears many different identities—geologist, mechanic, costume mistress, and singer, to name a few. When the Saratoga Springs native isn't designing Dickens- style costumes for caroling season, you might find her doing pottery or gardening. "I'm very much into keeping things growing and pretty. I collect rocks and minerals," says the Skidmore College grad who majored in art and geology. "My daughter [17-year-old Katharine] says, 'Mom we have enough rocks!'" Growing up in Saratoga Springs, Marta was exposed to diverse cultural opportunities despite living in a small town. "The New York City Ballet would come and perform for a whole month and the Philadelphia Orchestra," she says. Nevertheless, California called and at the age of 21 she headed to Los Angeles. After initially struggling in retail jobs, she landed at the Hollywood Hands-On Computer Learning Center, working with her then fiancé, now husband. The school was above The Animation Guild in the old Lankershim building, and there she taught computer skills to members of different IA locals. When funding dried up for the school, she was offered a job at TAG. That was in 1996. Now, more than 20 years later she can help you navigate retirement benefits or at least point you in the right direction. MARTA STROHL-ROWAND, 401(K) PLAN ADMINISTRATOR PLANNING FOR 2019? KEEP THESE TIPS IN MIND. 1 Turning 50 in 2019? Take advantage of the 50+ catch-up contributions while you're still 49. You can save an additional $6,000 in your 401(k). 3 Trying to max out your 401(k)? In 2019, you can contribute up to $19,000. Consider increasing your weekly percentage to finish your contributions earlier and avoid end-of-year hassles. As soon as you hit the yearly limit, contributions will stop being debited from your paycheck. 4 Not maxing out your savings? Consider increasing your contributions by 1 to 2 percent more this year. 2 Haven't signed up for the 401(k) plan? Schedule a time to talk to Marta and learn more about how you can start. 5 Heard about FIRE – Financial Independence Retire Early? Not for everybody but it's worth taking a look! 22 KEYFRAME