Our Annuity Plan is a retirement program separate from the IATSE National Pension Plan. Employers contribute a percentage amount of money based on your gross earnings according to their contract with IATSE Local 8. (This is not money deducted from your pay. This is a contributed amount in addition to your pay.)
The funds are collected by O'Neill Consulting Corporation and transferred to your individual Annuity account with Prudential. This is your "self-directed" investment account for retirement income.
For assistance from a Prudential Retirement Representative call: 877-778-2100 (Mon-Fri 8am-9pm)
NOTE: Be sure that you always update any change of your mailing address with O'Neill Consulting Corporation. Also be sure to designate a beneficiary who upon your death will receive your Prudential Annuity account balance and Hartford life insurance. Download Prudential and Hartford Beneficiary forms. Complete them. Make copies for yourself.
Mail the forms to: IATSE Local 8, c/o O'Neill Consulting Corporation, 487 Devon Park Drive Suite 206 Wayne PA 19087. Attn: John O'Neill
Upon reaching retirement age (59 ½ for normal or age 50 for early retirement) or upon permanent disability, all vested amounts credited to a participants’ account become distributable. Distributions will be made as soon as administratively feasible, following a participant’s request in the form of a life annuity or a lump sum payment.
Upon a participant’s death, the participant’s beneficiary is entitled to 100% of the participant’s vested account balance.
Upon a break in service of 12 consecutive months, other than for normal retirement or death, the Administrator will direct the current Trustee to pay to the participant his or her benefit in an immediate lump sum or a deferred lump sum, if certain criteria are met.
Our annuity accepts roll-ins from other qualified accounts.
You can check your annuity statement thru the Prudential website.
You will receive quarterly statements showing the amount of money in your account and the performance of the Fund.
As of 10/1/2010 The Annuity Plan has been amended to include Hardships. To see if you qualify you can download the Annuity Plan Amended and Restated Document.