The Equity-League Benefit Funds is a separate entity from our union – an independent organization with trustees drawn from Actors' Equity Association and from producers. They administer our health insurance, our pension and our 401(k).
Even though the Broadway League is our partner in the pension & health funds, these benefits are not limited to Broadway contracts.
Pensions are pretty rare today, particularly outside of government jobs. We are extraordinarily lucky that as Equity stage managers and actors, we can earn money toward our retirement. If you're not familiar with what a pension is, producers on many (but not all) contracts make a contribution of 8% above your regular salary into an investment fund, which will then be available to you in your retirement. You may hear people talk about getting “vested” in the pension – that means you've passed a milestone and now the money in your pension is definitely yours, even if you leave the industry. For our pension, there are four different ways you can vest – you can learn more about that on the Equity-League website.
You can also contribute to a 401(k) retirement savings account. This is another way to put money away for retirement. Unlike a pension, the money that goes into a 401(k) generally comes out of your salary, although it does come out pre-tax. You decide how much you want to save, and you need to provide the theatre with a form and designate your contribution, up to 85% of your weekly salary. On some contracts, the producer also contributes into your 401(k).
You can find a 401(k) form and more information at equityleague.org. Remember, the Equity-League Benefit Funds is a separate entity and have to be so legally. So if you have an issue, contact them.
Most contracts enable you to work towards coverage under Equity-League's Health Insurance plan. Producers on these contracts contribute a weekly health payment, on top of your salary. Equity-League Benefits Fund offers two coverage levels (referred to as Tier 1 and Tier 2), and eligibility is earned for six months at a time. The level of coverage for which you qualify is related to the number of weeks you work in covered employment. After you meet these qualification requirements, there is a two-month waiting period (after the end of your accumulation period). After the waiting period, your medical and vision coverage will begin. For instance, if you worked enough weeks between January and December of a given year, your coverage would begin on March 1 of the following year. As with pension and 401(k), you can find more information about how our health plan works at equityleague.org. Remember, the Equity-League Benefit Funds is a separate organization. So if you have an issue, contact them.
Of course, you may not end up working enough weeks within a 12-month period. It's a tough industry. It happens. However, you aren't totally out of luck with regards to your health and well-being if that happens, thanks to another organization we love dearly, The Entertainment Community Fund.