Hollywood Health Crisis: Pension Plan Running Dry as Editors Guild Pulls Free Benefits
Sunday, September 8, 2024
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The Motion Picture Editors Guild (IATSE Local 700) has delivered a bombshell warning to members – free health insurance extensions are coming to an end.
Why? The pension and health plan is hemorrhaging money, with contributions plummeting over 20% compared to last year. This means the Editors Guild can no longer foot the COBRA-free premium bill for nearly 14,000 participants, which has already cost a whopping $83 million.
It's a tough balancing act – maintain enough reserves for older members who have paid into the system for years while also dealing with today's employment challenges.
