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With Hollywood’s strikes stretching into their fifth month, nearly 3,000 Hollywood workers have pulled a combined $44.6 million from their reserves in the Motion Picture Industry Pension Plan to make ends meet, according to three individuals with knowledge.
According to the data obtained by TheWrap, The Motion Picture Industry Pension and Health Plans (often referred to as MPI) hardship withdrawal program received 1,449 applications in its first day and a total of 2,953 by Sept. 7, a number that insiders say is nearly double what was seen during the pandemic. On average, the withdrawal requests asked for $15,000 to be taken from the pension plan, with the total amount of funds requested through Sept. 7 totaling $44.6 million.
On Sept. 1, the MPI opened up applications for the hardship withdrawal program allowing members who joined prior to this...
With Hollywood’s strikes stretching into their fifth month, nearly 3,000 Hollywood workers have pulled a combined $44.6 million from their reserves in the Motion Picture Industry Pension Plan to make ends meet, according to three individuals with knowledge.
According to the data obtained by TheWrap, The Motion Picture Industry Pension and Health Plans (often referred to as MPI) hardship withdrawal program received 1,449 applications in its first day and a total of 2,953 by Sept. 7, a number that insiders say is nearly double what was seen during the pandemic. On average, the withdrawal requests asked for $15,000 to be taken from the pension plan, with the total amount of funds requested through Sept. 7 totaling $44.6 million.
On Sept. 1, the MPI opened up applications for the hardship withdrawal program allowing members who joined prior to this...
- 9/12/2023
- by Jeremy Fuster
- The Wrap
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