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The good news is that for the foreseeable future, work opportunities for our membership are plentiful and growing. For many of the IA production locals, in fact, the demands of television, features and other production has surpassed the locals’ ability to supply people. One of the key factors in this trend is that the amount of production work being performed outside the United States has lessened considerably, due primarily to the weakness of the U.S. dollar against the Canadian and Australian dollars, as well as the Euro. A studio executive recently told me that his studio’s slate of pictures for the upcoming year is being produced entirely in the United States. Why? Despite the rich incentives given by other countries, the weak dollar now cancels out the financial advantage of foreign production for the studios. Therefore, the weakness of the dollar, though negative for us as travelers, is very positive for us as industry employees – for the obvious reason of increased work opportunities noted above, and for more subtle and far-reaching reasons as well. Specifically, the increase in production domestically necessarily interrupts the development of the industries crucial to the support and facilitation of foreign production (for example, post-production, transportation, production rental/supply and large-scale catering to name just a few). This interruption occurs in two ways. First, the production-support industries (particularly in countries in which motion picture production is just gaining a foothold or is not well-established, but in all countries generally) rely on an ongoing and relatively predictable influx of work in order to thrive. Without this reliable influx of work, the industries’ energy and capital must be channeled into the struggle to survive and cannot be invested in business growth. Secondly, in turn, the lack of stable industries deters the establishment of the local, professional workforce often needed to power the businesses. Thus, a felicitous Catch 22 (for us) is created for foreign production. It is not all good news, however. Large investments of capital are still being made in post-production facilities in Toronto, London and Bucharest, as well as in other cities that have played host to a steady stream of motion picture production. All of these cities (and countries as well) will continue to compete for a share of international film production. Therefore, it is our ongoing responsibility to do whatever it takes to create work opportunities and prosperity for our membership. By the time you read this article, you will have received, or shortly will be receiving, your pension statement and report on hours contributed into the health plan. These are the most tangible manifestations of the vitality of our industry and crafts. Yet, I am amazed at how many members with whom I speak barely read the statements and reports. Please take a moment to review these important documents.
On your pension statement, you will see two sums: your IAP balance
and your
“
monthly accrued life annuity.” The
former, your IAP balance, is a defined contribution plan usually taken as a
lump sum at retirement. It has grown about 20 percent in the last year after
two years
of
a somewhat difficult market. The growth is due to direct investment returns
and allocations from post ’60s and
supplemental markets’ money. The latter, the monthly accrued life annuity,
is a defined benefit. It is what you will receive per month upon retirement (depending
on what retirement choice you make). Always check your health and pension statements
to ensure that all hours you have worked have been reported on your behalf. |
