DGA retirees will receive an additional monthly check due to a well-funded pension plan – Deadline

Thousands of DGA retirees and their beneficiaries will receive a 13th pension check later this month in addition to their regular monthly benefits.

Administrators of the DGA Producer Health and Pension Plans, who approved the additional payment, said it was made possible “because DGA prioritized the long-term health of the pension plan in the future. collective bargaining where she achieved hard-fought retirement gains, and because of the good returns on basic plan investment that far exceeded expectations. The Trustees noted that the Basic Plan remains well funded and is in the healthy “green zone” as measured by the Pension Protection Act.

“Surprisingly, and contrary to forecasts at the beginning and the middle of the year, the investments of the plans ended very well in 2020, despite the Covid-19 pandemic – enough for the board of directors to approve a 13th check for retirees and beneficiaries of the basic plan, ”the directors said. “In the early months of 2020, as the world became increasingly aware of Covid-19, investment returns across all asset classes predictably reflected the economic stress of global trade lockdowns and loss of business. quick jobs. As Congress and the Federal Reserve began providing fiscal and monetary support, asset prices began to stabilize and bonds began to recover.

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“In the last quarter of 2020, increased economic activity, the prospect of an effective vaccination program and a government stimulus led to a significant recovery in asset prices. The result: a significant price appreciation in the 4th quarter in several asset classes, leading to year-end total returns of 12.4% for the basic plan and 11.5% for the supplemental plan, which presents a lower risk profile due to its shorter investment horizon compared to the basic plan. “

The Trustees noted that the Supplementary Pension Payment is made “on a one-time, unprecedented basis and relies entirely on the judgment and discretion of the Trustees as to the financial condition of the Base Plan. There is no right – vested, accrued or otherwise – to any additional or similar payment in the months or years to come. “

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