To the Brothers and Sisters of IATSE Local 794:

This is a communique to bring our members up to date on our Pension Plan.

At present, the company makes a weekly contribution in the amount of $86 on behalf of each participant in the plan. These contributions are pooled into a fund which at Year End 2006 totalled approximately $50 million. In general, we maintain an allocation of about 75% stocks and 25% bonds.

Our plan allows for retirement with full benefits as early as Age 61. Members can take early retirement at any time after Age 55. There is a 3% per year reduction between Age 61 and 60 and 6% per year reduction between Age 60 and Age 55.

The benefit is calculated by multiplying the accrual rate of $97.75 times the number of years of employment. For example, a participant with 30 years of service would receive a benefit of $2932.50 per month (30x$97.75). This benefit is in effect for the rest of the retiree's life. If he or she is married at the time of retirement, in most cases the spouse will receive 50% of the benefit for the rest of his or her life should the retiree pass away first.

There are many considerations when approaching retirement and there are certain other options offered by the plan. Please consult the Pension Plan booklet for answers to most questions.

A Note: In 2006, Congress passed the Pension Protection Act. The new rules that this Plan sets into place will more than likely affect our Pension Plan in some way. We will keep you informed of when and how those changes will affect us.

I can be reached in Studio 3 Control at WNYW after 2PM, Monday-Friday at 212-452-3621 or via email @ trustee@iatse794.org.

Regards,

Mark McNally

BELOW ARE FAQ's REGARDING THE LOCAL'S PENSION FUND:

Q: When do I become vested in the Pension Fund?

You become vested in the Pension Fund after 5 years of becoming a permanent Employee. A year consists of at least 1000 hours worked during which the company made contributions to the Pension Fund.

You calculate your Pension Benefit by multiplying the number of years worked as a permanent employee by the present accrual rate of $97.75. For example: if you worked 20 years your full monthly benefit at age 61 or older would be $1,955.00.

The earliest age you can retire is 55. However, if you retire before the age of 61 there is a reduction in the Pension payment. The reduction is as follows:

6% for each year the Employee is younger than 60 but older than 55

3% for the year that the Employee is younger than 61 but older than 60

Q: What happens if I die after I retire and I am receiving Pension Payments?

At time of your retirement you will select a Joint and Survivor option for your spouse. They are as follows:

50% Joint and Survivor Benefit: Upon your death your spouse will receive

50% of your Pension Benefit for the rest of their life. There is no reduction in your benefit payment.

100% Joint and Survivor Benefit: Upon your death your spouse will receive 100% of your Pension Benefit for the rest of their life. If you choose this option at retirement your monthly benefit payment will be reduced to 81% plus .7% for each year your Spouse’s age is greater than yours or minus .7% for each year your Spouse’s age is less than yours.

75% Joint and Survivor Benefit:

Upon your death your spouse will receive 75% of your Pension Benefit for the rest of their life.

If you choose this option at retirement your monthly benefit payment will be reduced to 85.5% plus .55% for each year your Spouse’s age is greater than yours or minus .55%for each year your Spouse’s age is less than yours.

0% Joint and Survivor Benefit:

If you choose this option at retirement, you will receive your full Pension benefit amount but your Spouse has to sign off on this option due to the fact that they will receive no benefit should you die after your retirement. Under this option your spouse could be eligible for the 10 year (120 payments) guarantee under the Pension Plan. If you die after receiving 10 Pension payments, your Spouse or Beneficiary will receive the remaining 110 Pension payments.

If you should die before retirement age and you have not received any Pension payments, your designated Beneficiary will receive 50% of your Pension benefit. They will receive this payment when you would have reached the age of 61.

Q: How are Pension Benefits Paid?

Pension payments are made the 1^st of the month either by check or Direct Deposit. You will make this decision upon retirement.

If you are vested in the Pension Fund, you should receive a Pension Benefit Statement each year indicating how many Vesting Credits you have accumulated.

If you have not received this statement, contact your Pension Fund Trustee (John Starliper 301-855-8118) or if you receive the statement and there are obvious errors contact the Pension Fund Administrator

(Camille McMahon 516-396-5520)

The Pension Fund’s assets are invested in Stock, Bonds, and Cash. The Trustees have set investment guidelines to allow for a balanced and diversified portfolio.

No, because the Pension Fund is set up on a Trustee arrangement neither the Company nor the Union can have access to the Pension Funds assets. The Pension Fund’s Trustees are personally responsible for the assets.I die after I retire and I am receiving Pension