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Under the California Coogan Act (SB 1162), whenever a child actor or athlete works under contract, employers are required to deposit 15% of gross earnings directly into a Coogan Blocked Trust Account that has been set up in the minor’s name. These earnings are the legal property of the minor and monies placed in trust cannot be touched by anyone until the minor turns 18 or becomes legally emancipated.
Parents or Legal Guardians are required to establish a “Coogan Account” within seven business days after a minor’s employment contract is signed, and to provide the minor’s employer with a copy of a trustee’s statement (evidencing proof of the account) within ten business days after the start of employment.
SAG-AFTRA FCU is the recognized “Coogan Expert” and we’re here to help.
- Open a Coogan Account in one day*
- Transfer an Existing Coogan Account
- Statement of Trustee issued immediately
- No monthly service charges
- Images of Coogan deposits to assist tracking of minors’ earnings as required under the California Family Code
- Talk to our Financial Services Group about investment options for Coogan funds
- Coogan funds earn competitive dividend rates and are federally insured by the NCUA
*A Coogan Account may be opened with a $50 minimum deposit (your 'share' of ownership) and a one-time $10 membership fee. See 'Membership tab' or call a representative for eligibility requirements.