The two Oscar-winning stars appeared together on the children's program "The Electric Company" in the 1970s.
Moreno is being honored for her career achievement and humanitarian accomplishments.
Past recipients of the SAG Life Achievement Award include Dick Van Dyke, Mary Tyler Moore, Ernest Borgnine, Betty White, James Earl Jones, Charles Durning, Julie Andrews, Shirley Temple Black, James Garner, Karl Malden, Clint Eastwood, Edward Asner, Ossie Davis and Ruby Dee, Sidney Poitier, Kirk Douglas, Elizabeth Taylor, Angela Lansbury, Robert Redford and George Burns.
Also expected to help hand out awards are Ben Affleck, Sasha Alexander, Don Cheadle, Matt Damon, Robert De Niro, Chiwetel Ejiofor, Morgan Freeman, Jennifer Garner, Clark Gregg, Tom Hanks, SAG-AFTRA President Ken Howard, Mindy Kaling, Jennifer Lawrence, Jared Leto, Julia Louis-Dreyfus, James Marsden, Matthew McConaughey, Ewan McGregor, Lupita Nyong'o, Sarah Paulson, Julia Roberts, Elisabeth Rohm, Kevin Spacey, Meryl Streep, Emma Thompson, Kerry Washington, Forest Whitaker and Oprah Winfrey.
Celebrity Couples of 2014 [PHOTOS]