Thank you for the quick response, but this doesn't quite achieve what I'm looking for. I am trying to achieve an effect where my red bar is a multiply object instead of a solid alpha so I get that transparency effect.
I know of 2 ways to achieve that:
1) If I set the blending option for the material I'm applying to the red bar to multiply, which achieves my transparency effect. When I then put that inside a layer so I can mask it, the red bar completely disappears once it's inside the layer.
2) If I set the blending option for the material I'm applying to the red bar to alpha blend and then put it inside a layer that has it's blending set to multiply. Once I do that, then the mask object doesn't mask the red bar as intended.
Your solution works, but your red bar isn't set to multiply, it's only a solid color with a mask applied.
#XPression