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The IAM National 401(k) Plan Provides Participants with Choices for their Retirement Savings

The IAM National 401(k) Plan is designed to comply with Section 404(c) of the Employee Retirement Income Security Act (ERISA).  Generally, this means that the Plan provides the opportunity for a participant or beneficiary to exercise control over the assets in his or her individual account and the opportunity to choose from a broad range of investment alternatives.

Originally established as the Individual Account Plan in 1982 under the IAM National Pension Fund, this Plan became a 401(k) plan in 2001. In May of 2014 the IAM National 401(k) Fund was established under a separate Trust Agreement from the IAM National Pension Fund.

The Plan is administered by the Board of Trustees of the IAM National 401(k) Fund. The recordkeeper for the Plan is John Hancock Retirement Plan Services.

The IAM National 401(k) Plan  offers a variety of investment options including target date funds and advice offered through MorningStar.

The benefit of saving in a 401(k) plan is your savings can supplement your Social Security and other pension benefits to provide a more secure sources retirement.

Fast Facts about the IAM National 401(k) Plan

  • The Plan has over 22,000 eligible participants.
  • The Plan has approximately $336 million in assets.
  • The Fund has 250 participating employers.
  • The IAM National 401(k) Plan provides a valuable opportunity for members of the International Association of Machinists and Aerospace Workers and other union or special class groups to save for their retirement.
  • Portability – as long as you work for an employer who has a signed agreement with the Plan, you can participate.
  • Convenient, centralized low-cost administration.
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Frequently Asked Question (FAQ)

Can a company of any size join the National 401(k) Plan?

Yes. The Plan covers members from companies of any size, from one member to thousands of members.

 

How can I get more information about the National 401(k) Plan?

You can contact the IAM National 401(k) Fund Office directly to get more information about the plan.

Is the IAM National 401(k) Fund a part of the IAMAW Union?

The IAM National 401(k) Fund is a separate entity from the IAMAW Union. While the National 401(k) Plan can be negotiated into IAM Collective Bargaining Agreements, it was created for the benefit of IAM members who have negotiated the plan into their collective bargaining agreements.

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