Building Retirement Security for Participants Since 1982
Originally established as the Individual Account Plan in 1982, this Plan became a 401(k) plan in 2001.
The IAM National Individual Account Plan was originally established to provide separation benefits, supplemental pension, disability or death benefits for employees who are represented for the purpose of collective bargaining by a Lodge chartered by the International Association of Machinists and Aerospace Workers (IAM).
Effective July 1, 2001, the IAM National Pension Fund, IAM National Individual Account Plan was amended by adopting the IAM National 401(k) Plan.
On May 14, 2014 the IAM National 401(k) Fund Trust Agreement was adopted creating the IAM National 401(k) Fund as a separate entity from the IAM National Pension Fund with its own Board of Trustees.
The main purpose of the IAM National 401(k) Plan is to give you the opportunity to save for retirement in a tax-advantaged way and to supplement your pension benefits and Social Security income.
As a participant, you have an individual account with the Plan. You direct the investment of your individual account and your account will be adjusted every business day to reflect contributions, gains, losses and expenses. You will be entitled to the balance of your account when you retire, become disabled or otherwise separate from an employer who is contributing to the Plan. You must request an application for benefits from the Plan's Recordkeeper.