IAM National 401(k) Plan

→Important Information about your 401(k) Plan:

New York Life Retirement Plan Services, Recordkeeper for the IAM National 401(k) Plan, now part of John Hancock Retirement Plan Services

There will be no changes to your account as a result of this transaction.  The participant website and call center will remain the same. Read the announcement here.

If you are going to log on for the first time please view this flyer to get started (PDF). Then set up your account access at mylife.jhrps.com.

                                                                                                                    

Many IAM members have asked for a way to put aside their own money for retirement, which they can do on a tax-advantaged basis through the IAM National 401(k) Plan. The plan is a valuable complement to the National Pension Plan, Social Security, and the other investments and savings participants may have for retirement.

Here are highlights of the plan:

  • Contributing to your account. If you choose to participate, you set aside your own money for retirement. You can contribute 1% to 50% of your eligible pre-tax pay, up to IRS-defined limits. After-tax contributions (up to 15%) are permitted. Participants age 50 or older can make additional "catch-up contributions," up to IRS-defined limits.
  • Investing your contributions. You can invest your contributions in a number of investment options, and you can change your investment elections at any time. The plan also provides you with access to personalized retirement planning advice from qualified advisors.
  • Tax-favored treatment. Your balance (your contributions plus investment earnings) grows on a tax-deferred basis. Your contributions and investment earnings are taxed only on withdrawal, as governed by federal regulations.
  • Accessing your account. Prior to retirement, you can access your account through loans or through hardship withdrawals (if your hardship meets the plan's requirements). In addition, at age 59 ½ and after, you can make withdrawals with no penalty while you are still working in covered employment. You can withdraw your after-tax contributions (if any) at any time.

New York Life is the recordkeeper for the the IAM National 401(k) Plan.

If you have questions or want to access your account, go to mylife.jhrps.com or 800.294.3575. Representatives are available from 8 a.m. to 10 p.m. Eastern time on New York Stock Exchange business days. For your protection, all calls are recorded. When you contact New York Life for the first time, you’ll be asked to provide your Social Security number and date of birth so that you can create a Personal Identification Number (PIN)/Password.

If your employer is not participating in the IAM National 401(k) Plan, talk to your IAM representative to learn more about how to negotiate the plan into your contract. After the plan is negotiated into your collective bargaining agreement, you will be eligible to participate immediately after acceptance is completed.

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LL 708—Wichita, Kansas

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.

Is participation in the plan limited to IAM members?

No. Companies with participating IAM members can include other collectively bargained and certain non-union or special-class employees in the plan.

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