Provides Participants with Choices for their Retirement Savings
The IAM National 401(k) Fund 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) Fund offers a variety of investment options including target date funds and advice offered through MorningStar.
Your 401(k) plan savings can supplement your Social Security and other pension benefits to provide a more secure sources retirement.
For decades, the IAM National Pension Fund, IAM National 401(k) Fund, and National IAM Benefit Trust Fund, have provided important retirement and healthcare benefits to IAMAW members, working in a variety of career fields, and their families.
Understanding that the retirement path for every person is unique, we recognize that there are solid mile markers along the way that assist in the voyage. The purpose of our “Journey to Retirement” (JTR) magazine is to provide a description of important steps for plan participants to consider for staying healthy on their way to enjoying a well-deserved retirement, along with a brief by decade look at the history of the Funds.
Within JTR, you will experience articles discussing the importance of your benefits throughout your career, such as the value of preventive care and annual wellness exams for long term health, how to monitor and update your benefit information over time and plan for gaps between your eventual retirement benefits and your expenses, plus naming your beneficiaries, and how to protect your personal information from cybercrime.
We hope you find it informative and enjoyable. Thank you.