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.