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.
Facts about the IAM National 401(k) Plan
- The Plan has over 25,000 eligible participants.
- The Plan has more than $500 million in assets.
- The Fund has more than 270 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.