Negotiating the Plan

The IAM National 401(k) Plan is a defined contribution (DC) plan. It is administered by the IAM National 401(k) Fund Trustees. John Hancock is the Plan's recordkeeper and they manage the investment products offered to participants.

View the Summary Plan Description (PDF) of the IAM National 401(k) Plan.

In addition to the other benefits of the Plan, it's important to understand that the Plan has a negotiable automatic enrollment feature option.

If an agreement calls for automatic enrollment, employees have 60 days to opt out of participation, following receipt of an enrollment kit, which explains how the plan works, the benefits of participating, and the procedures for opting out. If an employee notified of automatic enrollment does not opt out within the specified time period, his employer will be notified to defer 3% of wages (or other negotiated percentage) to the plan every pay period.

The bargaining parties must sign the IAM National 401(k) Fund SCL without alteration. 

IAM National 401(k) Fund SCL (PDF) 

Instructions for Completing the SCL (PDF)

If you need assistance, please contact the Fund's Education and Employer Services Department  by clicking here  or 202-785-2658.

After negotiating to participate in the IAM National 401(k) Plan, if the group previously participated in a company-sponsored 401(k) plan and is interested in a merger or transfer of assets into the IAM National 401(k) Plan, contact the Fund’s Education Department.

If the parties are interested in a merger or transfer of assets, the Benefit Fund Office (the "BFO") sends a letter (PDF) to the employer outlining the documents necessary to determine if the transfer is feasible. The BFO studies the plan to confirm that the prior plan is qualified. The BFO also determines if there are any unique benefits under the old plan that are protected and must be provided under the IAM National 401(k) Plan.

Once all of the documentation is reviewed and a merger or transfer of assets is deemed feasible, a recommendation would then be made to the Board of Trustees.  If accepted, an Asset Transfer Agreement would need to be agreed upon between the existing plan and the IAM National 401(k) Plan prior to the recordkeeper facilitating the transfer.

The IAM National 401(k) Fund Trustees are the IAM National 401(k) Plan's (the "Plan") administrator and are responsible for setting policy and ultimate administration of the Plan.

John Hancock is the Plan's recordkeeper, and employees enroll, opt out, decide on their investment elections, make investment or contribution changes, designate beneficiaries, etc., by contacting John Hancock. 

To contact John Hancock, participants may call 1-833-388-6466 (1-800-363-0530 Español) to speak with a Participant Service Representative.