Members have asked for additional information on the IAM National Pension Plan as a result of some of the current survey questions. Below is additional information on the plan.

Click here to download a flyer and overview of the IAM National Pension Plan.

What is the I.A.M. National Pension Plan? (Click here to visit the IAM National Pension Plan website).

The I.A.M. National Pension Plan is a Taft-Hartley, multi-employer, defined benefit pension plan.

It was created to enable employers to give their I.A.M. employees a safe, secure retirement with a service-oriented pension plan. The Plan meets all legal requirements and provides generous, secure benefits for its participants while maintaining a well-funded Plan that is cost effective and tax deductible for its contributing employers.

Since it began in 1960, the I.A.M. National Pension Fund has grown by leaps and bounds. And unlike company pension plans, it makes sure its participants directly benefit as the fund increases in value. Most company plans see investment success as a way to save the company money. The I.A.M. National Pension Fund sees it as an opportunity to increase and improve benefits for its participants - at no additional cost to contributing employers.

NOTE: In a Taft-Hartley Plan, assets are placed in a trust fund, legally distinct from the union and the employers, for the sole and exclusive benefit of the employees and their families. The fund and its assets are managed by a joint board of trustees equally representative of management and labor.

What Is the History of the I.A.M. National Pension Fund?

The I.A.M. National Pension Fund began in 1960. And through the decades of the '60s, '70s, '80s, and '90s, the Fund has grown stronger.

In 1960, the Fund had one employer contributing 10 cents an hour per employee. In 2007, It now has over 1,750 contributing employers. The current maximum contribution rate is $10.00 per hour.

Combined with growing employer contributions and solid investment performance the fund's assets have risen from $0 in 1960 to $320 million in 1978 and over $9 billion today.

This growth has allowed the Fund to pay an increasing level of benefits to retired members --- from $18,000 in 1960 to $21 million in 1978, over $170 million in 1998 and currently more than $342 million per year --- a total of more than $2.0 billion dollars paid out to date.

These are not only measures of growth, but of stability and security for both the Fund and you, its members, today and into the future.

Strength of the Plan

As an I.A.M. member, you know that strength lies in numbers. The same holds true for the National Pension Plan. The strength lies in these numbers:

* Over 1,750 contributing employers
* Over 71,000 retirees and beneficiaries
* 113,000 active participating members
* $9 billion in assets
* 7th largest multiemployer pension fund in U.S. in assets

Their numbers are strong and they keep growing stronger . . . growing to give you a more secure financial future, both tomorrow and well into the 21st Century.