What is the IAM National Pension Fund?
Unlike a single employer plan, the IAM National Pension Plan is portable. This means you can take your years in the plan from one covered employer to another and continue to accrue pension credits. The fund is managed by an equal number of company and union Trustees. This ensures that the fund is managed fairly and in the best interests of the participants. The plan has over $8 billion in assets and is 118% funded. The plan provides for full pension benefits with 30 years of service with no reduction for age. The current amount that AK Steel is proposing to put in a 401K type defined contribution plan is $1.80 per hour. That amount put into the IAM National Pension Plan would provide a defined benefit of $77.98 per month per year of service.
How do I get into the IAM National Pension Plan?
First, you must be a member of the IAM. Secondly, you must negotiate the plan with your employer and reach an agreement that includes the standard contract language for participation.
IAM Pension Plan Snapshot
July 11, 2006 – Download a printable copy here.
For additional information see an IAM Representative at the AEIF office.