May 2024
On April 29th, the IAM National Benefit Funds Office mailed the Annual Funding Notice for the IAM National Pension Fund (“Notice”) for the plan year beginning January 1, 2023. The April 29th notice included a misprint, and the revised Notice is available below.
The notice was sent to all Active and Inactive Vested Participants, Active Non-Vested Participants, Benefit Recipients, Employers and both Non-IAM Union and IAM Union Representatives.
- Notice of Release of Revised 2023 Annual Funding Notice – May 2024
- Cover Letter for Annual Funding Notice & Notice of Critical Status – April 2024
- Annual Funding Notice for the IAM National Pension Fund for the plan year beginning January 1, 2023
- Notice of Critical Status for the IAM National Pension Fund for the plan year beginning January 1, 2024
March 2024
The following is a summary of changes to the IAM National Pension Fund’s 2023 Summary Plan Description (“SPD”). This Summary of Material Modifications (“SMM”) supplements or modifies the information in your SPD regarding the Plan and mailed in early March 2024.
November 2023
In accordance with ERISA §104(d), the Board of Trustees mailed the following Report of Summary Plan Information to unions that represent Fund participants and contributing employers in early November 2023.
May 2023
On April 28th, the IAM National Benefit Funds Office mailed the Annual Funding Notice for the IAM National Pension Fund (“Notice”) for the plan year beginning January 1, 2022. The notice was sent to all Active and Inactive Vested Participants, Active Non-Vested Participants, Benefit Recipients, Employers and both Non-IAM Union and IAM Union Representatives. The April 28th notice included a misprint, and the revised Notice is available below.
The revised Notice includes a correction to the amounts listed under Value of Assets and Value of Liabilities for Plan Year 2022 within the Funded Percentage chart on page 1. An updated Funded Percentage chart, with corrected information in bold, is included below for your quick reference. Please note that the Plan’s funded percentage of 87.1% is correct and remains unchanged in the revised Notice.
Funded Percentage |
|||
|
2022 |
2021 |
2020 |
Valuation Date |
January 1 |
January 1 |
January 1 |
Funded Percentage |
87.1% |
83.7% |
85.1% |
Value of Assets |
$14,315,653,162 |
$13,445,708,809 |
$12,715,052,865 |
Value of Liabilities |
$16,429,314,094 |
$16,064,688,246 |
$14,946,755,268 |
- Notice of Release of Revised 2022 Annual Funding Notice – May 2023
- Cover Letter for Annual Funding Notice & Notice of Critical Status – April 2023
- Annual Funding Notice for the IAM National Pension Fund for the plan year beginning January 1, 2022
- Notice of Critical Status for the IAM National Pension Fund for the plan year beginning January 1, 2023
April 2022
The 2021 Annual Funding Notice and 2022 Zone Status with a special cover letter was mailed April 29, 2022.
The notice was sent to all Active and Inactive Vested Participants, Active Non-Vested Participants, Benefit Recipients, Employers and both Non-IAM Union and IAM Union Representatives.
April 2021
The 2020 Annual Funding Notice and 2021 Zone Status with a special cover letter was mailed April 30, 2021.
The notice was sent to all Active and Inactive Vested Participants, Benefit Recipients, Employers and both Non-IAM Union and IAM Union Representatives.
December 2020
The 2020 Federal Tax Withholding Notice was mailed December 29, 2020.
The notice was sent to all Benefit Recipients of the IAM National Pension Fund.
April 2020
The 2019 Annual Funding Notice and 2020 Zone Status with a special cover letter was mailed April 29, 2020.
The notice was sent to all Active and Inactive Vested Participants, Benefit Recipients, Employers and both Non-IAM Union and IAM Union Representatives.
July 2019
A Summary of Material Modifications from the Board of Trustees was mailed in July.
October 2018
A communication from the Board of Trustees was mailed at the end of October regarding the change in rule for disqualifying employment prior to Normal Retirement Age.
August 2018
A notice to certain IAM National Fund Participants of a change in benefits. The notice was mailed in August and explained the change in rules for disqualifying employment prior to normal retirement age.