Does the National Pension Fund have contributing employers in every state?
There are only a few states that do not have contributing employers.
How does portability of benefits between contributing employers work?
If you change jobs and go to work for an employer who also contributes to the National Pension Fund without incurring a permanent break-in-service, your years of vesting and credited service follow you to your new job and you can continue to accrue benefits.
Union Representatives and Employers
As an employer, why should I give up the control and flexibility I have with my current pension plan?
Many employers prefer to keep control of their company's pension plan so they can opt to fund the plans on a year-by-year basis. Obviously, during strong investment periods it may not be necessary to contribute to your plan. But, this short-term flexibility can lead to greater pension costs for your company over the long haul. Making steady contributions to the Fund is likely to represent better value—for you and your employees. You can focus on your business, comfortable in the knowledge that we are handling your pension-related matters—and handling them well.
As an employer, why should I switch to the National Pension Fund when we already administer a company pension plan?
Two reasons to switch to the National Pension Fund are that we offer secure lifetime retirement benefits, and we administer the plan for you. Employers who adopt the National Pension Fund after terminating their own plans or by merging their plans into the National Pension Fund will find we can save them time and money. For example, if you have the IAM National Pension Fund as your sole pension provider, you don't have to worry about regulatory compliance. You can focus on your business, comfortable in the knowledge that we are handling your pension-related matters—and handling them well.
As an employer, why would I get involved with a union-affiliated pension plan?
The Fund exists to provide pension benefits to IAM members, but the Fund is legally independent from the union. It is a separate entity managed by an active Board of Trustees composed of members of both labor and management. Employers have an equally strong vote in the Fund’s management.
Our trustees set policy and investment strategy. That strategy is based on thorough research and analysis and expert advice from some of the most trusted names on Wall Street and nationwide. The IAM National Pension Fund has a sound investment approach and a record of more than 50 years of unblemished integrity.
Will employees lose their vested benefits in my company plan if I switch to the IAM National Pension Fund?
An employee's vested benefits belong to the employee—that's what vesting means. When a company becomes a contributing employer to the IAM National Pension Fund, its employees' status as participants in the National Pension Fund has no impact on vested benefits in the company's own plan. And, vesting service in the company plan counts in the National Pension Fund for vesting and some eligibility purposes.