SMM Outlines Changes to National Pension Plan Working Pensioner Rules
The Summary of Material
August 1, 2014 (SMM) and
Cover Letter explain the changes.
NPP Provides 30 and Out and Age 62 and 20 Unreduced Benefits
Vesting Service determines your eligibility for an unreduced pension at any age with 30 years of service or at age 62 with 20 years of service. However, the amount of the benefit is based solely on your National Pension Plan credited service.
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Link to Helpful Retirement Planning Tools and More!
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The IAM National 401(k) Plan is Live with New York Life!
401(k) Participants may now access their accounts. If you are a first time user you will need to click the link “Register now. Get started with your plan” in the light blue box below the Sign In box.
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Frequently Asked Question (FAQ)
What if I get married?
- If you get married after your plan entry date, you may need to update your plan beneficiary information.
- When you apply for your pension benefits, you will need to send the Fund Office official copies of your marriage certificate and your spouse's birth certificate if electing 50%, 75% or 100% Joint and Survivor Benefit.
What if I stop working under covered employment?
- Keep the Fund notified of any change in your address on file with the Fund Office, as necessary.
- Apply for your pension when you are ready to retire if you are vested and meet the eligibility requirements.
Is participation in the plan limited to IAM members?
No. Companies with participating IAM members can include other collectively bargained and certain non-union or special-class employees in the plan.
Does any portion of union dues go toward this plan?
No. Negotiated employer contributions fund the plan.
How is the plan funded?
The plan is funded through employer contributions and earnings on investments.
Why is there a joint Board of Trustees?
The National Pension Plan is a joint labor-management multiemployer pension plan. It is legally required to have representation by both IAM leaders and contributing employers.
What do you mean when you say that benefits are "portable"?
If you are a participant of the National Pension Plan, and you go to work for another employer who also contributes to the National Pension Plan, you continue to accrue benefits under the plan.
How many participants are in the National Pension Plan?
The plan currently covers more than 100,000 active participants.
Can a company of any size join the National Pension Plan?
Yes. The plan covers members from companies of any size, from one member to thousands of members.
What is the current range of employer contribution rates?
Contribution rates range from $0.10 to $28.50 per hour.
What is the average employer contribution rate?
The current average contribution rate is $1.85 per hour.
Can I be in the National Pension Plan and contribute to an IRA (Individual Retirement Account)?
Yes. However, you should consult with a tax advisor, as some tax benefits of an IRA are limited if you're also in a pension plan.
When was the Fund started?
The Fund was established in 1960.
Who manages the Fund's assets?
The Fund's assets are managed by professional investment managers who follow the investment objectives set by the Fund's investment committee.
Who oversees the Fund's operations?
The joint Board of Trustees is responsible for overseeing the Fund's operations and performance. The Fund Director oversees its day-to-day operations.
What does the Fund do with earnings on investments?
The Fund is a not-for-profit organization. All investment earnings are used to provide benefits to pensioners and beneficiaries, and to cover the cost of running the Fund.
Who does the Fund Director work for?
The Fund Director works for the benefit of all plan participants and beneficiaries and reports directly to the Fund's joint Board of Trustees.
How is the Fund Director selected?
The Fund Director is selected by the Board of Trustees based on his or her professional experience and credentials.
What states have the greatest number of contributing employers to the Fund?
They are, in order: 1) Illinois; 2) California; 3) Ohio.
Does the National Pension Plan have contributing employers in every state?
There are only a few states that do not have contributing employers.
How do I change my address?
You may change your address by sending written notification (Change of Address Form for Benefit Recipients, PDF available here) to the Fund Office or by calling the Fund Office. If you call, certain additional information may be needed (including written confirmation with your signature) to make such a change.