Pension Plan Contributions and Benefits
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How can I find the current table of contribution rates and benefit values?
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 $1.95 per hour.
How do I negotiate a future contribution increase under my collective bargaining agreement?
For help in determining how best to negotiate contribution rate increases, contact your IAM representative.
Are there death and disability benefits under the plan?
Yes. If you pass away, your spouse or your beneficiary(ies) may be eligible for death benefits under the terms of the plan. Also, If you become totally and permanently disabled before normal retirement age, you may be entitled to a Disability Pension.
What payment options are available under the plan?
The plan offers a 50%, 75% or 100% spouse pension, lifetime pensions with 60 or 120 certain payments, Social Security option and a partial lump sum option with 60 or 120 certain payments. Benefits are payable for the participant's lifetime. The plan also provides a mandatory cash out payment if the actuarial equivalent benefit is less than $5,000, or a voluntary cash out payment if the actuarial equivalent benefit is less than $10,000.
How does the 60 Certain Payments option work?
The 60 certain payments option provides equal monthly payments for your lifetime. If you die before receiving 60 payments, your beneficiary will receive the balance of the 60 payments.
Can I make contributions to the plan on my own behalf?
The IAM National Pension Fund is a multi-employer non-contributory Trust Fund. Only employer contributions made in accordance with the IAM Collective Bargaining Agreement or Special Class Participation Agreement with the Trustees may be accepted by the Fund. All employer contributions and Fund assets, from whatever source, are pooled and used to pay pension benefits.
Can I withdraw all of my benefits from the Plan and roll them over to another plan?
No money is credited to an individual account, as the National Pension Plan of the IAM National Pension Fund is a defined benefit plan. It is designed to provide a monthly income at retirement. There is no benefit paid until a Covered Employee retires and applies for pension.
Can I name my estate as my beneficiary?
You may only designate people as beneficiaries. If none of your beneficiaries are alive at your death, any benefit payable may be made to your estate.