Changes in Your Life and/or Work
What if I change my address?
If you change your address you can follow the steps:
Update your address and other contact information with the Fund Office, and be sure to update your information with your employer, as well.
If you are receiving your pension benefit from the Fund, you may change your address by sending written notification (Change of Address Form for Benefit Recipients available here (PDF), to the Fund Office or by calling. If you are a benefit recipient and you call, additional information (including written confirmation with your signature) may be required to make such a change.
All other participants may call, write, or update their address online.
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 get divorced or legally separated?
If you get divorced or legally separated after your plan entry date, you may need to update your plan beneficiary information. Make sure that any Qualified Domestic Relation Orders are forwarded to the Fund Office for approval. When you apply for your pension benefits, send the Fund Office a copy of your divorce certificate with related agreements or legal separation if you have not previously submitted a Qualified Domestic Relations Order.
What if I am planning to retire?
If you become disabled, you may be eligible to receive a disability pension. The requirements are outlined in the plan's Summary Plan Description on page 17.
You may need to take these steps to apply for a disability pension:
Apply for disability benefits from the Social Security Administration.
Submit an application for disability pension; you may complete an application online (log-in required) or request a hard copy application from the Fund Office at 800-424-9608.
Provide a copy of your disability notification letter from the Social Security Administration. (Note: If a determination is still pending from the Social Security Administration do not hold your application; submit it as soon as possible.
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.
What if I enter or return from active military duty?
A person who is serving a period of qualified military service will be treated as if working in covered employment, to the extent required by the Uniformed Services Employment and Reemployment Rights Act (USERRA).
You may need to take these actions while entering or returning from active military duty:
Check your reemployment rights and plan eligibility criteria under USERRA.
Submit a copy of your military induction/separation orders (Form DD-214) to the Fund Office when you return to covered employment after your discharge from military service.
What if I die before retirement?
If you die as a vested participant before going into pay status, a range of death benefits may be available to your beneficiary(ies) or surviving spouse. Refer to the National Pension Plan Summary Plan Description for more information about preretirement benefits.
Your beneficiary(ies) will need to take these steps to apply for death benefits if you die prior to going into pay status under the plan:
Contact the Fund to report a death and request a preretirement death application.
Provide a copy of your death certificate to the Fund Office.
Provide other documentation (e.g., marriage certificate, divorce decree or birth certificates), as requested by the Fund Office.
About the National Pension Plan
Is the IAM National Pension Fund a part of the IAMAW Union?
The IAM National Pension Fund is a separate entity from the IAMAW Union. While the National Pension Plan is funded by contributing employers, it was created for the sole benefit of IAM members who have negotiated the plan into their collective bargaining agreements.
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 do I need to do to get the plan included in my collective bargaining agreement?
Contact your IAM representative or the IAM National Pension Fund for help in getting the National Pension Plan by negotiating it into your collective bargaining agreement.
The Board of Trustees
How are the Trustees selected?
Union Trustees are selected by the IAM; Employer Trustees are selected by the existing Employer Trustees.
What is the function of the Board of Trustees?
The Board of Trustees is responsible for setting the Fund's objectives, monitoring its investments, and determining eligibility for benefits.
What is the benefit of having some Trustees representing employers and some representing the IAM?
Multi-employer joint labor-management pension plans are required to have an equal number of Trustees from labor or the union, and management or the employers. The reason for this is to ensure that both sides are fairly represented and that participants are always the primary focus of the Fund.
IAM National Pension Fund Executive Director
Who does the Executive Director work for?
The Executive 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 Executive Director selected?
The Executive Director is selected by the Board of Trustees based on his or her professional experience and credentials.
How do I sign up for direct deposit?
Download and return the Authorization for Automated Deposit Form (PDF) to the Fund Office. You can also request the form by email (click here) or by calling the Fund Office at 800-424-9608. Once you have completed the form, return it to the Fund Office with a voided check from the account to which you wish to have your payment deposited.
It may take at least two months after we receive your completed form to start your direct deposit. You will receive your benefit payment by mail during this time; you will be notified when your direct deposit will begin.
If I receive payment by direct deposit, when will the bank credit my account?
All deposits are credited to your account no later than the first business day of the month.
What should I do if I decide to go back to work after I retire?
Read The Rules Pertaining to Pensioner Employment by clicking here, then download and return the Request for Ruling on Employment Form (click here) to the Fund Office. You can also request the form by email (click here) or by calling the Fund Office at 800-424-9608. Once the Fund Office receives the completed form, a decision will be made, and you will be notified about that decision by mail.
How do I change my address?
You may change your address by sending written notification to the Fund Office or by calling the Customer Service Department Monday through Friday, 9:00 a.m. to 7:00 p.m. Eastern Time. If you call, certain additional information may be needed (including written confirmation with your signature) to make such a change.
How do I report the death of a pensioner and what information do you need?
You may report a death by sending an email by clicking here, by letter or by calling the Fund Office at 800-424-9608. We need the deceased pensioner's name, Social Security number and death certificate, along with the name, address, and phone number of a contact person. Please also advise us if there is a surviving spouse.
How do I change my federal income tax withholding or have federal taxes taken out of my benefit payment?
IMPORTANT TAX UPDATE: The IRS has postponed the requirement to use its redesigned Form W-4P until January 1, 2023. Until that time, when making federal income tax withholding elections with the Benefit Funds Office, please continue to use the 2021 IRS Form W-4P.
Securely log into PSS to complete your IRS Form W-4P online.
You can also download a copy of the 2021 IRS Form W-4P or call the Benefit Funds Office to request to have a copy mailed to you. Once complete, you should return your paper IRS Form W-4P to the Benefit Funds Office for processing.
Please be aware that the Benefit Funds Office does not withhold state or local income taxes from benefit payments.
How do I change my beneficiary designation?
If you are not yet receiving pension benefits, you may download and return the Beneficiary Designation Form (PDF) to the Fund Office. You can also request the form by email by clicking here or by calling the Fund Office at 800-424-9608 and asking to be connected to the Pension Department.
If you are receiving pension benefits and you want to change your beneficiaries, you must do so in writing. You can request the Beneficiary Designation Form for Benefit Recipients from the Fund Office through email by clicking here or by calling 800-424-9608.
I have applied for my pension and have not received my first check. How do I find out the status of my application?
To find out the status of your pension benefit application, call the Fund Office at 800-424-9608 and ask to be connected to the Customer Service Department. You may speak directly to the Fund Office employee assigned to handle your application. (You were provided with the name and extension of your contact person shortly after your application was received.) He or she can update you on the status. If your contact person is unavailable, feel free to speak with any available employee in the Customer Service Department.
When are pension checks mailed?
In general, pension checks are mailed weekly or on the last business day of the month for the 1st of the next month. You may also view your payment information to verify when your check was mailed (login required).
What should I do if I don’t receive my check?
If you don't receive your check by the 10th of the month, you may send an email by clicking here or call the Fund Office at 800-424-9608. Ask to speak with a representative from the Customer Service Department. Provided you are not changing your address, we will place a stop payment on the check and replace it as soon as possible.
Does the National Pension Plan 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 Plan 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.
Pension Plan Contributions and Benefits
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.
IAM National Pension Fund
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 Executive 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.
Union Reps 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. Your contributions to the National Pension Plan are fixed and predictable over the life of the contract, protecting you from the potential volatility of year-by-year funding. 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.
My advisors say the National Pension Plan is a bad idea!
We are always glad to address employers' concerns about the Fund. We welcome the chance to respond to questions from the professionals who serve you. We want to make sure there are no misconceptions about our plan. We have a track record of providing solid benefits, often better than those a single-employer plan can provide. When you compare our costs and benefits, you will see that the National Pension Plan is a good proposition.
As an employer, why should I switch to the National Pension Plan when we already administer a company pension plan?
Two reasons to switch to the National Pension Plan are that we offer secure lifetime retirement benefits and we administer the plan for you. Employers who adopt the National Pension Plan after terminating their own plans or by merging their plans into the National Pension Plan 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 Plan has no impact on vested benefits in the company's own plan. And, vesting service in the company plan counts in the National Pension Plan for vesting and some eligibility purposes.