Building Retirement Security for over 50 Years
In 2010, the IAM National Pension Fund celebrated its 50th year of operation. The Fund continues to grow and thrive, in spite of the fact that thousands of single-employer company pension plans across the country have been terminated or turned over to the federal government.
In 1960, the Fund began with one employer contributing 10 cents an hour per employee. In 2013, it has over 1,650 contributing employer locations. The current maximum contribution rate is $28.50 per hour.
Pension Plan benefits are paid to retired participants and their beneficiaries through employer contributions and investment earnings on the Fund's assets. Growing employer contributions and solid investment performance have increased the Fund's assets from $42,600 in 1960, to $1.08 billion in 1985, to approximately $10.7 billion as of December 31, 2015.
This growth has allowed the Fund to pay an increasing level of benefits to retired members: from $18,000 in 1960, to $21 million in 1978, to $170 million in 1998, to more than $600 million in 2015. The Fund has paid over $4 billion dollars in benefits to date.
These are measures of the Fund's growth and of its stability and security for members now and in the future.