IAM National Pension Fund: Building Retirement Security for over 50 Years
In 1960, the Fund began with one employer contributing 10 cents an hour per employee. In 2019, there are approximately 1,700 contributing employer locations and 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 $13 billion as of December 31, 2018.
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 $800 million in 2018. The Fund has paid over $5 billion dollars in benefits to date.