Most of our members by now have received the letter from the IAM National Pension Fund concerning the critical status of the fund itself. We know you the members are very concerned about your benefits. We are expecting to be briefed soon and given better clarification. In the meantime please review the information below.
*Note: The following is taken directly from the IAM National Pension Fund website. All links below will open on at the site below: https://www.iamnpf.org/rehabilitation-plan-information-participants
Due to a challenging investment environment and the decline of the Fund’s credit balance, the IAM National Pension Fund Board of Trustees has made the difficult but important decision to voluntarily elect to place the Fund in the Red Zone for 2019. This action was taken to protect the Fund’s participants’ core retirement benefits and strengthen the Fund’s financial health over the long term. The Board’s decision to proactively take this action was done to take advantage of the most powerful tools available through the Pension Protection Act (PPA) and keep the Fund on a path to long-term stability.
The most important thing to understand is that the core retirement benefits that participants have earned prior to the adoption of the Rehabilitation Plan schedule are unaffected.
Please take time to thoroughly read through all the materials below and watch the videos. We anticipate that you, and many of the 300,000 participants in the Fund, may have questions. In anticipation of extremely high call volume the Benefit Fund Office has established a specialized call center to assist plan participants with questions about the Rehabilitation Plan and schedules. Instead of calling in with long wait times or busy signals, you can schedule a call back from one of our designated rehabilitation Plan customer service representatives at a time that is convenient for you.
Rehabilitation Plan Changes-At-A-Glance