IAM NPP Fund Moves to Critical Status Effecting CMI Flight Attendants
April 30, 2019
As part of the ongoing oversight of the IAM National Pension Fund, the actuary for the Fund certified to the U.S. Department of the Treasury and the Board of Trustees that the Fund is in endangered status for the plan year beginning January 1, 2019 and is projected to be in critical status in one of the succeeding five (5) plan years.
In response to this actuarial evaluation and to strengthen the Fund’s overall financial health, on April 17, 2019 the Board of Trustees voluntarily elected for the Fund to be in critical status effective for the plan year beginning January 1, 2019. This is an action that is permitted under the law [ERISA Section 305(b)(4)] to ensure the ongoing viability of the Fund by strengthening the Fund’s funding position and certain notices to plan participants are required.
It is important to understand, subsequent to United being advised of this action by the Board of Trustees for the IAM NPP, that we received a commitment from United Airlines that they are in direct communication with the IAM to develop a clear understanding of the implications of this unexpected announcement as well as the impact this may have on employees covered by this plan.
In the same way, upon receipt of this advisory, AFA has undertaken a process of also understanding the impact of these changes on our AFA Members who are covered by the IAM NPP and have referred this issue to AFA Legal for a complete review and determination if any action is required by AFA.
Details of the announcement are ongoing and information will be published as it becomes available. Currently the following resources are available to obtain information: Unitedafa.org website.
Online resources: www.iambfo.org
Mailing Address: IAM National Pension Plan
1300 Connecticut Ave, NW, Suite #300
Washington, DC 20036
Telephone: For those receiving benefits: 1 866 232 1283 For Active & Deferred Vested Participants: 1- 866 - 232 1296