IAM BFO - Journey to Retirement

IAM National Pension Fund Trustees IAM National Benefit Funds Office Union Employer Executive Leadership Team STEVE GALLOWAY JUSTIN WELNER Executive Director, RYK TIERNEY Co-Chairman Co-Chairman General Counsel, RAYMOND GOAD BRIAN BRYANT ANDY CHEN Chief of Staff, WENDY FRYE DORA CERVANTES KELVIN JONES Director, National IAM Benefit Trust Fund, KAREN BROWN RICKEY WALLACE JIM MCGRATH Director, Operations, ANGELA CURSEEN IAM National 401(k) Fund Trustees Director, 401(k) and Communications, ADINA DORCH Director, Information Technology, RON NOVAK Union Employer Director, Accounting & Finance, JONATHAN YOUNG RICKEY WALLACE JUSTIN WELNER Co-Chairman Co-Chairman Writing, Editing, & Creative Design DORA CERVANTES JADE BADER Director, 401(k) and Communications, ADINA DORCH STEVE GALLOWAY JIM MCGRATH Senior Graphic Designer, ERICKA MILLS Contributor, JAMES MARTIN National IAM Benefit Trust Fund Union Employer Printing DORA CERVANTES THOMAS MITCHELL Doyle Printing & Communications Co-Chairman Co-Chairman STEVE GALLOWAY AMY KEHOE Special Thanks RICKEY WALLACE MARIE UNDERWOOD To our former trustees and their contribution to the IAM National Benefit Funds. Magazine Disclaimer The contents of this publication are for general information only and are believed to be accurate and reliable as of the publication date but may be subject to change. The IAM National Benefit Funds Office does not provide investment, tax, or legal advice. Please consult your own independent advisor as to any investment, tax, or legal statements made here. You are strongly encouraged to consult with your independent tax or legal adviser if you have any questions related to your specific circumstances. JOURNEY TO RETIREMENT OCTOBER 2022

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he !AM Labor Mana he /AM Nati und is established. Ian become 01(k) Plan. he !AM National He Ian is established. By the end of the 1960's, the !AM Labor Management Pension Fund has around 2,500 retirees and $40 million in assets under management. The !AM National Pension Fund merges its three-component pension plans to create the !AM National Pension Plan. tPe Labor Mana Fund fficially named the /AM sary. und. By the end of the 1990's, the /AM National Pension Fund exceeds $5 billion in assets under management. I Account M Nationa !AM National Health and W e /AM the predec n becomes the National /AM blished. no! 401(k) F st Fund. By the end of the 1980's, the By the end of the 1970's, the !AM National Pension Fund makes !AM National Pension Fund has substantive plan changes and benefit approximately 20,000 retirees and increases and reaches over over $300 million in assets under $1.5 billion in assets under management. management.

2010 2020 By 2020, The IAM National Benefit Funds Office In 2010, the IAM National Pension Fund relocates to its current headquarters in Southeast, celebrates its 50th anniversary. Washington, DC. The IAM National Pension Plan voluntarily elects to adopt a Rehabilitation Plan to maintain the By 2015, the IAM National Pension Fund long-term financial soundness of the plan. has over $10 billion in assets under management. The IAM National 401(k) Plan has By the end of 2021, the IAM National Pension 25,794 participant accounts and Fund pays benefits to over 116,000 retirees and more than $396 million in assets under reaches $15 billion in assets under management. management. The IAM National 401(k) Fund has 30,905 The National IAM Benefit Trust Fund has participant accounts and $743 million in assets 170 contributing employers. under management. The National IAM Benefit Trust Fund reaches over 200 contributing employers. May 2022, the IAM National Pension Fund and IAM National 401(k) Fund transition to a new benefits administration platform, V3locity. In 2023, the National IAM Benefit Trust Fund will begin its transition to V3locity. CONTENTS NAVIGATING THE WAY PAGE 03: SETTING SAIL 07 Preventive Care: Keeping Your Health Afloat 08 Staying the Charted Course: A Retirement Readiness Routine Maintenance Plan 09 Bridging the Gap: Income Security in Retirement SEARCHING FOR A LIGHTHOUSE 10 Beyond Retirement: Benefits for Your Survivor(s) 11 Safeguarding Your Personal Assets: Cybersecurity & You 12 Top Five Risks Rocking the Boat to Retirement Readiness DISCOVERING NEW LAND 14 Freedom & Fun in Retirement: Current Trends for Age 50-Plus

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Setting Setting SailSail AN EARLY Both the Pension Fund and the 401(k) Fund choose where those contributions are invested allow for money to be set aside for retire- from among several investment options the START: ment on a tax-advantaged basis, meaning 401(k) Fund makes available. Along with Social RYEN’S STORY that contributions and earnings to these Security and personal savings — such as through Funds are allowed to grow tax-free until the 401(k) Fund — the Pension Fund offers Ryen they are withdrawn, as governed by federal a valuable retirement income source for years Ryen, a high school graduate who recently regulations. The Pension Fund is a multiem- to come. completed his apprenticeship with a lead- ployer defined benefit plan funded entirely ing engineering company, is now a full-time by employer contributions negotiated under machinist eligible to receive retirement a CBA, plus investment income. Ryen is not benefits that his union, the International Asso- allowed to make any contributions to the Pen- ciation of Machinists and Aerospace Workers, sion Fund and is not responsible for making and employer have negotiated especially for any decisions about how those employer con- 62% of Americans machinists like him under a collective bar- tributions are invested. As a participant in the age 18-29 have some retirement savings, but gaining agreement (“CBA”). The CBA includes Pension Fund, once Ryen meets the require- only 28% feel on track benefits options available under the IAM ments for a pension, when he retires, he will for retirement. https://www.federalreserve.gov/ National Pension Fund and the IAM National be eligible to receive a retirement benefit, typi- 401(k) Fund. With Ryen just starting on his cally paid monthly. By contrast, the 401(k) Fund 70% of Millennials are retirement journey, understanding the ben- is a multiemployer defined contribution plan stressed and anxious about saving for efit options available under each of the Funds funded by both employer and employee retirement. allows him to set his retirement savings goals contributions. Ryen may elect to have con- https://www.annuity.org/ early and watch them grow over the course of tributions deducted from his paycheck his career. on a pre-tax and after-tax basis, as well as 03

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SETTING SAIL SHIFTING DIRECTION: DEBRA’S STORY “I WANT Like many “Gen Xers”, Debra, TO SAVE a 45-year-old aviation journeyman, has been steadily striving to achieve MORE FOR A financial security. While Debra has remained COMFORTABLE gainfully employed over the years, the burst of RETIREMENT.” the dot.com bubble and the Great Recession in the early 2000s resulted in periods of lagging salary increases and limited opportunities for as paying your future self, first! Making pre-tax promotion. A participant in the IAM National contributions to the 401(k) Fund could lower Pension Fund, Debra is looking forward to col- Debra’s taxable income and allow her to take lecting a retirement benefit after 25 years of advantage of compounding interest. Generally, service but knows that her monthly benefit will “compound interest” allows your retirement not be enough for her to maintain her current savings to grow faster because, for each year standard of living in retirement. With mount- that your contributions are invested in the ing student loans and credit card debt, plus 401(k) Fund, you can earn additional interest saving for a daughter off to college in a year, on any interest earned in the previous year. As Debra is searching for a way to continue to meet a result, the interest continues to compound her current living expenses without sacrificing each year. If Debra elects to have a percentage her retirement savings goals. With 20 years or of her pay automatically deducted and deferred more to go, now is the perfect time for Debra to into the 401(k) Fund today and continues to make slight adjustments to her retirement sav- make small percentage increases annually, her * ings plan to ensure her personal savings goals investment elections plus compounding inter- keep pace throughout her retirement journey. est, subject to earnings and losses, over the next 20 years could allow Debra to comfortably save The IAM National 401(k) Fund is a valuable per- tens of thousands of dollars more toward her The savings goal for a sonal savings tool that can be used as a primary retirement savings goals without significantly comfortable retirement retirement savings vehicle or as a supplement impacting her current quality of life. increased by 10% in 2021 to a retirement benefit under the Pension Fund. to $1.04 million. https://www.annuity.org/ Debra may elect to have a percentage of her compensation automatically deducted from In 2021, only 45% of non-retirees her paycheck and contributed to the 401(k) between the ages of 45-59 Fund before federal income taxes are with- believed their retirement savings were on track. held. We think of these automatic deductions *Past performance is no guarantee of future results. https://www.federalreserve.gov/ 04 JOURNEY TO RETIREMENT OCTOBER 2022

In 2021, 20% of adults While 15% of adults incurred had unexpected medical debt from their own expenses, averaging between medical care or the care $1,000 and $1,900, in the of a family member. prior 12 months. https://www.federalreserve.gov/ CVS Caremark. However, Amar also requires PrudentRx is integrated with CVS specialty certain specialty treatments that cost him over pharmacies and is designed to simplify the $800 per month out-of-pocket for his physi- often-complex process of accessing and uti- cian to administer. Looking forward to lizing specialty medication while reducing or retirement in just a few short years, Amar is eliminating the out-of-pocket costs for these concerned that the cost to maintain his special- medications. Because Amar’s specialty treat- ized treatments will deplete his savings and he ments are included on PrudentRx’s approved will be forced to delay his retirement. The addi- drug list, he was automatically enrolled in the tion of the PrudentRx specialty medication program. A PrudentRx representative worked copay program to the Benefit Trust Fund with Amar and his drug manufacturers to offerings could help Amar reduce his out- provide copay assistance and reduce Amar’s WEALTH IN of-pocket costs for specialty medications out-of-pocket cost for specialty treatments HEALTH: drastically and allow him to continue full from over $800 a month to $0. In its first few speed ahead on his retirement journey. months of availability, the PrudentRx program AMAR’S STORY saved Benefit Trust Fund participants over “THE COST OF $24,000 in out-of-pocket costs. With the cost of his specialty treatments now fully covered MY SPECIALTY under the Benefit Trust Fund’s PrudentRx pro- After 28 years as a bus driver MEDICATIONS gram, Amar no longer worries about for a national transportation his health issues throwing his company, last year Amar was diagnosed with a IS DEPLETING retirement journey off track. rare debilitating illness. His extensive treat- MY SAVINGS AND ment program requires him to take daily prescription medications most of which are THREATENING MY covered by the National IAM Benefit Trust RETIREMENT.” Fund’s prescription drug program with 05

avigating N the Way

PREVENTIVE CARE: KEEPING YOUR HEALTH AFLOAT ccording to a 2019 survey conducted by the Employee Benefit Research Institute, health problems forced 4 out of 10 people to retire earlier than planned. Focusing on your physical Aas well as financial health along your journey to retirement is an integrated approach to wellness. Understanding the importance of preventive care within this integrated approach to well- the ness can reduce the risk of disease, disability, and premature death. Each year, millions of people in the United States do not receive recommended preventive care for themselves and their families because of the cost of care and a lack of awareness, among other reasons. Way The goal of preventive care is to help you stay healthy and reduce the likelihood of an unexpected health emergency through regular screenings, check-ups, and vaccinations. The U.S. Department of Health and Human Services focuses its “Healthy People 2030” campaign on increasing the availability and use of preventive care for people of all ages. The National IAM Benefit Trust Fund makes pre- ventive care services like annual physicals, dental cleanings, flu shots, and screenings for high blood pressure or high cholesterol available to participants at a low to no cost. Visit https://health.gov/healthypeople for more information on the Healthy People 2030 campaign. To search for a preventive care service provider scan here. According to the U.S. Bureau of Labor Statistics, union workers were more likely to have healthcare benefits than non-union workers. In 2019, In comparison, 68% of non- 95% of civilian union workers union workers had access to had access to employer- employer-provided healthcare provided healthcare and 84% and 54% participated in their participated in an employer- employer’s healthcare plan. sponsored healthcare plan. https://www.bls.gov/ 07

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NAVIGATING THE WAY STAYING THE CHARTED COURSE: tells us and your loved ones how you would A RETIREMENT READINESS like your retirement savings distributed once ROUTINE MAINTENANCE PLAN you are no longer living. Notifying the Bene- fit Funds Office immediately of any changes to your address, marital status, or other life events will help us distribute any benefits you Protecting and preserving your hard-earned or your survivors and beneficiaries are entitled retirement savings for when you need them to quickly and accurately. Please keep in mind requires an ongoing commitment to regular that your account and beneficiary information maintenance and care. Once you have charted is maintained separately, and must be updated your unique path to financial freedom in retire- separately, for each of the Funds. ment, selecting waypoints along the journey, like checking your financial statements often and PICK A TIME keeping your survivor and beneficiary informa- tion up to date, can help you stay the course, or & REMIND adjust, to ensure your journey to retirement is as smooth as possible. You need a retirement Most employees use their annual benefit open readiness routine maintenance plan! enrollment season to make updates to bene- fit elections and report life-changing events CHECK-IN FOR like marriage (or divorce) and childbirth (or adoption) with their employers. This is also CHECK-UPS a perfect time to verify important account information the Benefit Funds Office uses, The IAM National Benefit Funds Office, and the service providers that we work with, make "SETTING A available valuable tools, resources, and infor- mation to support your retirement savings REMINDER goals. Checking your account statements and would like your retirement savings managed COULD HELP transaction details at least annually can not should you become temporarily or permanently only help you identify unusual activity on your incapacitated, as well as after you pass away. YOU ESTABLISH account but also ensures that you are regularly AND MAINTAIN reviewing and updating important account Providing the Benefit Funds Office with a copy A RETIREMENT information on file with the Benefit Funds of your fully executed power of attorney (or Office (or a service provider that we work with). other legal document authorizing another per- READINESS son to make specific legal and financial deci- Making plans for how your retirement savings sions on your behalf) helps us to know who has ROUTINE will be managed should something happen to permission to act for you if you become unable MAINTENANCE you is a difficult but critical part of your retire- to make decisions for yourself while you are PLAN." ment readiness maintenance routine. Retire- alive. While naming your beneficiary or ben- ment readiness includes identifying how you eficiaries is a straightforward process that 08 JOURNEY TO RETIREMENT OCTOBER 2022

such as your mailing address, phone number, BRIDGING THE GAP TO and email address, to keep you informed of RETIREMENT INCOME SECURITY changes to the benefits or services we make available. If you do not participate in an annual open enrollment period, setting a reminder to check your retirement health and readiness at Between 2016 and 2020, Americans age 65 and ing more for retirement, especially as you get the same time you schedule your annual well- older spent an average of $4,066 per month on closer to retirement age, the IRS allows partici- ness exams, or every quarter when you receive household expenses. With increasing cost of liv- pants age 50 or over to defer thousands of dol- other financial statements, could help you ing expenses, many retirees and their families lars more than the annual IRS elective deferral establish and maintain a retirement readiness experience an income gap after transitioning limits in place for that year. These types of con- routine maintenance plan. Pull out your calen- out of the workforce and into retirement. For tributions are commonly referred to as “Age 50 dar, pick a date, and set a reminder to complete decades, Americans have referred to the “three- Catch-Up” contributions. retirement readiness checkups on a recurring legged stool” — Social Security, employer-spon- schedule that fits your needs. sored pension plans, and personal savings — as the model for financial security in retirement. Your retirement readiness routine mainte- With fewer employers offering pension plans For additional nance plan, like your retirement journey, is and uncertainty around the long-term avail- information on unique to you! Document how you want your the catch-up ability of Social Security, today, there is a greater contributions and retirement savings managed when you are emphasis on personal savings to sustain retirees the limits the IRS no longer able to make decisions for yourself; places on the dollar through their retirement years. Articles on the amounts contributed save copies of your elections in a safe place for tax advantages of using a defined contribution to retirement plans like future reference and keep your account infor- plan, like the IAM National 401(k) Fund, to save the IAM National mation up to date, especially with the Benefit 401(k) Fund, scan here. more the closer you get to retirement are avail- Funds Office, so that you worry less and enjoy able from reliable industry sources, including retirement more! the Internal Revenue Service. To encourage sav- 09

FOR AFOR A SEARCHINGSEARCHING FOR A LIGHTHOU LIGHTHOUSESE SEARCHING LIGHTHOUSE BEYOND pass away, your spouse continues to receive 50% decisions when you retire. Keeping your infor- RETIREMENT: of that reduced benefit. Or you can elect a higher mation up to date with the Benefit Funds Of- benefit payment for your surviving spouse, such fice, and your financial documents organized, BENEFITS FOR as a 75% or 100% Joint and Survivor Annuity which and readily available to those who will act on YOUR SURVIVORS work the same as a 50% Joint and Survivor annui- your behalf after your passing can ease your ty, but your benefit payment is reduced by a great- transition into retirement and beyond. er amount to provide a higher survivor benefit to your spouse. If you pass away after April 16, 2019, Discussing the financial security of your loved and prior to starting to receive your benefit, your ones after you pass away can be difficult and qualified spouse will receive the 100% Joint and complicated. The IAM National Pension Fund has Survivor Annuity. For participants who are not SPOTLIGHT: both standard and optional benefit payment op- married, depending on the option you elect and Remember your tions to choose from when you are ready to retire when you retire, there may be a benefit payable to account and beneficiary which provide continued financial support for your beneficiary after you pass away. Regardless information is maintained your loved ones after you pass away. The benefit separately, and must be of your marital status, you should immediately updated separately, for payment options available to you, your survivors, notify the Benefit Funds Office of any life events, each of the Funds. and beneficiaries vary based on factors such as such as a change of address, marriage, or divorce. your marital status, whether you were retired and receiving a benefit from the Pension Fund at the You may not be allowed to change your bene- time of your death, as well as other factors. For fit payment elections after retirement, so con- example, married participants typically receive a sidering the options available to you with your 50% Joint and Survivor annuity which pays a re- survivors, beneficiaries, and financial or legal duced monthly benefit to you so that when you advisor in advance can help you make informed 10 JOURNEY TO RETIREMENT OCTOBER 2022

FOR AFOR A SEARCHINGSEARCHING FOR A LIGHTHOU LIGHTHOUSESE SEARCHING LIGHTHOUSE SAFEGUARDING scams used by cybercriminals and choosing “IN 2021, SENIORS YOUR PERSONAL unique passwords combined with multifactor au- thentication, are the first steps to safeguarding AGE 60 AND OVER ASSETS: your private information from cyber predators. CYBERSECURITY LOST $1.7 BILLION & YOU YES, IT COULD AS VICTIMS OF BE YOU CYBERCRIME.” In 2021, seniors age 60 and over lost $1.7 billion as victims of cybercrime, a 74% increase in losses Anyone can become a victim of cybercrime at 1 any time! Most people, including seniors, under- from the year before. Recognizing that many se- someone to share confidential or private infor- niors own mobile devices, surf the internet, and estimate how vulnerable they are to a cyberat- tack, or the extent of the damage scammers can mation with a cyber thief. Through social media engage on social media platforms but may not be sites and dating apps, cybercriminals can conduct “tech-savvy,” cybercriminals have intensified in- inflict on our personal lives and finances once they have access to our private information. Cy- elaborate “romance scams” designed to capitalize ternet crime and fraud toward seniors by 400% on the desire some seniors have for companion- over the past five years. With so many new smart bercriminals use targeted tactics like social en- gineering and phishing to gain and then exploit ship. Another common tactic called “phishing” technologies, applications, and software designed uses an email or text, from a source that appears to make our lives easier, understanding how your the trust of their victims. It is important to un- derstand that these types of scams exist, and how to be a trusted contact to give a victim a false sense personal information is being used and where it's of security. The email or text typically includes a being stored can be confusing. Precautionary they can be used to steal your personal informa- tion and commit identity theft. link or attachment that, once clicked or opened, measures like becoming familiar with common gives the cybercriminal the ability to infect your “Social engineering” involves telling lies or inten- device with malicious software and steal your 1 FBI: Elder Fraud Report https://www.ic3.gov/Media/PDF/ tionally misrepresenting information to persuade personal information. AnnualReport/2021_IC3ElderFraudReport.pdf. 11

SEARCHING FOR A LIGHTHOUSE 2 WHAT CAN YOU DO? Take your time and pro- including multifactor authentication. Where ceed with caution when meeting new people on- available, consider enabling multifactor authen- line. If you feel pressure to share personal or fi- tication when accessing any of your financial in- LONGEVITY RISK: nancial information with someone you have just formation, especially your retirement accounts, met, do not be afraid to take a step back and speak and keep your mobile phone number and email 1 The risk that a retiree will outlive their retirement with a trusted family member, friend, or advisor address used to verify your identity up to date savings. about your concerns. Review the source of emails with each of your financial institutions, includ- and texts closely before opening them to make ing the IAM National Benefit Funds Office. MARKET RISK: sure that you are receiving a message from a 2 For those retirees saving through a 401(k) or other contact that you recognize or can independently investment vehicles, the verify. Avoid opening links or attachments from TOP FIVE RISKS risk that investment losses suspicious or unknown sources; rather consider or market volatility will ROCKING negatively impact their deleting the email or text and blocking the send- retirement savings. er from contacting you further. THE BOAT TO RETIREMENT HEALTH RISK: MORE THAN JUST A 3 The risk that a retiree will READINESS have unexpected medical PASSWORD or long-term care needs and insufficient retirement Retirees face numerous challenges when pre- savings to cover out-of- We’ve all been warned of the importance of paring for retirement. A brief recently released pocket expenses. password safety, and we’ve learned to use by the Center for Retirement Research at Bos- lengthy passwords containing letters, numbers, FAMILY RISK: 3 ton College outlined the financial risks retirees The risk that a retiree may and symbols, and to use a unique password for face in retirement and how retirees view these 4 experience a divorce, each account to avoid giving a cyber thief con- risks when planning for retirement. death of a spouse, or take trol over not just one but possibly all of our ac- on an unforeseen financial counts. These are just the first steps to optimiz- burden of an adult child or family member. ing your password protection. Most financial institutions now require you to enable multifac- POLICY RISK: tor authentication, which as the name suggests, 5 The risk that a retiree’s uses more than one method or device to verify retirement benefit, like Social Security, will be your identity. For example, when you attempt to reduced or eliminated. log into your bank’s website with your username and password, your bank may call, text, or email a code to the phone number or email address The IAM National Benefit Funds offer benefit they have on file for you to confirm that it is you options to help address these risks, such as sup- who is accessing your account. plementing a retirement benefit under the IAM Na tional Pension Plan by starting or increasing According to Microsoft’s October 2021 Digital 2 Microsoft Corporation. (2021). Microsoft Digital Defense Report contributions to the IAM National 401(k) Plan (October 2021) from https://query.prod.cms.rt.microsoft.com/cms/ api/am/binary/RWMFIi#page=121. Defense Report, 98% of hacking attempts can 3 Wenliang Hou. (2022, July). How Well Do Retirees Assess the Risks or exploring $0 cost preventive care services be prevented using basic security measures, They Face in Retirement? (Issue Brief No. 22-10). Center for Retirement through the National IAM Benefit Trust Fund. Research at Boston College. 12 JOURNEY TO RETIREMENT OCTOBER 2022

Discovering NewLand

DISCOVERING NEW LAND FREEDOM & FUN: CURRENT TRENDS FOR AGE 50-PLUS TOP 10 BEST PLACES IN THE U.S. TO RETIRE FLORIDA MONTANA “ONE-FOURTH OF VIRGINIA UTAH AMERICANS AGE 65 COLORADO ARIZONA OR OLDER LIVE IN ONE OF (TIED FOR 9TH) THREE STATES: CALIFORNIA, DELAWARE FLORIDA AND TEXAS.” NEW HAMPSHIRE MINNESOTA (TIED FOR 9TH) WWW.PRG.GOV NORTH DAKOTA IDAHO 14 JOURNEY TO RETIREMENT OCTOBER 2022

TOP 10 BEST POPULAR FOR WOMEN PLACES IN RETIREMENT Meditation & Yoga THE WORLD ACTIVITIES Dancing TO RETIRE Painting & Crafting Journaling PANAMA Learning a new language COSTA RICA MEXICO PORTUGAL COLOMBIA “ON AVERAGE, SENIORS ECUADOR AGE 75 AND OVER SPEND OVER FRANCE 7 HOURS A DAY ENGAGED IN LEISURE AND SPORTS.” MALTA WWW.BLS.GOV SPAIN FOR COUPLES URUGUAY Traveling Nature Hikes Cooking Classes Gardening FOR MEN Golf & Pickleball Cycling & Fishing Starting a collection — coins, baseball cards, stamps Woodworking Computer programming Classic Car Restoration 15

DISCOVERING NEW LAND NATIONAL SOCIAL CLUBS FOR SENIORS AmeriCorps Seniors AARP Audubon Society https://americorps.gov/serve/ https://www.aarp.org/ https://www.audubon.org/ americorps-seniors The Red Hat Society National Senior Games Silver Sneakers https://redhatsociety.montonton.com/site https://nsga.com/ https://tools.silversneakers.com/ RETIREMENT RECAP CROSSWORD PUZZLE Down: 1) The IAM National _____ Fund is a multi-employer defined contribution plan funded by both employer and employee contributions. 3) Another term for hackers who use targeted tactics like romance scams and phishing emails to steal your private information. 5) This country is a top international retirement location and home to a well-known canal. 6) A specialty medication copay program that helps reduce - out-of-pocket costs for specialty medications and treatments. 8) Keeping your account information up to date with the Benefit Funds Office is a part of a _____ readiness routine maintenance plan. 11) A qualifying surviving _____ may receive a reduced monthly retirement benefit for the remainder of his or her life after you pass away. Across: 2) An employee may elect to have his or her contributions deducted from the _____ they receive from their employer. 4) The goal of _____ care is to help you stay healthy and reduce the likelihood of an unexpected health emergency. 6) Contributions to the IAM National 401(k) Fund can be made on both a _____ and after-tax basis. 7) A person or persons you designate to receive a distribution from your retirement account when you pass away. 9) By the end of 2021, the IAM National 401(k) Fund had 30,905 _____ accounts. 10) The risk that a retiree will outlive their retirement savings. ension y 11) Spouse 12) Pvitonget 10) Larticipant 9) Pemenetir) Ry 8) Beneficiar712) The IAM National _____ Fund is one of the largest multiemployer axt-e) Pr anama 6) Pe 5tivenve) Prcriminals 4check 3) Cyberay1) 401k 2) P :sreswnAdefined benefit plans in the country! 16 JOURNEY TO RETIREMENT OCTOBER 2022

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