All About Post-Employment Benefits

Special Announcement

Announcing New Group Medicare Advantage Benefit Via (EBS) and TLC Insurance Group as an option for IAM Retired Members.

Dear IAMAW Retiree: We are excited to announce that Employee Benefit Systems (EBS) and TLC Insurance Group, working with Humana, have developed a new Group Medicare Advantage plan with prescription drug coverage that will be available to all IAMAW Medicare eligible retirees, their spouses, surviving spouses and Medicare eligible dependents.

The new exclusive Passive Preferred Provider Organization (PPO) Group Medicare plan is rich in benefits and has nationwide coverage. This means you can see any doctor and receive any treatment at facilities that accept traditional Medicare and will bill Humana. In-network and out-of-network benefits are identical.

The new IAMAW Group Medicare plan also includes a prescription drug benefit that is robust with low copays, additional savings through the Medicare donut hole, and has an open formulary. All Medicare approved drugs are covered. With this new IAMAW Group Medicare plan, many retirees may see a savings in overall out-of-pocket costs, especially on prescriptions, as compared to their current insurance.

Your IAMAW Executive Council wants you to make informed decisions about your Medicare choices so you can feel confident you are enrolled in a plan that best fits your needs. When you receive your enrollment kit, you are invited to call and review this new Group Medicare plan and compare it to your current plan or other available plans. Your savings could be substantial.

Even if you are happy with your current Medicare plan, you can contact Humana’s Group Enrollment Department at 1-800-833-2411 to learn about IAMAW’s Group plan benefits, so you can make an informed decision and pick the plan that is best for you and your family. Enrolling in, or remaining enrolled in, the wrong Medicare plan could cost you thousands of dollars in unnecessary out of pocket costs.

We are excited that EBS and TLC Insurance Group have developed this plan for IAM retirees. They currently serve thousands of active and retired Union members across the nation. The IAMAW is pleased that EBS and TLC Insurance Group along with Humana have developed this plan uniquely for our retirees. So, whether you are turning 65 and new to Medicare or already enrolled in a plan, we encourage you to check out the new IAMAW Group Medicare Plan and see if it is right for you and your family. To recap, this new IAMAW Group Medicare plan is Exclusive and Only available to all Medicare-eligible IAMAW retirees, their spouses, surviving spouses and any Medicare-eligible dependents.

Plan participants must be enrolled in Medicare Parts A and B. available in all 50 states, plus Puerto Rico and the District of Columbia.
It is a national Passive Union Medicare PPO Plan, allowing members to use the doctor and hospital of their choice nationally.
In network and out of network plan benefits are identical. Providers must be participating with Medicare and willing to bill Humana.
Low out-of-pocket maximum with low copays.
Primary Care Physician (PCP) – $0 copayment. Specialist – $30 copayment
No medical or prescription drug deductibles on the IAMAW Group plan.
Tier 1 generic prescriptions: $0-$5 co-payment per month.
Tier 2 brand prescriptions: $30 copay per month or $60 copay for 90-day supply through Group plan’s mail order.
Provides additional coverage and savings through the Medicare prescription donut hole, or coverage gap.
Dental benefits for routine dental such as cleanings, etc.
Includes Silver Sneakers, which covers a free basic gym membership at participating locations.
Access to specially trained Humana associates dedicated to union clients, which allows for a simple and hassle-free pre and post enrollment experience.
IAMAW branded ID card to signify exclusive IAMAW eligibility and access into plan.

{Your union wants you to be aware that these benefits mentioned above exist and that they may be helpful to you. Your union, however, is not party to any agreement entered into by you and Employee Benefit Systems, TLC Insurance Group or Humana and is not responsible in any way for the operation or administration of any plans}.

National Pension Plan

The IAM National Pension Fund, National Pension Plan is a “defined benefit pension plan.” Under a defined benefit plan, eligible participants receive a non-forfeitable benefit at retirement. The benefit is calculated by a set formula, which under our plan includes:

The participant’s age at retirement.
The participant’s amount of credited service.
The contribution rates paid by contributing employer(s) on the participant’s behalf.
The form of payment chosen by the participant at retirement Participants become eligible for a pension benefit after five years of vesting service. They may receive an unreduced benefit at any age after 30 years of service, or at age 62 with 20 years of service. A preretirement death benefit is available to a participant’s spouse in the event of the participant’s death. Postretirement benefit may also be available to a participant’s spouse in the event of the participant’s death subject to the election made by the Participant at the time of retirement. The National Pension Plan Summary Plan Description (SPD) provides a summary of the plan’s rules and benefits. The SPD and this website provide a summary of the plan. The plan’s rules are governed by the official Plan Document. In the event of a discrepancy of the information provided the Plan Document against the SPD and this website, the Plan Document will govern. IAM Pension IAM Pension Plan Summary/Description.

Note: Some Information contained on this website appears as obtained or referenced from 3rd party sources and are not necessarily the views or opinions of districtlodge2020.org or the IAMAW. The factual accuracy of such information, to the best of our ability has been researched and neither districtlodge2020.org, nor the IAMAW accepts responsibility for any inaccurate information.

Other types of Benefits Explained

Some Facts About Social Security

Most of our beneficiaries are retirees and their families — about 51 million people in June 2022. But Social Security was never meant to be the only source of income for people when they retire. Social Security replaces a percentage of a worker’s pre-retirement income based on your lifetime earnings. The amount of your average wages that Social Security retirement benefits replaces depends on your earnings and when you choose to start benefits.

Social Security is more than retirement…

Many people think of Social Security as just a retirement program. Most of the people receiving benefits are retired, but others receive benefits because they’re:

• Someone with a qualifying disability.
• A spouse or child of someone getting benefits.
• A divorced spouse of someone getting or eligible for Social Security.
• A spouse or child of a worker who died.
• A divorced spouse of a worker who died.
• A dependent parent of a worker who died.

What About Social Security Disability?

For those Lodges that have active retirees there are opportunities to send your retirees to the Winpisinger Education Center in Hollywood, Md. They have retiree education classes a couple of times a year and the attendees are provided great information that will enhance their chances of success in their later years of life. In 2015, the Southern Territory sent a group of active retirees to a class partially filled with retiree sent by various IAM local lodges.