Benefit Recipient Checkup: Review Your Federal Income Tax Withholding Elections If you are a Benefit Recipient of the IAM PLEASE NOTE: The IRS has released National Pension Fund (the “Fund”), a revised Form W-4P and a new Form you were given the opportunity to W-4R (Withholding Certificate for Non- choose whether you want federal in- periodic Payments and Eligible Roll- come tax withheld from your pension over Distributions). Beginning January payments when you began receiving 1, 2023, you must use these new and them. In accordance with the Tax Eq- revised forms to update your federal uity and Fiscal Responsibility Act of tax withholding elections with the Ben- COMING SOON efit Funds Office. Benefit Recipients 1982 (“TEFRA”), the IAM National Ben- 2023 2023 retiring on or after January 1, 2023, Y PLAN DESCRIPTION efit Funds Office (the “Benefit Funds SUMMAR Office”) issues this annual notice to should use the revised IRS Form W-4P. SUMMARY PLAN DESCRIPTION remind you that you may change your Your current federal income tax with- federal income tax withholding elec- holding elections will remain in ef- NEW SUMMARY PLAN tions at any time. If you do not wish to fect until you submit a new IRS Form DESCRIPTION IS COMING make any changes to your current fed- W-4P with the Benefit Funds Office. The Board of Trustees are pleased eral income tax withholding elections, You may log on to our online portal to present you with the 2023 no action is required. at https://participant.iambfo.org/log- Summary Plan Description (SPD) Please read the following informa- in/ to update your federal income tax summarizing the IAM National tion carefully and contact the Bene- withholding elections or download Pension Fund’s Plan document. fit Funds Office at 1-800-424-9608, the IRS Form W-4P at https://www. This SPD incorporates all amend- Monday through Friday, 9:00 a.m. to iamnpf.org/participants/forms. Once ments to the Plan through 7:00 p.m. Eastern Time, if you have you make a change to your federal in- October 31, 2022, including the any questions about the information come tax withholding, your elections amendments made under the contained in this notice or need as- will become effective on the first day Rehabilitation Plan that the Board sistance completing your IRS Form of the month that is at least 30 days adopted in 2019 to improve the W-4P (Withholding Certificate for Pe- after we receive your form. Plan’s funding status for the long- riodic Pension or Annuity Payments) Tax withholding on your benefit pay- term benefit of participants and to update your federal income tax ments is one way for you to pay a por- beneficiaries. withholding elections. It is important tion of your income tax. If not enough This SPD generally applies to par- to note the amount of the 2023 fed- tax is being withheld from your total ticipants who apply for benefits eral income tax being withheld from taxable income for the year, you may on or after January 1, 2023. Par- your payments may change because have to pay estimated taxes during ticipants who apply for benefits the withholding tables have changed. the year or a tax penalty at the end before that date should refer to of the year. Of course, whether or not the 2017 SPD (and any summa- you have to pay federal income tax ries of material modification to depends on the total amount of your the 2017 SPD). taxable income, not just on your ben- efit payments from the Fund. Remem- We hope this summary will be of ber, for many people, Social Security assistance to you and your family benefits are not taxable. in understanding the Plan. Your decision on withholding is an We believe that this SPD accu- important one. If you need addition- rately reflects the Fund. Please re- al assistance estimating your tax, you member, though, that the text of should consult with a tax advisor or the Plan itself, as interpreted by the IRS. The Benefit Funds Office is the Board of Trustees, represents unable to assist you with computing the final authority in all cases. your estimated federal income tax. 5