Friday, January 7, 2011

I.A.M NATIONAL 401(K) PLAN USA Participants

This post concerns only members who signed up for the optional I.A.M. National 401(k) plan , not the standard USA/Vanguard 401(k) plan.

As per the collective barganing agreement, USA has terminated participation in our optional I.A.M National 401(k) plan. Currently, Prudential Retirement is the plan administrator. You may contact them at 1-877-778-2100 reguarding your account.

At this time Prudential is still showing the accounts as active as they have not been updated on the status of USA's servicing termination. Information I received via phone by customer service, was that as long as I am employed by USA, the money cannot be rolled or cashed out. The agent informed me when the status changed from "Active-Eligible for Ctbs" to "terminated" I could then move the funds. They also did not know if or when the status will change since USA has not notified them of any changes in plan participation. If you are a participant in the optional 401(k) plan be sure Prudential has your current address and contact information, which you can update on their website.

Future updates will be posted here on the blog as the information becomes available.