Washington, D.C., February 8, 2016 Ã¢Â€” The International Association of Machinists and Aerospace Workers (IAM) today raised serious questions over allegations contained in a lawsuit filed by the Department of Labor (DOL) against the IAM National Pension Fund.
The well-funded IAM National Pension Fund is among the nation’s most stable and best managed multi-employer plans, and is in full compliance with all DOL rules and regulations. The complaint makes no allegations that relate to the stability of the Fund or its assurance that its 90,000 beneficiaries will have a secure retirement because of the Plan.
The IAM, which is not named in the lawsuit, believes the DOL complaint should be withdrawn quickly to prevent further harm to the Fund’s reputation, and to prevent needless and costly litigation over issues previously addressed and properly resolved.
The civil complaint, filed by the DOL on Jan. 24, 2016, alleges that in the past, improper procedures were followed in the selection of certain service providers to the fund, and that the Fund incurred improper expenditures between 2008 to 2012 in connection with Fund-related activities.
The DOL complaint fails to note that all questionable expenditures were fully reimbursed and new policies put in place to ensure strict compliance with DOL rules.
The IAM believes it is a disservice to the Plan and its beneficiaries for the DOL to revive allegations over issues that have been previously addressed and resolved.
The IAM is one of the largest industrial trade unions in North America, representing more than 600,000 active and retired members in dozens of industries.