If you are a Benefit Recipient of the IAM National Pension Fund (the “Fund”), you were given the opportunity to choose whether you want federal in - come tax withheld from your pension payments when you began receiving them. In accordance with the Tax Eq - uity and Fiscal Responsibility Act of 1982 (“TEFRA”), the IAM National Ben - efit Funds Office (the “Benefit Funds Office”) issues this annual notice to remind you that you may change your federal income tax withholding elec - tions at any time. If you do not wish to make any changes to your current fed - eral income tax withholding elections, no action is required. Please read the following informa - tion carefully and contact the Bene - fit Funds Office at 1-800-424-9608, Monday through Friday, 9:00 a.m. to 7:00 p.m. Eastern Time, if you have any questions about the information contained in this notice or need as - sistance completing your IRS Form W-4P (Withholding Certificate for Pe - riodic Pension or Annuity Payments) to update your federal income tax withholding elections. It is important to note the amount of the 2023 fed - eral income tax being withheld from your payments may change because the withholding tables have changed. PLEASE NOTE: The IRS has released a revised Form W-4P and a new Form W-4R (Withholding Certificate for Non - periodic Payments and Eligible Roll - over Distributions). Beginning January 1, 2023, you must use these new and revised forms to update your federal tax withholding elections with the Ben - efit Funds Office. Benefit Recipients retiring on or after January 1, 2023, should use the revised IRS Form W-4P. Your current federal income tax with - holding elections will remain in ef - fect until you submit a new IRS Form W-4P with the Benefit Funds Office. You may log on to our online portal at https://participant.iambfo.org/log - in/ to update your federal income tax withholding elections or download the IRS Form W-4P at https://www. iamnpf.org/participants/forms . Once you make a change to your federal in - come tax withholding, your elections will become effective on the first day of the month that is at least 30 days after we receive your form. Tax withholding on your benefit pay - ments is one way for you to pay a por - tion of your income tax. If not enough tax is being withheld from your total taxable income for the year, you may have to pay estimated taxes during the year or a tax penalty at the end of the year. Of course, whether or not you have to pay federal income tax depends on the total amount of your taxable income, not just on your ben - efit payments from the Fund. Remem - ber, for many people, Social Security benefits are not taxable. Your decision on withholding is an important one. If you need addition - al assistance estimating your tax, you should consult with a tax advisor or the IRS. The Benefit Funds Office is unable to assist you with computing your estimated federal income tax. Benefit Recipient Checkup: Review Your Federal Income Tax Withholding Elections 5 NEW SUMMARY PLAN DESCRIPTION IS COMING The Board of Trustees are pleased to present you with the 2023 Summary Plan Description (SPD) summarizing the IAM National Pension Fund’s Plan document. This SPD incorporates all amend- ments to the Plan through October 31, 2022, including the amendments made under the Rehabilitation Plan that the Board adopted in 2019 to improve the Plan’s funding status for the long- term benefit of participants and beneficiaries. This SPD generally applies to par - ticipants who apply for benefits on or after January 1, 2023. Par - ticipants who apply for benefits before that date should refer to the 2017 SPD (and any summa - ries of material modification to the 2017 SPD). We hope this summary will be of assistance to you and your family in understanding the Plan. We believe that this SPD accu - rately reflects the Fund. Please re - member, though, that the text of the Plan itself, as interpreted by the Board of Trustees, represents the final authority in all cases. 2 0 2 3 SUMMARY PLAN DESCRIPTION 2 0 2 3 SUMMARY PLAN DESCRIPTION COMING SOON