Southwest Service Administrators, Inc.
IBEW Local No. 60 Pension Plan
Frequently Asked Questions
How do I apply for my Pension Benefit?
Complete and print the Online Benefit Application and mail to the Fund Office at 2300 Buena Vista SE, Suite 127, Albuquerque, NM 87106
Normal Retirement Pension:
Eligibility. You are eligible for a Normal Retirement Pension when you reach Normal Retirement Age. Normal Retirement Age means the later of your:
• 65th birthday; or
• the earlier of your: fifth anniversary of participation provided you have at least one Hour of Service on or after January 1, 1988, and have not incurred a Permanent Break-in- Service; or 10th anniversary of participation in the Plan provided you have not incurred a Permanent Break-in-Service.
Early Retirement Pension: If you wish to retire before your Normal Retirement Date, you may retire with an Early Retirement Pension if you meet the age and service requirements. Monthly payments for an Early Retirement Pension will be lower depending on your age when you retire and the years of Vesting Service you have at that time.
Eligibility. You are eligible for an Early Retirement Pension if you meet the following requirements:
• You have at least 10 years of Vesting Service; and
• Your age plus your years of Vesting Service totals at least 70
How do I set up a direct deposit for my Pension Benefit?
Complete and print the Online Electronic Deposit Authorization Form and mail to the Fund Office at 2300 Buena Vista SE, Suite 127, Albuquerque, NM 87106
What will happen to my direct deposit Pension Benefit if the bank account is closed unexpectedly?
Your deposit will be rejected and you will need to provide new account information or submit a written request for a physical check to be mailed to your address.
What happens to my money if I die?
To ensure that death benefits are paid to the person(s) to whom you want them to be paid, you should file a beneficiary designation with the Administrative Office. If you have no named beneficiary or if your beneficiary predeceases you, then benefits will be paid according to the following order of succession: (1) to your surviving spouse, or (2) to your children, or (3) to your parents, or (4) to your brothers and sisters, or (5) to your estate.