Southwest Service Administrators, Inc.

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IBEW Local 520 Annuity Plan

Frequently Asked Questions

 

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How do I apply for my annuity?

Complete and print the Online Benefit Application and mail to the Fund Office at 2300 Buena Vista SE, Suite 127, Albuquerque, NM 87106

 

How do I find out how much my Annuity Benefit will be?

Look up your benefit online at www.prudential.com

 

 How do I change my investment options?

 If you wish to change your investment selections, please consult with Prudential for the appropriate steps. You should also be able to change your investment selections online through your personal Prudential account. Please visit www.prudential.com to learn more.

 

How do I change my address?

Complete and print the online Change of Address Form  and mail to the Fund Office at 2300 Buena Vista SE, Suite 127, Albuquerque, NM 87106 or Fax to (602) 249-3795

 

How do I designate or change my beneficiary? 

Complete and print the online Beneficiary Form and mail to the Fund Office at 2300 Buena Vista SE, Suite 127, Albuquerque, NM 87106 or Fax to (602) 249-3795

 

How do I change my Federal Tax Withholding?
Complete and print the Online W-4P Federal Tax Form and mail to the fund office at 2300 Buena Vista SE, Suite 127, Albuquerque, NM 87106

 

Can I fax information to the Fund Office?

The Fund Office can only accept documents with original signatures to prevent fraudulent activity.

 

Am I allowed to take a withdrawal from my Annuity Benefits?

You may be allowed to withdraw from your Annuity Benefits once you have met one of the following:

  • Age 55 and complete withdrawal from the industry (verified by your Local)

  • Total and Permanent Disability (proof of disability required)

  • Break in Service – After one complete Plan Year (Jan-Dec) with no contributions

  • Special 401(k) Withdrawal – upon reaching age 59 ½ you may withdrawal from your 401-K Employee Account contributions only and still work in the Plan

Am I allowed to take a Hardship Distribution?

You may be allowed to withdraw your own 401-K Employee Account contributions under certain criteria. Before approval, you must provide documentation showing the need for the Hardship Distribution and the amount of the Hardship Distribution. All Hardship Distributions are subject to Board of Trustees approval.

Examples of acceptable circumstances for a Hardship Withdrawal include (but are not limited to):

  • Medical care Expenses for the Employee, the Employee’s spouse or a dependent

  • Cost related to purchase of a principal residence for the Employee

  • Tuition, related educational fees, and room and board expenses

  • Payments necessary to prevent eviction of the Employee from the Employee’s principal residence or foreclosure on mortgage