Southwest Service Administrators, Inc.

NECA-IBEW Local Union No. 584 Pension Fund

Frequently Asked Questions

What is the Plan Year?

The Plan Year is the 12-Month Period of time staring January 1 through December 31.

 

How do my hours translate into benefits with the Pension Plan?
Currently, once you have at least 300 Hours of Service, you will be eligible for a Partial Pension Credit. Once you have accumulated 1,200 Hours of Service, you will be eligible for 1 full Pension Credit. You can earn only one (1) Pension Credit per year. Your entire pension benefit is determined using your entire accumulated Pension Credit multiplied by the rates that were in effect while you were employed.

What is Vesting Service?
Vesting Service refers to your non-forfeitable right to receive benefits from the plan when you terminate employment. In general, you are vested in your plan benefit if you are an employee of a Participating Employer on your Normal Retirement date. You can earn only one (1) Vesting Credit per year. You earn one (1) Vesting Credit for every 1,000 Hours reported to the Plan.

Currently a member needs five (5) Years of Vesting to be eligible for a pension. If you left employment before 1998, the Vesting requirements for you may be different.

What is Pension Credit?
Pension Credit is used to calculate the amount of your pension benefit. The more Pension Credit you earned the larger your pension benefit will be. For each calendar year in which a Participating Employer had contributions made to the Pension Plan on your behalf, you shall receive Pension Credit based upon your hours in that Plan Year according to the Plan’s Rules.

What is Excess Lump Sum Benefit?
Hours exceeding the 1,200 hours required to earn 1 Pension Credit must first be credited to any Calendar Year during which you did not meet the required 1,200 Hours of Service (but worked at least 300 Hours of Service) then you will receive $500 for each reaming 300 hours increment up to a maximum lump-sum payment of $20,000.

What is the Normal Retirement Age?
Normal Retirement Age is the date you reach age 62.

How do I find out how much my pension benefit will be?
Go to Pension Lookup or you may complete and print the Online Benefit Statement Request Form and mail to the fund office at 2425 N Central Expressway Suite 120, Richardson, TX 75080. You may also view your pension benefits on this website by logging into your personal account.

How do I apply for my pension benefit?
Complete and print the Online Pension Benefit Application and mail to the fund office at 2425 N Central Expressway Suite 120, Richardson, TX 75080.

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 2425 N Central Expressway Suite 120, Richardson, TX 75080.

What if I return to work in the Electrical Industry?
If you return to work in the Electrical Industry, you must notify the Plan’s Administrative Office immediately to examine your file and determine if your pension benefit payments must be suspended while you are engaging in this type of work.

How do I change the bank account information for my direct deposit pension benefit?
Complete and print the Online Electronic Deposit Authorization Form and mail to the fund office at 2425 N Central Expressway Suite 120, Richardson, TX 75080.

 

How do I change my address?
Complete and print the online Change of Address Form and mail to the fund office at 2425 N Central Expressway Suite 120, Richardson, TX 75080.

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 2425 N Central Expressway Suite 120, Richardson, TX 75080.

Can I change my payment type?
No, payment type cannot be changed once the pension starts.

If your spouse pre-deceases you and you elected to leave continued payments to your spouse in the event you passed away first, your benefit may be eligible for an increase. You must provide a copy of your spouse’s death certificate for examination.

What will happen to my direct deposit pension benefit if the bank account is closed unexpectedly?
Your deposit will be rejected and returned to the Plan. The payment will be re-issued to you either in the form of a check or to your new account on the next available pay cycle.

When do changes need to be received in order for my next monthly benefit to be updated?
The fund office must receive all changes by the 15th of the month in order to be updated for the next monthly benefit.