Southwest Service Administrators, Inc.

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IBEW Local Union No. 60 401(k) Plan

 

Frequently Asked Questions

How do I apply for my 401(k)  Benefit?

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 401(k) 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

 

401(k) CONTRIBUTIONS (ELECTIVE DEFERRALS)
If provided under the Collective Bargaining Agreement or Participation Agreement applicable to you, you may elect to make 401(k) Contributions to the Plan, provided you are not a Highly Compensated Employee for the Plan Year. If you elect to make 401(k) Contributions, you authorize your Employer to reduce the Compensation you would regularly receive by a specified amount. This amount is then deposited in your Account as a 401(k) Contribution. You do not pay federal income taxes (or, in many states, state income taxes) on Compensation you contribute to the Plan as 401(k) Contributions for the year in which you make the contribution. Those amounts are not taxed until they are distributed to you from the Plan.


How to Make an Election
To make 401(k) Contributions, you must notify the Fund Office of your election in accordance with the rules established by the Trustees.


Amount of 401(k) Contributions
You may contribute from 3% to 20% of your Compensation (in whole percentages) as your 401(k) Contributions.
Commencement of 401(k) Contributions
401(k) Contributions will be made from your Compensation as provided in your election beginning as soon as reasonably practicable after the date your election is effective.


Change in Amount of 401(k) Contributions
You may change the amount your Employer withholds from your future Compensation effective the first week of January or the first week of July. To change the amount of your 401(k) Contributions, you must notify the Fund Office in accordance with the rules established by the Trustees.

 

Am I allowed to take a withdrawal from my 401(k) Benefits?

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.

Disability Pension.
Eligibility - You are eligible for a Disability Pension if you meet ALL of the following requirements:
•    You have at least 10 years of Vesting Service; and
•    You have worked at least 800 Hours of Service in Covered Employment during the 24 months before the month during which your Total Disability began; and
•    The Social Security Administration has determined that you are entitled to a Social Security Disability Income award; and
•    You have made application for a Disability Pension with the Plan.
However, in the event the Social Security Administration does not award you a Disability Income award, you may still be eligible to receive a Disability Pension from this Plan.  In order to receive Plan Disability Pension without a Social Security Disability Income award, you must submit medical evidence that is satisfactory to us as proof of your Total Disability.

Proof of Total Disability that is acceptable to us includes a copy of your current Social Security Disability Income award check and a statement from your Physician attesting to the fact that you are still Totally Disabled.  If you refuse to submit the requested evidence