Southwest Service Administrators, Inc.
IBEW Local 520 Annuity Plan
Frequently Asked Questions
Market Volatility Communication from Prudential please click link:
How do I apply for my annuity?
Complete and print the Online Annuity Benefit Application and mail to the Fund Office at 2300 Buena Vista SE, Suite 127, Albuquerque, NM 87106
You can also look up your benefit online at www.prudential.com
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