If you have been impacted by Hurricanes Helene or Milton and are now facing financial hardship, Security Benefit has options to alleviate your burden. Many of our mutual fund and annuity products allow for loan and hardship/unforeseeable emergency distribution transactions. In addition to those provisions, the following disaster relief support will be provided for mutual fund retirement plans and annuity contract holders in the following ways:
Mutual Fund Retirement Plans
- Surrender charges will be waived for hardship and unforeseeable emergency distribution transactions.
- The $25 distribution transaction processing fee will be waived for hardship and unforeseeable emergency distribution transactions requested through December 31, 2024.
Address Changes
You may use a variety of methods to update your address information:
- Online or our mobile application
- By telephone – 800.747.3942 from 8 a.m. to 7 p.m. (Eastern Time), Monday through Friday.
- Through the Non-Financial Change Form
Withdrawal Requests
Requests for withdrawals can be made by completing the Custodial Account Withdrawal form. If the account type is 457 Governmental and an unforeseeable emergency withdrawal is needed, the Unforeseeable Emergency form must be completed.
Please note, the employer or third-party administrator (TPA) approval must be received if required.
Annuity Contracts
- Several of our products do not have surrender charges. For further details, please review your contract, and for variable annuities the product prospectuses.
- Contract holders have 30 days from the contract anniversary to choose not to renew some contracts, however, an extended period is available for those affected by the hurricanes. An added 30 days will be allowed to receive the request. Please send a letter explaining the need for more time with your request.
- Contract holders have 21 days from the contract anniversary to reallocate their funds to other available index strategies. An extended period of 30 added days is available for those affected by the disasters. Please send a letter explaining the need for more time with your request.
Address Changes
A Non-Financial Change form may be used but is not needed. A signed letter of instruction is accepted, or a change via telephone if telephone authorization is on the contract.
Hardship Withdrawal
Requests for withdrawals can be made by completing the Annuity Withdrawal Form. Please note, employer or TPA approval must be received if required.
Disaster Relief Distributions / SECURE Act 2.0
Under the SECURE 2.0 Act, retirement plans may offer qualified disaster recovery distributions (QDRDs), or specialized loans to participants affected by federally declared disasters. Please contact your employer or TPA to determine if these provisions apply to you.