IMPORTANT NOTICE: How to Pay your NYCDCC Annuity Fund Loans through Prudential without going into Default

November 9, 2020

Each year, the NYCDCC Benefit Funds is notified of a group of participants who default on their Annuity Fund loans through Prudential. Below are some tips for avoiding default and associated tax consequences.

To ensure that you do not default on your NYCDCC Annuity Fund loan through Prudential:

Be sure to pay the exact amount (or more) that is due for the loan. Paying less than the amount due (even if it is only a penny less) can eventually result in default.

Remember to always submit your payment coupon with your check when you are sending in your loan payment. A failure to submit the payment coupon may result in a delay in processing the payment, which could ultimately lead to default. You can print a Prudential Loan Payment Sheet from the Member Documents section of the Funds’ website if you have misplaced your payment coupon.

For your last loan payment of the year, Prudential recommends that you submit your payment no later than 12/23/2020 to ensure the check is processed on time to avoid default.

If you have further questions regarding your NYCDCC Annuity Fund loans and how to avoid defaulting on your payments, you can contact Prudential directly at (877) PRU-2100 or visit their website at www.prudential.com/nycdccbf.