About FAQ's

Who makes the NEAP contribution?
How is the contribution amount determined?
Will I receive a monthly account balance statement?
How can I get account balance information?
How many hours do I need to work to be vested in the Plan?
Do I Have to Participate in the Life Stage Fund Program?
Can I Change My Mind About the Life Stage Option I Chose?
Is it possible for me to make a partial withdrawal of my balance and leave the remainder in my account?
How do I apply for a benefit?
If I am disabled can I receive a benefit?
How is my benefit calculated if I want to receive a monthly payment?
What payment options are available to me under the Withdrawal Benefit?
What would slow the process down for me to receive my benefit?
If I withdraw my entire account balance will I be able to participate in the Plan again?

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Q: Who makes the NEAP contribution?
A: Contributions are made each month by Covered Employers on behalf of employees who are covered by either:

• a collective bargaining agreement with the International Brotherhood of Electrical Workers (IBEW) or one of its local unions, or
• a signed participation agreement with NEAP.

In addition to contributions made by your employer, NEAP may also accept other contributions in the form of rollover contributions, asset transfers and Reciprocal Transfers from other qualified plans.

All contributions to NEAP are made by Covered Employers. Covered employees do not themselves make contributions to NEAP. However, rollover contributions approved by NEAP may be added into the balance of your Individual Account.

Q: How is the contribution amount determined?
A: Covered Employers are required to contribute at least twenty-five cents (.25) per hour for each hour worked in Covered Employment. The collective bargaining agreement or participation agreement signed by your employer determines the amount your employer contributes to NEAP on your behalf.

Q: Will I receive a monthly account balance statement?
A: No. Quarterly, NEAP will mail a statement to you showing the balance of your Individual Account for the previous quarter. This statement will also show all contributions made to NEAP on your behalf and your Individual Account's investment performance.

Q: How can I get account balance information?
A: You can obtain an update of the balance in your Individual Account by submitting a signed request to NEAP.

Q: How many hours do I need to work to be vested in the Plan?
A: You are considered Vested when you have worked 160 hours in Covered Employment during the period beginning with your first day of Covered Employment and ending on December 31 of the following year.

Q: Do I Have to Participate in the Life Stage Fund Program?
A: Yes, you must participate in the Life Stage Fund program, but may choose either the Automatic Option or the Select Option.

NEAP believes the best choice for most Participants is the Automatic Option. However, NEAP recognizes that some Participants may choose the Select Option and the Life Stage Fund which is the best fit for their investment need. If you do choose the Select Option, you are responsible for making sure that the target investment allocation of the Life Stage Fund you choose is appropriate for your particular needs – both now and in the future. The Trustees encourage you to consult with a financial advisor to make sure the Select Option is appropriate for you.

Q: Can I Change My Mind About the Life Stage Option I Chose?
A: You can change your mind at any time and as many times as you like. To change your investment election, you must submit a signed request to NEAP that chooses either the Automatic Option or a Life Stage Fund under the Select Option. Your new investment choice will take effect the first day of the calendar quarter following receipt of your signed request.

Q: Is it possible for me to make a partial withdrawal of my balance and leave the remainder in my account?
A: No. You must withdraw the entire balance of your Individual Account. NEAP does not permit partial withdrawals.

Q: How do I apply for a benefit?
A: You apply for a benefit by submitting a completed and signed application to NEAP. You may obtain an application by contacting the NEAP office. When you contact NEAP to request an application, provide your full name, Social Security number, date of birth and current mailing address.

Q: If I am disabled can I receive a benefit?
A: A Disability Benefit is available to an eligible Participant who is less than age 55 and who becomes Disabled.

Eligible Participants who are Disabled can get a Disability Benefit if they have a Disability Award from the Social Security Administration showing that they are currently receiving a Social Security Disability Benefit.

If you are not receiving a Disability Benefit from the Social Security Administration, you may still qualify for a Disability Benefit if a bodily injury, sickness or disease prevents you from engaging in your job classification in Covered Employment. The Trustees will require proof to determine if you are eligible for a Disability Benefit.

Q: How is my benefit calculated if I want to receive a monthly payment?
A: The Fixed Monthly Option allows you to receive any portion of your Individual Account as a Fixed Monthly Benefit. You may elect to receive your benefit over a period of 5, 10, 15 or 20 years. While you are receiving a Fixed Monthly Benefit, your Individual Account will continue to reflect NEAP’s investment performance. The benefit amount you receive will be calculated initially (and quarterly) so that the total benefits you receive over the period of years you elected will be the exact amount of your Individual Account balance as adjusted quarterly to reflect NEAP’s investment performance. This option is available to you if the balance of your Individual Account is more than $10,000.

Q: What payment options are available to me under the Withdrawal Benefit?
A: There are two options available for you to choose how to receive the balance of your Individual Account: Lump-Sum and Joint and Survivor. Which options are available to you will depend on your marital status and the balance of your Individual Account when you apply for a benefit.

Q: What would slow the process down for me to receive my benefit?
A: More than anything else, an incomplete application will slow the process down considerably. It is important to remember to include all requested spouse information with your application and to sign your application. Include a copy of your social security card, birth certificate and other requested documents to keep the process moving.

Q: If I withdraw my entire account balance will I be able to participate in the Plan again?
A: Yes, if you return to NEAP covered employment and work enough hours in covered employment to become vested again.