Frequently Asked Questions
Participant FAQ's
How do I change my address?
How can I get a beneficiary form?
What happens if I get divorced?
Who decides how much is contributed? How is the amount determined?
Do I have NEBF too?
How much do I have in my account and can I view it online?
What happens to my money if I die?
I haven't worked through the IBEW Local Union for over 3 years - what happens to my account balance?
When did the company start paying in on me?
When can I withdraw the balance in my account and what are the procedures?
When my application is received how long will it be before I get a check?
Will income taxes be withheld from my benefit?
I am under age 55, have less than $10,000 in my account and have not worked with a covered employer for over 36 months. Are there any penalties if I withdraw this money now?
Why does my spouse have to waive her/his rights in order for me to receive the money in my account?
Is there a hardship benefit available?
Can I withdraw a portion of my balance and leave the rest in my account?
Why do you need certain documents to process my application?
If I withdraw the money in my account now, how will it affect me if I decide to go back to work through my Local Union?
I want to withdraw my NEAP balance - what are the payment options available to me?
If I withdraw the amount in my account now, can I go back to work and then withdraw again?
Can I decide how the money in my account should be invested?
Will I receive regular account statements?
Q: How do I change my address?
A: You can download the Change of Address form and mail it to our office at:
National Electrical Annuity Plan
2400 Research Blvd., Suite 500
Rockville, MD 20850-3266
Q: How can I get a beneficiary form?
A: You can download the Designation of Beneficiary form and mail it to our office at:
National Electrical Annuity Plan
2400 Research Blvd., Suite 500
Rockville, MD 20850-3266
Q: What happens if I get divorced?
A: Beginning on January 1, 1985, Federal law provides that in the event of divorce, your former spouse may have a right to receive some portion of your benefit directly from NEAP. In connection with a divorce or property settlement agreement, a court may direct that a portion of your benefit be paid to your former spouse.
NEAP will recognize such a court order and make direct payments to your former spouse only if there is a Qualified Domestic Relations Order (QDRO) as required by federal law.
Q: Who decides how much is contributed? How is the amount determined?
A: The amount contributed on your behalf can be found in the Collective Bargaining Agreement between your employer and the IBEW Local Union. The amount is negotiated by your employer and the Local Union.
Q: Do I have NEBF too?
A: As a general statement, NEAP participants are also participants in the NEBF. You may wish to check with our office to find out your status with both funds.
Q: How much do I have in my account and can I view it online?
A: At this time, we do not have your Individual Account information available on our website. To find out this information, please send a signed written request to:
National Electrical Annuity Plan
2400 Research Blvd., Suite 500
Rockville, MD 20850-3266
Q: What happens to my money if I die?
A: The balance of your Individual Account will be paid to your surviving spouse or Beneficiaries upon your death. You may name Beneficiaries at any time by submitting the Designation of Beneficiary Form.
Q: I haven't worked through the IBEW Local Union for over 3 years - what happens to my account balance?
A: Once you are vested, your account balance will continue to reflect NEAP investment performance as long as it remains in NEAP.
Q: When did the company start paying in on me?
A: From your first hour of NEAP Covered Employment, a Covered Employer must contribute on its Covered Employees.
Q: When can I withdraw the balance in my account and what are the procedures?
A: Please see the Participants > Types of Benefits section of this website to determine when you are eligible for each type of NEAP benefit.
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: When my application is received how long will it be before I get a check?
A: Federal laws governing NEAP allow 90 days to process an application for a Withdrawal Benefit, Retirement Benefit or a Death Benefit, and 45 days to process an application for a Disability Benefit.
NEAP's goal is to process an application within 30 days from the date it is received. NEAP's Pension Services Representatives make every effort to process your application in a timely manner so that you can begin receiving benefits the month following the month in which your application is received.
Q: Will income taxes be withheld from my benefit?
A: Depending on the type of benefit you receive, your benefit payment may be taxable. NEAP is required by Federal tax laws to withhold income taxes from some of the benefits it pays. NEAP will send you information about the income tax withholding laws when it sends your application. The Federal laws about benefit distributions, penalties, and taxes are very complex. Therefore, you should contact your tax advisor to discuss your personal tax situation before submitting your application.
Q: I am under age 55, have less than $10,000 in my account and have not worked with a covered employer for over 36 months. Are there any penalties if I withdraw this money now?
A: The Federal laws about benefit distributions, penalties, and taxes are very complex. Therefore, you should contact your tax advisor to discuss your personal tax situation before submitting your application.
Q: Why does my spouse have to waive her/his rights in order for me to receive the money in my account?
A: If your spouse does not waive her/his rights, the Joint and Survivor Annuity Benefit is available to you if the balance of your Individual Account is more than $5,000.
The Joint and Survivor Annuity Benefit provides you with a reduced monthly benefit for your lifetime and at your death provides your spouse with a further reduced monthly benefit for your spouse's lifetime. This benefit will be funded by the purchase of an appropriate insurance contract, unless the Trustees decide otherwise.
Q: Is there a hardship benefit available?
A: No. Only by meeting the eligibility requirements for one of the Plan's benefit types can a participant withdraw his/her account balance.
Q: Can I withdraw a portion of my balance and leave the rest in my account?
A: No. You must withdraw the entire balance of your Individual Account. NEAP does not permit partial withdrawals.
Q: Why do you need certain documents to process my application?
A: Certain documentation, such as your birth certificate, your spouse’s birth certificate and your marriage certificate are needed to verify your date of birth and/or your marriage. If you are divorced, your divorce decree and/or other documents may be needed to determine if your former spouse has a right to receive some portion of your benefit.
When completing your application, keep in mind that your application cannot be approved until all documentation has been received.
Q: If I withdraw the money in my account now, how will it affect me if I decide to go back to work through my Local Union?
A: If you are receiving a Fixed Monthly benefit, your benefit may be suspended for any calendar month you work 40 or more hours (any hours, if you are receiving a Disability Benefit) in Covered Employment. The total amount of contributions made on your behalf during the period of suspension will be added to your Individual Account.
You must notify NEAP whenever you return to work in Covered Employment or when you stop working in Covered Employment.
Q: I want to withdraw my NEAP balance - what are the payment options available to me?
A: Each of NEAP's benefit types has different benefit options. Please see the Summary Plan Description for an explanation of each available benefit option.
Q: If I withdraw the amount in my account now, can I go back to work and then withdraw again?
A: You are eligible to participate again in NEAP if you return to Covered Employment and meet the eligibility requirement. If you become vested again, you have a right to a benefit from NEAP and you cannot lose that right.
Q: Can I decide how the money in my account should be invested?
A: Under the Life Stage Fund program, you can choose either the Automatic Option or the Select Option. Please see the Life Stage Fund program section of the Summary Plan Description for more information.
Q: Will I receive regular account statements?
A: 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. You can obtain an update of the balance of your Individual Account by submitting a signed request to NEAP.