Vesting

You become a Participant in NEAP when you have worked 160 hours in Covered Employment. These 160 hours must be accumulated during the period beginning with your first day of Covered Employment and ending on December 31 of the following year.

You remain a Participant for as long as you have a balance greater than zero in your Individual Account. You are no longer a Participant when you take the entire balance of your Individual Account as a benefit. However, you are eligible to participate again in NEAP if you return to Covered Employment and meet the eligibility requirement.

Becoming Vested

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.

Why Is It Important to Be Vested?

It is important to be vested because once you are vested you have a right to a benefit from NEAP and you cannot lose that right.

What Happens If I Do Not Become Vested?

If you do not become vested, the contributions made on your behalf are not credited to your Individual Account.