Returning to Work after Retirement
Suspension or Termination of a Benefit
If you are receiving a Retirement Benefit as a Fixed Monthly Benefit and return to work in Covered Employment, you benefit may be suspended. If you are receiving a Disability Benefit as a Fixed Monthly Benefit and return to work in Covered Employment, your benefit will be terminated.
Suspension of a Retirement Benefit
If you are receiving a Retirement Benefit as a Fixed Monthly Benefit, your benefit may be suspended for any calendar month you work 40 or more hours in Covered Employment.
May I Return to Work and Still Receive a Retirement Benefit?
Your Retirement Benefit will not be suspended if you return to work for a Covered Employer and:
• You are working less than 40 hours in a calendar month, or
• You are working as an instructor in an IBEW/NECA apprenticeship program where such instructors are not covered by NEAP, or
• You are working as an electrical inspector for a governmental authority where such inspectors are not covered by NEAP. |
What Do I Need to Do When I Return to Work?
When you return to work in Covered Employment, you must notify NEAP. Failure to notify NEAP of your return to work in Covered Employment may result in an overpayment of benefits. You will be required to return any overpayment you receive to NEAP.
What Do I Need to Do When I Stop Working?
When you stop working in Covered Employment, it is your responsibility to notify NEAP in writing so that you may resume receiving your benefit.
The total amount of contributions made on your behalf during the suspension period will be added to your Individual Account.
Termination of a Disability Benefit
If you are receiving a Disability Benefit as a Fixed Monthly Benefit and return to work in Covered Employment, your benefit will be terminated. Unlike a Retirement Benefit that allows you to work less than 40 hours in a calendar month in Covered Employment, you cannot work at all when receiving a Disability Benefit.
Failure to notify NEAP of your return to work in Covered Employment may result in an overpayment of benefits. You will be required to return any overpayment you receive to NEAP.
What Do I Need to Do When I Return to Work?
When you return to work in Covered Employment, you must notify NEAP. Failure to notify NEAP of your return to work in Covered Employment may result in an overpayment of benefits. You will be required to return any overpayment you receive to NEAP.
What Do I Need to Do When I Stop Working?
When you stop working in Covered Employment, it is your responsibility to notify NEAP in writing.
Any new contributions made on your behalf will be added to your Individual Account. To receive the unpaid balance of your Individual Account, you will need to re-apply again when you become eligible for any type of NEAP benefit.
Re-Vesting - Subsequent Application for Benefits
Upon the re-retirement of a Participant who has had his Retirement Pension Benefit suspended pursuant to the above, the Participant shall receive a Retirement Pension Benefit with a payment option of either (i) a fixed monthly payment for the remaining number of months of the payout period originally selected by the Participant, or (ii) upon the Participant's written election and consent of his spouse, a lump sum payment of the entire balance of his Individual Account paid directly to him. The Participant may direct that any portion of a five year fixed monthly benefit in (i) above or the lump sum payment in (ii) above be paid to an Eligible Retirement Plan in a Direct Rollover. The total amount of Contributions made on the Participant's behalf during the period of suspension shall be added to his Individual Account.
A Participant whose Disability Pension Benefit was terminated shall be eligible for Retirement or Disability Pension Benefits under the rules of this Plan upon re-application.
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