Frequently Asked Questions
NEBF Retirees
Why do I have to continue receiving electronic deposit?
When will I receive my monthly benefit?
I am receiving a benefit, and I was recently married. Can my spouse receive a spousal benefit?
I recently changed my last name, what will NEBF need to update my file?
Will My Benefit Change If I Divorce While Receiving the Joint and Survivor Option?
Q: Why do I have to continue receiving electronic deposit?
A: Effective May 1, 2003 all NEBF monthly pension benefits must be electronically deposited. Any bank, savings and loan, credit union or investment firm, which is a member of the National Automated Clearing House Association (NACHA), can receive these funds. You must complete a Direct Deposit Authorization form in order to continue receiving your monthly pension benefit.
Q: When will I receive my monthly benefit?
A: NEBF benefits are paid on the last working day of each month.
Q: I am receiving a benefit, and I was recently married. Can my spouse receive a spousal benefit?
A: No.
Neither the Joint and Survivor Option nor the Lifetime Option can be changed once you have begun receiving a benefit. For more information, see the Summary Plan Description.
Q: I recently changed my last name, what will NEBF need to update my file?
A: To change your name, NEBF will need proof, such as a copy of a marriage certificate, court order, or other legal proof of the name change. NEBF will also need a copy of your Social Security card showing your current name.
Q: Will My Benefit Change If I Divorce While Receiving the Joint and Survivor Option?
A: If you divorce while you are receiving the Joint and Survivor Option, your benefit amount will not change and your former spouse will still be eligible for a benefit at the time of your death.
If you divorce after July 1, 1998, and your divorce decree or QDRO specifies that your former spouse is no longer eligible for the Joint and Survivor Annuity Benefit, your benefit amount will be adjusted to the Lifetime Option effective the month following your divorce.
In either event, your former spouse may have a right to a portion of your benefit as specified in your divorce decree or QDRO.