Frequently Asked Questions
Participant FAQ's
Am I vested?
How much is in my account?
How much will my benefit be?
When can I get my benefit?
May I choose a beneficiary?
Q: Am I vested?
A: Effective January 1, 1988, you are considered vested when you have accumulated five vesting service credits. Vesting service credits determine your right to a benefit.
Q: How much is in my account?
A: NEBF is a defined benefit pension plan. Participants accumulate credit in NEBF based upon their years of Covered Employment. Qualifications for benefits and the amount of those benefits are based upon a Participant's years of service with Covered Employers, age at retirement, type of benefit selected and the pension rate at time of retirement.
Q: How much will my benefit be?
A: Participants accumulate credit in NEBF based upon their years of Covered Employment. Qualifications for benefits and the amount of those benefits are based upon a Participant's years of service with Covered Employers, age at retirement, type of benefit selected and the pension rate at time of retirement. For more information, see the Summary Plan Description.
Q: When can I get my benefit?
A: Normal retirement age is 65. An Early Retirement Benefit is available to an eligible participant who is between the ages of 60 and 64. For more information about your eligibility for NEBF benefits, see Participants > Retirement Benefits.
Q: May I choose a beneficiary?
A: Although your spouse may be eligible for a benefit, other beneficiaries are not eligible. If you are married when you apply for a benefit, you will receive your benefit as the Joint and Survivor Option unless you elect with your spouse's consent to receive your benefit as the Lifetime Option.