Withdrawal Benefit (Lump Sum)

A Withdrawal Benefit is generally for participants who spent a relatively short time in covered employment and then left either covered employment or the electrical industry.

A Withdrawal Benefit allows an eligible participant to withdraw the entire balance of their individual account prior to qualifying for either a Disability Benefit or a Retirement Benefit. There are, however, very specific eligibility requirements that a participant must meet in order to be eligible for this type of benefit.

You are eligible to receive a Withdrawal Benefit when you meet the following requirements:

  • You are vested, and
  • You are no longer working in covered employment and have not worked in covered employment for at least 36 consecutive months, and
  • You are less than age 55, and
  • The contributions made to the balance of your individual account are $10,000 or less.

If you do not meet the above requirements, you will not be eligible to receive the balance of your individual account from NEAP until you meet them or meet the requirements for a Disability Benefit or a Retirement Benefit.

Your balance will continue to reflect NEAP's investment performance as long as it remains in NEAP. Remember that once you are Vested, you have a right to a benefit from NEAP. You cannot lose that right once you have earned it.

To download a Withdrawal Benefit Application Package click here.

To assist you in completing the application, a brief tutorial can be viewed. The tutorial highlights the various parts of the application and what information is required.