National Electrical Annuity Plan

Enriching the Lives of Everyone We Touch
 

Why do you need certain documents to process my application?
Certain documentation, such as your birth certificate, your spouse’s birth certificate and your marriage certificate are needed to verify your date of birth and/or your marriage. For a complete list, please see Required Documents.

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When my application is received how long will it be before I receive my benefit?
Federal laws governing NEAP allow 90 days to process an application for a Withdrawal Benefit, Retirement Benefit or a Death Benefit, and 45 days to process an application for a Disability Benefit. NEAP's goal is to process an application within 30 days from the date it is received.

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Can I withdraw a portion of my balance and leave the rest in my account?
No. NEAP does not permit partial withdrawals. You must withdraw the entire balance of your individual account.

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Is there a hardship benefit available?
No. Only by meeting the eligibility requirements for one of the Plan's benefit types can a participant withdraw his/her individual account balance.

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If I am disabled can I receive a benefit?
A Disability Benefit is available to an eligible participant who is less than age 55 and who becomes disabled. For more information on a Disability Benefit click here.

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What would slow the process down for me to receive my benefit?
More than anything else, an incomplete application will slow the process down considerably. It is important to remember to include all requested spouse information with your application and to sign your application. Include a copy of your social security card, birth certificate and other requested documents to keep the process moving.

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If I withdraw my entire account balance will I be able to participate in the Plan again?
Yes, if you return to NEAP covered employment and work enough hours in covered employment to become vested again.

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Will income taxes be withheld from my benefit?
Depending on the type of benefit you receive, your benefit payment may be taxable. NEAP is required by Federal tax laws to withhold income taxes from some of the benefits it pays. NEAP will send you information about the income tax withholding laws when it sends your application. The Federal laws about benefit distributions, penalties, and taxes are very complex. Therefore, you should contact your tax advisor to discuss your personal tax situation before submitting your application.

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