When do I choose a payment option?
You must choose an option prior to receiving a benefit. To help you make your choice, the Pension Services Department will provide you with an explanation of the options available to you and your benefit amount for each option.
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Can I change my payment option?
The option cannot be changed once you begin receiving a benefit. However, prior to receiving your first benefit amount, you may change the option chosen. You will need your spouse's consent if you change your option to the Lifetime Option. In addition, prior to receiving your first benefit amount, your spouse can revoke his or her consent to the Lifetime Option.
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What does it mean to be Totally Disabled?
You will be considered Totally Disabled if you are unable to perform any work as a result of either physical or mental impairment which is expected to result in death or last for a continuous period of at least twelve months.
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Will income taxes be withheld from my benefit?
Your benefit amount will be subject to Federal income tax withholding unless you elect otherwise. NEBF℠ will provide you with a tax election form. Therefore, you should contact your tax advisor to discuss your personal tax situation before submitting your application. You may change your withholding at any time by requesting a new tax election form from NEBF℠.
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Will income taxes be withheld from a Pre-Retirement Spouse Benefit?
The Pre-Retirement Spouse Benefit will be subject to Federal income tax withholding unless otherwise elected. NEBF℠ will provide your spouse with a tax election form. Therefore, your spouse should contact a tax advisor to discuss your spouse's personal tax situation. Your spouse may change the withholding amount at any time by requesting a new tax election form from NEBF℠.
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When should I apply for a Retirement Benefit?
You should apply for a Retirement Benefit at least three months prior to your intended retirement date.
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When should I apply for a Disability Benefit?
If you are applying for a Disability Benefit, you should apply as soon as possible.
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When should my spouse apply for a Pre-Retirement Spouse Benefit?
NEBF℠ understands that your death will be a difficult time for your spouse, family, and friends. A Pension Services Representative will be available to help your spouse with any questions about a Pre-Retirement Spouse Benefit and determine if and when your spouse should apply for a benefit.
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How long does it take NEBF℠ to process an application?
Federal laws governing NEBF allow 90 days to process an application for a Retirement Benefit and 45 days to process an application for a Disability Benefit.
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How will I know when my application has been approved?
If you are eligible for a benefit, you will receive an approval letter from NEBF℠. If you are not eligible for benefit, you will receive a letter explaining why you are not eligible. Should you disagree with NEBF℠'s explanation, you have the right to appeal. Please refer to Section 14 of the NEBF℠ Summary Plan Description for a complete discussion of Benefit Application Processing and Appeal Procedures.
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Can I send the required documents at any time?
You do not have to wait to provide these documents with your application. You may provide them at any time. This will allow you and other sources the time to submit any additionally required documents or information, and will allow NEBF℠ the time necessary to process your application and have your benefit ready for your intended retirement date.
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What if I do not have all of the required documents?
If you have not provided the required documents in advance, they should accompany your application. However, if all of the required documents are not available when you are filling out your application, such as a Social Security Disability Award, just send whatever documents you have available. Do not delay sending your application. Send the remainder of the documents to NEBF℠ when they are available. Keep in mind that your application cannot be approved until all documentation has been received.
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Is direct deposit required?
Yes. All applications received are processed for direct deposit only.
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How do I sign up for direct deposit?
You sign up for direct deposit by completing the Direct Deposit Authorization form in your application.
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How can I change my direct deposit?
If you want to make a change to your direct deposit, immediately notify NEBF℠ so that your benefit will not be delayed. Complete a new direct deposit form for your new financial institution and submit that form as soon as possible to the NEBF℠ office.
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I have been divorced more than once. Do I have to submit all of my divorce decrees?
Yes. You must provide complete copies of all of your signed divorce decrees, any Qualified Domestic Relations Orders, any marital settlement agreements, or any other relevant information.
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