Types of Benefits

1. Withdrawal Benefit

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.

Eligibility Requirements

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

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.

Can I Take Out a Part of the Balance of My Individual Account?

No. You must withdraw the entire balance of your Individual Account. NEAP does not permit partial withdrawals.

For more information about the options available under the Withdrawal Benefit, please see the Summary Plan Description.

2. Disability Benefit

A Disability Benefit is available to an eligible Participant who is less than age 55 and who becomes Disabled.

Eligible Participants who are Disabled can get a Disability Benefit if they have a Disability Award from the Social Security Administration showing that they are currently receiving a Social Security Disability Benefit.

If you are not receiving a Disability Benefit from the Social Security Administration, you may still qualify for a Disability Benefit if a bodily injury, sickness or disease prevents you from engaging in your job classification in Covered Employment. The Trustees will require proof to determine if you are eligible for a Disability Benefit.

The requirements for a NEAP Disability Benefit differ from the National Electrical Benefit Fund (NEBF) disability benefit which does require that a Participant be totally Disabled and unable to engage in any gainful employment.

What Does It Mean to Be Disabled?

You will be considered Disabled if you have become incapacitated by bodily injury, sickness or disease that prevents you from engaging in your job classification in Covered Employment.

Eligibility Requirements

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

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 Withdrawal Benefit or a Retirement Benefit.

You are not required to apply for a Disability Benefit if you become Disabled. You may choose to leave your Individual Account with NEAP. 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.

For more information about the options available under the Disability Benefit, please see the Summary Plan Description.

3. Retirement Benefit

A Retirement Benefit is available to an eligible Participant who is age 55 or older and is retired from Covered Employment.

Eligibility Requirements

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

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 Withdrawal Benefit or a Disability 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.

For more information about the options available under the Retirement Benefit, please see the Summary Plan Description.

4. Death Benefit

The Death Benefit is the balance in a Participant’s Individual Account on the date of the Participant’s death.

If You Die Before Receiving a Benefit and You Are Married

If you are a Participant and die before receiving a benefit and you are married at the time of your death, the balance of your Individual Account will be paid as a Death Benefit to either A, B or C below:

OR

OR

If You Die Before Receiving a Benefit and You Are Not Married

If you are a Participant and die before receiving a benefit and you are not married at the time of your death, the balance of your Individual Account will be paid as a Death Benefit to either A or B below:

OR

If You Die While Receiving a Benefit

If you are a Participant and die while receiving a benefit, the balance of your Individual Account will be paid as a Death Benefit to either A, B, C or D below:

OR

OR

OR