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 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 the Death Benefit to either A, B, C, or D below:

A. To your spouse as the Survivor Benefit, if you chose the Joint and Survivor Option. Your spouse will begin receiving the Survivor Benefit the month following your death.

OR

B. To your spouse as a Lump-Sum Distribution.

OR

C. To your designated Beneficiary as a Lump-Sum Distribution if you are not married or if your spouse has consented to the designation.

OR

D. To the following individuals in the indicated order, if there is no spouse or Beneficiary:

• Your children (shared equally), or
• Your parents, or
• Your estate.

NEAP 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 or Beneficiary with any questions about  a Death Benefit and provide them with the appropriate application.

Designation of Beneficiary

If the Participant has, on or after the first day of the Year in which the Participant attains the age of thirty-five (35) or anytime after the Participant has permanently ceased working in Covered Employment, elected against the Preretirement Surviving Spouse Benefit by designating a Beneficiary who survives the Participant, and if the surviving spouse consented, in writing, to the designation of the Beneficiary, the full value of the Individual Account shall be paid to the designated Beneficiary. Payment to the designated Beneficiary shall be in the form of a lump sum payment of the full value of the Individual Account. Any election by the Participant or consent by the spouse may be changed at any time and any number of times before the Participant's death. The Plan shall provide appropriate notice to the Participant and the spouse in conformity with Section 417(a)(3)(B) of the Code and the Treasury Regulations promulgated thereunder.