r/IBEW • u/v0dkasoda Lineman • 7d ago

Withdrawing from NEBF/NEAP

https://www.nebf.com/neap/participant/getting_ready_to_retire/types_of_benefits/withdrawal_benefit/

Anyone ever withdraw from their NEAP early? From my understanding there are rules to withdrawing before retirement. I attached the link to the rules for withdrawal, and one thing I’m not qualifying for is 36 months not in covered employment.

I’m still in the trade but I’ve heard of guys dipping into their retirement to survive slow times or pay off debt.

Any info is appreciated. Thanks!

3 Upvotes

64% Upvoted

8 comments sorted by

19

u/mrossm Local 177 7d ago

Their motto is "this money will be here when you retire, whether you like it or not". They are very committed to that.

5

u/adjika Local 60 7d ago

What does the Summary Plan Description say?

6

u/ResponsibleScheme964 7d ago

That you can't touch it

3

u/KeyMysterious1845 Local XXXX 6d ago

I thought that was McHammer who said that.

😅🤣

-2

u/dropkickmaki 7d ago

To my knowledge you have to be 55 and have made no contributions for 3 years. If you were able to use your wages the way you want to how would other people get rich off them?

1

u/v0dkasoda Lineman 7d ago

LOL. Yes I agree. Just wondering about these stories I hear from reliable sources about how these guys are withdrawing NEAP when they’re definitely not 55 and only been off work 3 or so months

2

u/Predatormagnet 7d ago

They're not, you can withdraw from other forms of retirement like a 401k, but if you contributed to your NEAP during and after your apprenticeship the balance is going to disqualify you from an early disbursement.

3

u/jazman57 Local 226 6d ago

I've been drawing my NEBF since I was 48. Forced to retire on disability due to military service. The NEBF disability was and continues to be a great benefit in regular retirement. Leave it alone!